Gregory K. Stern, P.C.

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Chicago Bankruptcy Attorneys and Firm That Is
Unique

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Bankruptcy Your Fresh Start!
Our attorneys know Chicago and its people. Every
bankruptcy and foreclosure attorney at our small
boutique law firm graduated from a Chicago law
school. The firms attorneys, Gregory K. Stern,
Monica C. OBrien, Rachel S. Sandler, and Dennis
E. Quaid, take pride in providing personalized
representation to each and every client. This
personal touch, plus nearly 100 years of combined
bankruptcy experience, is what makes our firm
unique.
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Alternatives to Bankruptcy
Bankruptcy
If you are facing foreclosure or currently in
foreclosure, bankruptcy may be an option. A
bankruptcy can cure a mortgage default or it can
delay a foreclosure proceeding. It can also
eliminate or prevent a mortgage lender from
seeking a personal deficiency against you. Call
the bankruptcy and foreclosure defense attorneys
at Gregory K. Stern, P.C. to discuss your options.
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Strategic Default
Many homes have not recovered from the housing
market crash in 2008. In fact, many homes are
still underwater, meaning that there is no equity
in the home because the debt on the property is
greater than the value of the property. In some
instance, the homeowner may decide that keeping
the property is not in their best interest. They
may stop making monthly mortgage payment, forcing
their lender to initiate a foreclosure action.
This is known as a strategic default. While this
may sound enticing to some homeowners, there are
disadvantages to a strategic default, including
but not limited to the possibility of a
deficiency judgment and a negative impact on your
credit score. If you are considering walking
away from your property call Gregory K. Stern,
P.C. to discuss your options
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What is Foreclosure?
The official definition of foreclosure is, the
process of taking possession of a mortgaged
property as a result of the mortgagors failure
to keep up mortgage payments. In simple terms,
a foreclosure is when the bank takes your home
because you have been unable to make the monthly
mortgage payments. This can happen for a variety
of reasons including
Loss of a job Serious medical illness/disease/cond
ition Divorce Unanticipated maintenance or repair
costs Death in the family Negative equity Drug
and Alcohol Abuse
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Contact US

• Gregory K.Stern,P.C.
• 53 W Jackson Blvd 1442 Chicago, IL 60604
• [phone]
• https//www.gregstern.com/