Chicago Chapter 13 Attorney
Take the first step to a Fresh Start
Are you concerned about losing your assets in bankruptcy? Chapter 13 is a form of bankruptcy that rather than liquidating your assets, allows you to pay back your debts over a three-five year period in a payment plan which is reviewed and approved by the bankruptcy court. This is the form of bankruptcy that is highly beneficial to those who want to keep a home or other property, but have fallen behind and are now in trouble, possibly facing foreclosure. You can rely on Attorney Joseph P. Doyle to deliver the trusted, proven counsel that you need to achieve debt relief. Discover how our firm can help you get your fresh start!
Our bankruptcy attorney can help you determine if you qualify for Chapter 13. Don't hesitate to schedule your FREE case evaluation!
While the repayment of the debts is taking place, creditors cannot attempt to recover more of what you owe. They are restricted to getting what has been approved by the bankruptcy court in your repayment plan. Your determined disposable income is divided up between the creditors, with each getting a monthly payment. This allows you to pay back your debt without being harassed.
Bankruptcies that are filed under Chapter 13 require:
- You must have a portion of your income that is disposable
- Creditors cannot recover more than what you owe
- Repayment plan is created by the trustee and paid throughout the case
Avoiding Foreclosure with Chapter 13
Many people find themselves in trouble from the subprime mortgage boom. After the crash in 2008, many homeowners found themselves unable to consistently manage making payments that had doubled, and were unable to renegotiate the terms with the lender, as the property values plummeted. If you are currently in this situation, our Chicago bankruptcy attorney can assist you.
Filing Chapter 13 stops foreclosure proceedings, and allows you to work out a repayment plan for overdue payments. You also have the opportunity to renegotiate the terms of your mortgage during this period of time. It is important that you have representation from a highly-skilled Chicago bankruptcy lawyer to assist you with this process, and to help you get the most out of filing.
Chapter 13 bankruptcies offer the following benefits:
- The amount you owe your creditors could be greatly reduced
- Late fees could be cancelled
- Interest rates may be reduced
- Once the repayment plan is completed, the remaining debt is discharged
In some cases, your debts will not be able to be discharged; however, you may be able to walk away paying far less than you initially owed.
Proper Legal Representation
It is extremely important that you have an experienced Chicago bankruptcy attorney when you file for Chapter 13, as there are many significant financial advantages that could be negotiated for you. It is not a process that you should try on your own, although you have the right to do so.
The savings you get and the amount you pay your creditors each month can be worked out with the help of your attorney. You need to ensure that you can keep up those payments, or the entire process may fail if you don't. It is extremely valuable to have legal assistance to file Chapter 13, as the final outcome could be far more advantageous for you in the end.
Contact our Chicago Chapter 13 bankruptcy lawyer for more information about filing for this form of bankruptcy.