Oak Park, IL bankruptcy attorneys
Emerson Law Firm, LLC was established by attorney Sandra M. Emerson in 2000 to serve clients in the areas of foreclosure defense; loss mitigation, including loan modification; real estate; bankruptcy; and contract matters/collections. Then, as now, we recognized that clients appreciate it when their attorney genuinely cares – about the client AND the result. We take the dual role of attorney and counselor seriously, and strive to treat every client with dignity and respect while producing solid results. We are proud that over the last decade, we have built our law practice the old-fashioned way -- from the referrals of satisfied clients, one great client at a time.
From our Oak Park, Illinois office, our law firm represents a diverse range of clients in Chicago and throughout the western suburbs with their legal needs. In today's economic climate, people of all income levels often find themselves in need of a lawyer to assist with loss mitigation efforts, such as a short sale or loan modification, while sometimes simultaneously defending a foreclosure proceeding. Others find that a Chapter 7 bankruptcy is the best course of action, as they may also be in collections or are being sued. Many may find themselves confused as to what to do next.
Difficult times such as these demand a true legal advocate to guide you through your options. Perhaps you need an attorney to defend your foreclosure or a lawyer to represent your interests in a short sale or home purchase. Or you need help evaulating your bankruptcy options. No matter what your needs, you can trust and rely on Emerson Law Firm, LLC to guide you. To schedule a confidential consultation with a lawyer of the firm, contact our office today using our convenient online contact form to the left, or call (708) 660-9190.
Emerson Law Firm, LLC serves clients throughout Cook, DuPage and Will counties in communities such as Chicago, Oak Park, River Forest, Forest Park, Cicero, Berwyn, Elmwood Park, Franklin Park, Brookfield, Riverside, Melrose Park, Des Plaines, Palatine, Elmhurst, Oak Brook, Villa Park, Lombard, Winfield, Wheaton, and more.
At Emerson Law Firm, LLC, our lawyers have a passion for what they do: protecting and preserving home ownership. And we don't do it like everyone else. Foreclosure defense is a rapidly-changing area of the law with many nuances, and we are equipped to deal with them.
If you just want to delay the inevitable, you'll have no problem finding a low-cost attorney to represent you. But if you want real results, you need strong, experienced litigators.
The firm's three attorneys have the knowledge and experience to guide you through this difficult, stressful process. Stalling so borrowers can "live for free" is not what our practice is about (although, with our involvement, the case will slow down significantly, as litigation is a slow process). Rather, we aim to obtain real value for our clients through knowledgeable representation. We comprehend not only general principles of real estate law, but also issues relating to loss mitigation (including HAMP and in-house loan modifications and short sales), mortgage loan securitization, negotiability of notes, and bankruptcy.
You might think you do not need a foreclosure defense because your loan servicer is evaluating your application for a loan modification. In fact, your loan servicer may have told you that defending your foreclosure is not necessary. This is WRONG. There are two things you should understand about loan modifications. The first is that the loan modification process is separate from the foreclosure process. This is called "dual tracking." This means that even if you are working with your bank in an attempt to get your loan modified, the foreclosure process can and will continue. If you do not defend your foreclosure, you risk losing your home.
You should also be aware that, when you apply for a modification, your loan servicer collects certain data (such as your financial information, your property's appraised value, and the cost of foreclosure) to conduct a "Net Present Value (NPV)" test. The test compares the current dollar value of modifying your loan to the value of foreclosing on your home and selling it later. The lender will simply choose the option that will produce the most profit. The NPV result is affected by many factors, including but not limited to the market value of your home, the time and cost of litigation, and/or a bankruptcy filing. With proper representation, you may be able to impact these factors so that the balance of the NPV tips in your favor.
If you are in foreclosure, you can trust the attorneys at Emerson Law Firm, LLC to help. We understand the essential elements of both loss mitigation and foreclosure litigation and can balance these processes to obtain results. And, because we are trained in Max Gardner's Bankruptcy Litigation Model, we are able to litigate issues related to your foreclosure in the bankruptcy court should the need arise.
There are many reasons for foreclosure. Perhaps your family has experienced a job loss, salary reduction, or injury. You may be unable to refinance because you now have negative equity in your home. We will help you determine your loss mitigation options -- such as a short sale, deed in lieu of foreclosure, or loan workout or modification -- and guide you through the process while simultaneously defending your foreclosure. Our office has substantial experience in chancery cases, including foreclosure.
Why do you need a real estate lawyer? The answer is simple: the purchase or sale of your home is probably the biggest financial transaction you will ever undertake. A qualified real estate attorney can explain the contract and other legal documents, negotiate terms, prepare necessary transfer documents, and ensure that you do not have title issues that survive the closing. In the last ten years, our office has successfully completed more than 800 real estate transactions, including short sales, condominium conversion projects, FSBOs (for sale by owner), and first-time home purchases. Trust us to assist you with your real estate needs.
Sometimes, despite every effort, it is necessary to file for bankruptcy protection. A Chapter 7 bankruptcy is a liquidation proceeding available to people, corporations, and partnerships. In most consumer cases, the debtor's assets are exempt and are retained by the debtor.
Many people are surprised to learn how quickly their credit improves following a bankruptcy. In fact, because you can only receive a Chapter 7 discharge once every eight years, you may find that creditors are more willing to take a chance on you after your discharge.
What is your FICO credit score? This 20-page booklet from Fair Isaac helps you to understand the numerical scoring system. http://www.myfico.com/Downloads/Files/myFICO_UYFS_Booklet.pdf.
You are entitled to a free copy of your report once a year from each of the three major credit bureaus. You're also entitled to an additional free copy each year if you've been denied credit due to information in your report; you're unemployed and seeking work; you receive public assistance; if you've suffered an adverse employment action or have been denied credit based on the information in your report; or if you believe that, due to fraud or identify theft, your credit report contains errors. To order your report, go to www.annualcreditreport.com .
If your debts are primarily consumer debts, you will need to pass the "means test" to determine if you are eligible to file for Chapter 7. We recommend using Nolo's free means test calculator prior to your consultation with our office: http://www.legalconsumer.com/bankruptcy/nolo/ .
Thinking of buying or selling? Check out listings and get a feel for property values at websites such as zillow.com and trulia.com .
For buyers, it's a good idea to know how much home you can afford. Try out this home buyer calculator from CNN Money: http://cgi.money.cnn.com/tools/houseafford/houseafford.html.
In danger of foreclosure? The Federal Reserve's website contains helpful information and links to agencies and organizations that can help troubled homeowners. For more information, go to: http://federalreserve.gov/consumerinfo/foreclosure_consumers.htm.
If you need a proven law firm for your legal matter, you may contact our office by calling 708.660.9190. Or simply fill out the convenient online form to the left to ask us a question or schedule a consultation.
Our central location is ideal for clients coming from Chicago or the western suburbs. We are located one block north of the Oak Park stop for the CTA Green Line, near the corner of Lake Street and Oak Park Avenue. By car, Lake Street is located just north of the Harlem exit of the I-290. Our office is a few blocks east of the Harlem/Lake intersection. Free one-hour parking is available in the Avenue Garage behind the building.
715 Lake Street
Suite 420
Oak Park, IL 60301
(708) 660-9190
(708) 221-6148 fax
Since 2000, Emerson Law Firm, LLC has provided solid legal guidance and outstanding personal service to numerous clients in Oak Park, Chicago, and the surrounding IL suburbs.
© 2010-12 Emerson Law Firm, LLC
We are a debt relief agency. We help people
file for bankruptcy under the Bankruptcy Code.
