Month: August 2019

How Can Filing For Bankruptcy Affect You?

Posted by David Chang on August 26, 2019 with 0 Comment

Filing for bankruptcy is an overwhelming undertaking that can be difficult to understand. It is important to be informed of what the process looks like, and what steps can be taken to be successful after restarting your financial life.

Below is a description of each type of bankruptcy:

Chapter 7 bankruptcy: Also known as “liquidation bankruptcy”, Chapter 7 bankruptcy is the process of filing a chapter 7, which requires you to give up all non-exempt assets to your bankruptcy trustee. Your trustee sells your assets and uses the proceeds to pay off your debts. If you are eligible for chapter 7 bankruptcy, liquidating assets will help you rise from the financial crisis you are facing.

Chapter 13 bankruptcy: Also known as “reorganization bankruptcy”, Chapter 13 bankruptcy allows you to keep your property. This is not allowed in Chapter 7 bankruptcy, but with keeping property also comes the requirement of making a repayment plan. Your repayment plan will precisely lay out how you will pay your creditors. Avoiding foreclosure or repossession is usually the primary reason for filing a chapter 13.

Following these main steps will guide you onto a smooth path to financial stability:

Contact a bankruptcy law firm– In order to be provided with accurate and detailed legal support, you should contact a bankruptcy law firm for assistance through the bankruptcy process. You will be guided through the process by your bankruptcy lawyer.

Deciding on which type of bankruptcy you should file for– Your bankruptcy lawyer will assist you in deciding whether you should file for a chapter 7 or chapter 13 bankruptcy. Between these two different types of bankruptcies, one may be more beneficial over another depending on each individual.

Having the best bankruptcy lawyer for you is essential in determining what bankruptcy you should file for.

If you are considering to file for bankruptcy in the Chicagoland Area, Chang Legal will provide you the best legal support, with the assistance of our leading expert legal team. If you want to receive the chance of having a fresh financial life, contact us today.

The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. The transmission of the Website, in part or in whole, and/or any communication with us via Internet e-mail through this site does not constitute or create an attorney-client relationship between us and any recipients.

Understanding The Rules Under Homeowner Associations

Posted by David Chang on August 19, 2019 with 0 Comment

Whether you own a new or single-family housing development, a homeowners association is more than likely in your complex. Homeowners’ associations are becoming more more common and often act as the governing body of the development. For instance, if you purchase a property governed by a homeowner’s associated, you instantly become a member of the HOA through the contract indented in the purchase of the property. Generally, the contracts under HOA state you will obey all of the rules listed, as well as, pay regular expenses.

Rules Under HOA

When purchasing a property governed by a HOA, there are specific rules, or covenants, homeowners must follow. These rules often regulate what you can and cannot do within the boundaries of your home. Most of the HOA rules restrict certain colors you may paint your house, the amount of cars you own and where you park, if you may own a pet, and even if you may rent out your home to others.
It is important for homeowners to review the regulations under the HOA contract before the deal is closed as it will be too late by this time. Adding a contingency to the contract stating that you may review any governmental documents before closing will benefit you in learning the rules of the certain HOA community you are becoming involved with.

Violations Under HOA

It is crucial to follow all of the rules and regulations under your septic HOA contract to ensure you do not receive any penalties. Violations are generally light and can be reversed easily. For instance, if a homeowner brings in a pet in an associated that restricts animals, the homeowner can simply give the pet away to avoid any consequences. However, some HOA communities are stricter when it comes to violations, most requiring the homeowner to pay a fine depending on the severity of the situation.

For more information on homeowners’ associations or to learn more about how we can support you through your real estate issues, contact Chang Legal today.

False Assumptions Regarding Renting

Posted by David Chang on August 12, 2019 with 0 Comment

Often, many visualize renting as a way of losing money. You do not own the property, you are simply staying there for a extended period of time and leaving with money lost. However, renting is not as wasteful as many say. In fact, more people are deciding to rent and the traditional way of renting has changed.

There are several myths surrounding renting, including the following:

You are wasting money:

You may have heard this multiple times throughout your life, that renting is essential throwing your money away. That is not the case. Though you do not get to build up home equity, you get to avoid numerous amounts of expenses including household maintenance, utilities, and other costs.

You cannot get out of a lease:

Many believe that once you sign a long-term lease, you cannot get out of it. This is not true. You can break your lease in a few different ways such as asking your landlord if you can sublet the property. If this does not work, then talking with the property management company will make things easier. Getting out of a lease may be difficult, but is definitely attainable.

Negotiation is off the table:

One of the most common myths regarding renting is that you cannot negotiate with the landlord. You, as a tenant, have power. It is essential to read the lease fully to understand everything. If you would like the terms adjusted, simply ask the landlord.

To learn more about the common myths surrounding renting, contact Chang Legal today.

Following The Correct Steps When Purchasing A Home

Posted by David Chang on August 5, 2019 with 0 Comment

The time for purchasing a home is becoming evident. The process of buying a home for the first time is exciting, but also unfamiliar and complicated. There are a wide range of things to consider when purchasing a home, which can make the entire process even more stressful.

The following tips will help guide you on the right track when purchasing your first home:

Save for a down payment ahead of time– Saving early for a down payment will prevent you from having to pay higher costs for private mortgage insurance. Utilizing tools like down payment calculators and progress tracking apps will help you layout and achieve a goal amount.

Check and improve your credit– A key factor that contributes to taking out a mortgage loan is your credit. Before beginning the process of purchasing home, check your credit and analyze what is bringing down your credit score. Find opportunities to improve your credit score in order to make the home purchasing process easier.

Have a pre-approval letter– Getting a pre-approval prior to purchasing a home is the perfect way to show a seller that you are serious about making the purchase. A preapproval letter is a confirmation in writing that a lender has analyzed your finances in depth, and states how much the lender is willing to provide to you.

Hire the best fit real estate agent– It is necessary for you to hire a buyer’s agent that will fit your needs. It is important to hire a knowledgeable, focused, attentive real estate agent that you can see yourself being able to cooperate with.

To find the best real estate agent for you or to learn more about purchasing a home, contact Chang Legal today.