Valuable State Protections for Struggling Clients

Mortgage problems are among the most common reasons why struggling homeowners file for Chapter 7 bankruptcy to get a fresh financial start. Here are some steps taken in the state of Illinois in the past ten years to help citizens get a better handle on their home finances:– Governor’s Homeowner Assistance Initiative – Launched in 2008, this initiative offers mortgage counseling and assistance free of charge and is available via two hotlines: foreclosure prevention and mortgage fraud.– Senate Bill 1894 – Signed at the end of 2009, this bill requires lenders to provide information to the state to determine whether a borrower needs mortgage counseling before taking out a loan. It also expanded the state’s anti-predatory database program to Kane, Peoria, and Will Counties in addition to Cook County.– HB 2653 – This House bill helps homeowners who are facing foreclosure to qualify for assistance under Illinois’s Homelessness Prevention Act.– SB 258 – According to this bill signed in 2007, tenants who are up-to-date on their rent payments must be permitted to remain in their units for at least 120 days after receiving notice of their foreclosures.If you are struggling financially and considering filing for Chapter 7 bankruptcy, you’re not alone. Contact an experienced bankruptcy attorney today for a free consultation.