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Strategic default – in which a homeowner simply walks away from a mortgage – is on the rise.

In a Chicago area survey last year, 30 percent of homeowners who defaulted on their home loan were able to afford payments but chose to walk away.

Usually borrowers choose to walk because they owe more on their house than the house itself is worth. With real estate prices in Chicago continuing to fall, homeowners are realizing they won’t recover value anytime soon and some are getting out now in order to save money.

But defaulting on a mortgage is not without consequences. Walking away damages credit, decreases your chances of qualifying for future loans, and comes with the risk of being pursued in court by lenders. Maybe most significantly, though, defaulting on your mortgage does nothing to lower your debts.

By filing for a Chicago bankruptcy, homeowners can keep a roof over their heads while freeing up more money for the mortgage each month.

Part of the problem is the mortgage system, according to a recent MSNBC.com article.

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Tags: Mortgage

A hospital is an important place that takes care of the sick. It caters people who are in need of proper attention and medical treatment. Since it houses those who are bedridden, paralyzed, and injured as well, it is just very essential for nurses to know how to take care of them properly. Because if not, they will develop some severe conditions that are pretty much difficult to deal with. One of these things that may happen to them is the development of bed sores in hospital. Since these mentioned people are constantly lying or sitting down, the pressure and friction in wheelchairs and mattresses can shed up the skin. Since it does not only affect the epidermis, it can also develop down to the bone. When bed sores occur, it just means that the nurses and the whole management of the hospital do not give the needed requirements of the patient such as constant turning to relieve pressure.

Tags: Bed, Bed Sores

I have recently seen a few second mortgages “reaffirmed” in bankruptcy by some of my fellow bankruptcy attorneys. However, in Michigan, as I’ve described here, there is no reason to file what is called a reaffirmation agreement for a mortgage debt when you file a Chapter 7 bankruptcy. So long as you are current on your mortgage payments, you will likely have no issue with retaining your home (although there is the possibility that, if it is an especially “luxurious” home, the Bankruptcy Trustee appointed by the court to your case may see retention of the home as an issue of “good-faith” in your bankruptcy filing).

A reaffirmation agreement, in a nutshell, is an agreement signed as part of a Chapter 7 bankruptcy that must be approved by a judge to be valid, that in essence continues your legal liability for the reaffirmed debt even after the bankruptcy would have discharged it. In Michigan,

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Tags: Bankruptcy, File Bankruptcy

Debt-laden electric power company AES Eastern Energy LP filed for Chapter 11 bankruptcy with a plan to sell its two upstate New York coal-fired power plants. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Ally Bank, which is owned by the U.S. government, won’t force its ResCap unit into bankruptcy protection, the New York Post reports.

According to WSJ, former MF Global Holdings Ltd. Chief Executive Jon Corzine’s European bond strategy is becoming clearer.

Credit Slips discusses the decline in bankruptcy filings by chapter.

Bankruptcy Judge Arthur J. Gonzalez, who handled such iconic cases and Enron and Chrysler, will retire in March, DealBook reports.

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Tags: Aes Eastern, Bankruptcy

A recent survey found that nearly one in two Americans can’t make ends meet and pay basic bills in today’s economic situation.

Chicago bankruptcy lawyers understand that times are tough right now. The economy has few signs of improvement and, generally, people are struggling to put food on the table and keep a roof over their head.

For a lot of these people, it’s the constant threat of credit card companies, their collection agencies and other debts that have caused these problems. The lack of available funds are tied up in making low or minimum payments to credit card companies.

Considering bankruptcy in Chicago can help consumers get out of the problems they have encountered. Many debt problems aren’t the fault of the consumer, necessarily.

Job loss could be a function of the economy and surprise medical bills can level a family.

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Tags: Times