Under the leadership of senior partner Ernest J. Codilis, Jr., Codilis & Associates, based in Burr Ridge, Illinois, has established itself as a leading authority in the field of creditor rights. The firm focuses primarily on real estate law, bankruptcy, building court, evictions, foreclosures, and real estate-owned property. Codilis and Associates handles legal matters involving properties that financial institutions have repossessed due to homeowners defaulting on their mortgages. Bankruptcy is a complex process when dealing with real estate assets. Firstly, an individual must disclose all real estate owned on the bankruptcy petition. This includes primary residences, vacation homes, and investment properties. Failure to disclose can result in penalties, such as dismissal of the entire bankruptcy case. The trustee will then determine whether to retain the property as necessary for a fresh start or to liquidate the property to pay off debts. Secondly, bankruptcy protection impacts an individual’s ability to buy, sell or refinance properties due to its effect on the credit score. The court must approve these real estate transactions during an active bankruptcy case. It is wise to purchase additional properties with guidance from a bankruptcy attorney. Lastly, working closely with a legal advisor well-versed in real estate bankruptcy law is crucial. State laws vary, and improper handling could lead to foreclosure or loss of properties. An attorney can help navigate complex processes like reaffirming, redeeming, or surrendering mortgages on residential properties. via WordPress https://ift.tt/H8f6vtc
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Codilis & Associates has served its clients in the area of real estate law, focusing on evictions, real estate owned properties, bankruptcies, and building court. Archives
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