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ILLINOIS Chapter 13 Bankruptcy Lawyer

Establishing a Workable Payment Plan - Minimizing Finance Charges & Penalties

I have had numerous clients come to my office because of financial issues such as falling behind on their mortgage payments or credit card payments due to a situational lowered income. Some of these clients make well above the median income amount, making them ineligible for Chapter 7 bankruptcy. As an experienced bankruptcy lawyer, I focus on helping these clients by discussing other options such as Chapter 13 bankruptcy whereby they can establish a working payment plan and get back on their feet.

Bolingbrook Chapter 13 Bankruptcy Attorney Serving Aurora, Orland Park, Oak Forest, Oak Lawn and Surrounding Cities

With my experience in handling various bankruptcy cases, I am able to quickly assess what form of bankruptcy is the most suited to my client's situation.

If you qualify for a Chapter 13 Bankruptcy I can help you reorganize your current debt and determine an appropriate payment plan while enabling you to keep your home, cars and other property.

One of the benefits for this particular form of bankruptcy is that it enables you to keep your assets without having to liquidate them, while only paying a fraction of your unsecured debt. To find out if you qualify for chapter 13 bankruptcy or for a free consultation, contact our office today.

What is Chapter 13 Bankruptcy?

Chapter 13 is a proceeding defined in the U.S. Bankruptcy Code meant to protect debtors from their creditors. Chapter 13 ensures that your unsecured creditors are paid as much as possible of what they are owed. In a chapter 13 bankruptcy all of your debts are combined into one managable monthly payment. Penalties and interest are typically removed so 100% of what is being paid to your unsecured creditors goes to the principal balance. A chapter 13 bankruptcy repayment plan is much more beneficial then simply continuing to pay your monthly minimum credit card payments. If you were to pay the minimum payment each month on your credit cards it would take approximately 25 or so years to pay in full, however, paying them through a Chapter 13 payment plan will take 5 years or less. That is so because a Chapter 13 payment plan can last no longer than 5 years and the majority of time your monthly plan payment is lower than the total of your minimum monthly credit card payments.

How is A Chapter 13 Bankruptcy Different from Chapter 7 bankruptcy?

The main difference between a Chapter 7 Bankruptcy and a Chapter 13 Bankruptcy is that in a Chapter 13 Bankruptcy a plan payment must be paid to your trustee for a period of typically 36 - 60 months before you receive a "discharge" of your debts. Whereas in a Chapter 7 Bankruptcy your case typically lasts 3-5 months without any payments being paid to your trustee before you receive a "discharge" of your debts. A Chapter 13 Bankruptcy is ideal for those who are unable to qualify for a Chapter 7 Bankruptcy due to higher income, those who own personal or real property that have too much equity in which the Illinois exemptions are unable to protect, or for those who are facing an Illinois home foreclosure and want to save their home.

Can Chapter 13 Help if I am facing Foreclosure?

Yes. If saving your home is your goal, a chapter 13 bankruptcy filed in time will stop foreclosure and allow you to "make up" the past payments over time. For more information on saving your home from an Illinois foreclosure click on the Stop Foreclosure tab under our Bankruptcy Information heading. If you are facing foreclosure and would like more information, contact my office today to speak to an experienced Illinois Bankruptcy Attorney.

Can Chapter 13 Help Eliminate a Second Mortgage?

Yes. If this is your goal, please call and take advantage of our free initial consultation in either our Aurora, Bolingbrook or Oak Forest offices so we can talk about how the law applies to your unique situation. In the case that your home has dramatically reduced in value, there are ways to reduce or eliminate a second mortgage once it becomes "wholly unsecured." Again, the laws around this process are complicated and it's important that you are getting advice that is custom tailored to your specific situation. Call today for a free consultation.

Contact an Illinois Bankruptcy Lawyer who serves the Counties of Cook, Will, DuPage, Kane, Kendall and Grundy.

If you are seeking legal representation, contact me online or call me at 708-687-8000 for a free consultation today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.