Chapter 13 Bankruptcy

Chicago, Illinois Bankruptcy Lawyer

For an individual with a regular income but who is still facing extreme financial difficulties, a Chapter 13 bankruptcy may offer exactly the relief he or she needs. By reorganizing debt rather than liquidating possessions, Chapter 13 bankruptcy can give you the fresh start you are hoping for without the loss of valuable property and even if you do not qualify for Chapter 7 bankruptcy under the means test.

Are you interested in learning more about bankruptcy? At the Law Office of Joseph P. Doyle we offer a free initial consultation to discuss your particular options in this regard, as well as the particular benefits that a Chapter 13 bankruptcy may have for you. Chicago bankruptcy attorney Joseph Doyle and his legal staff are fully dedicated to protecting clients’ rights and helping them get the second chance they need.

About Chapter 13 Bankruptcy in Illinois

There are numerous invaluable benefits to filing for bankruptcy under Chapter 13 of the bankruptcy code. A Chapter 13 bankruptcy can stop mortgage foreclosure and car repossession. It may allow an individual to have their driver’s license reinstated if it has been suspended due to unpaid parking tickets. It can protect your home even when you have substantial equity. In an equity driven Chapter 13 bankruptcy an individual will pay back their unsecured creditors based upon the amount of unprotected equity they have in a home. Chapter 13 is also often a viable option to individuals who make a significant amount of income.

A Chapter 13 bankruptcy case may last between 3 to 5 years as the debtor makes regular and continuous monthly payments based of a payment schedule worked out with the bankruptcy court. The benefit of filing a Chapter 13 bankruptcy is that it will protect your house and car from being sold and allow you to make a reduced, affordable monthly payment that is designed to work within your own budget. You may be able to pay unsecured creditors pennies on the dollars, sometimes as little as 10% of what you originally owed. A Chapter 13 bankruptcy can also eliminate or massively lower the interest rate on any debts.

Find out more about Chapter 13 bankruptcy in Chicago by talking to a skilled attorney about your case. Contact the Law Office of Joseph Doyle today.