Chapter 13 Reorganization

Helping to Sort Out Your Finances

Are you constantly falling behind on your debts?  Have you recently been laid off, or had a medical emergency?  If your debts are becoming too burdensome, you may be facing foreclosure or repossession. Chapter 13 bankruptcy can be a helpful tool in managing debts. 

What a Chapter 13 bankruptcy does is put your debts on a manageable repayment plan. 

Contact us to set up a free bankruptcy consultation.

Protecting Your Property in Chapter 13 Bankruptcy

When you file a Chapter 13 bankruptcy, the court automatically protects all of your property from seizure.  We help formulate a proposal to your creditors, which will put all of your eligible debts on a three- to five-year repayment plan.  For unsecured (credit cards) you may only be paying 10% of the total debt. 

The benefits of Chapter 13 include:

• Protect the equity in your house, car, etc.

• Repay an overdue mortgage

• Reduce what you owe on your car loan

• Pay Back IRS or other debts without interest or penalties

• Strip and eliminate 2nd mortgages in certain circumstances

How Much Will My Chapter 13 Payments Be?

In order to qualify for Chapter 13 you need a source of steady income.  You will still have to make the monthly payments on the property you intend to keep.  In addition you will also have to make your Chapter 13 reorganization payment. 

Chapter 13 is not for everyone, and there are many factors to take into consideration. 

Please set up a bankruptcy consultation to explore your options with an experienced Chicago Chapter 13 Bankruptcy Lawyer.