Sample Letter Payoff Mortgage File For Bankruptcies In Illinois
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FAQ
I am writing this letter to state that on _ (Day) i.e. (Date), I got relieved from your _ (Company/ Organization) but my full and final settlement has not been done. I request you to kindly do the full and final settlement and send me all dues (if any).
Clearly define objectives before drafting the settlement offer. If monetary compensation is involved, the offer should specify the amount, payment schedule, and contingencies for non-payment. Non-monetary terms, such as confidentiality clauses, mutual releases, or other protective measures, should also be considered.
Your debt settlement proposal letter must be formal and clearly state your intentions and what you expect from your creditors. You should also include all the key information your creditor will need to locate your account on their system, which includes: Your full name used on the account. Your full address.
Critical Elements of a Settlement Demand Letter Introduction and Background Information. Start by introducing yourself and providing a brief overview of the incident. Statement of Facts. Liability. Injuries and Medical Treatment. Damages. Settlement Demand. Deadline for Response. Closing.
As you can see my situation is very unlikely to improve in the future and my continued high debt level may have a serious effect on my physical and mental wellbeing. I would be grateful if you would seriously consider my request to write off the debt. I look forward to hearing from you.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
If you file Chapter 7 and you own a vehicle outright, you can keep the car if it is worth $6,400 or less by using your Illinois motor vehicle and personal property exemptions.
Typically, 85 percent of your gross earnings or 45 times the federal minimum hourly wage per week are exempt. Household items – Items such as furniture, appliances, clothing, books, and musical instruments may be exempt from liquidation during Chapter 7 bankruptcy in Illinois.
Illinois Law permits a unique means of holding title to a married couple's residential property. When legal title to a residence is held as "Tenants by the Entirety", the residence cannot be attached by creditors, making this an attractive "asset protection device" for business owners.
If you are filing Chapter 7 in Illinois, are current on your mortgage payments and have less than $15,000 in equity (or $30,000 if you are married), you can “reaffirm” your mortgage, that is, agree to continue paying the mortgage despite the bankruptcy.
