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Reasons Not to Buy Foreclosure Property as Real Estate Assets

When an owner or homeowner defaults on mortgage payments, or when they are unable to repay their debts, their home is sold and considered as a foreclosure property by the bank, or mortgage lender to whom debts are due. To a real estate property investor, a foreclosure home can serve two purposes that include buying at a lower price as an investment and reselling it later at a higher price, or getting a new home at a cheaper price than the market equivalents. However, buying a foreclosure property can come with some pitfalls that need careful a...

Advantages and Disadvantages of Filing Chapter 13 Bankruptcy

Bankruptcy is the inability of an individual to repay their debts in full on time per the repayment schedule. Under federal law, all individuals are allowed to file for bankruptcy to seek an immediate stop on repayment to creditors. It can help avoid immediate foreclosure, eliminate legal debts, help stop wage garnishments, and restore any termination of utility services to both your house and business. Debt adjustment or Chapter 13 bankruptcy helps debtors with a repayment plan that can be used to repay debts and seek a new start. Understandin...

What Happens the Day of Your Real Estate Closing?

Purchasing any real estate is a demanding experience, particularly when you don’t have the services of a competent real estate attorney. You look at many different properties before you find the perfect one. Constant communication between you, the real estate agent and the lenders leads to a final loan. Closing your real estate deal should not be as stressful if you have the right real estate attorney by your side. What to Expect at a Closing? In Illinois, the residential real estate closing is generally held at the title insurance compa...

What to Look for When Hiring a Bankruptcy Attorney

Bankruptcy is a difficult time and you need to meticulously plan for everything. Hiring the wrong attorney can make matters worse. Finding the right lawyer to file for bankruptcy is essential to help you and your business. Before you browse the Internet for the best bankruptcy attorney, here are some things you need to look out for before hiring an attorney. Experience in Relevant Field Let’s start with the most obvious: Look for a lawyer with years of experience in managing bankruptcy cases. The important thing to consider is years of experi...

What to Do When You Have a DUI Charge

Like all states in the U.S., Illinois has strict Driving under the Influence or DUI laws. Illinois has an Implied Consent Law, where drivers agree to abide by the rules and regulations under the law as a condition to be allowed and licensed to drive. In Illinois, any individual who has physical control of any vehicle has implicitly given consent to provide a blood, urine and breath sample to a police officer to test for DUI. Furthermore, the state of Illinois has a Zero Tolerance Policy for underage minors suspected of DUI. How to Deal with You...

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