CHAPTER 13 BANKRUPTCY ATTORNEYS FIGHTING TO HELP CONSUMERS

If you can’t pay your debts, we can help. At the Chicago Consumer Law Center, a Chapter 13 bankruptcy lawyer will offer advice that you can count on. We routinely provide debt and bankruptcy advice to consumers and families throughout the Chicago area.

If you do not qualify for a Chapter 7 personal bankruptcy, or if you want or need to hold onto income that would be lost under a Chapter 7 bankruptcy, you should know about the Chapter 13 alternative.

BANKRUPTCY CAN BE CONFUSING – BUT WE CAN HELP

Confused? This may help. “Chapter 13” and “Chapter 7” are sections of the federal Bankruptcy Code. They are 2 different ways to help people discharge eligible debt depending on their circumstances.

When their debt is overwhelming, consumers may file a Chapter 13 bankruptcy, also called “personal reorganization” or “reorganization bankruptcy.”

A Chapter 13 bankruptcy combines your debts into a single payment each month, helps you restructure your tax debt, lets you avoid foreclosure, and helps you manage other debts that may be out of control.

WHAT HAPPENS WHEN YOU FILE FOR A CHAPTER 13 BANKRUPTCY?

If you receive a regular monthly income above a certain amount, a Chapter 13 bankruptcy lets you develop a plan to pay back all or part of your debts. We work with you to develop that plan. If your monthly expenses total more than your monthly income, a Chapter 13 bankruptcy may be your best option.

When you file for bankruptcy under Chapter 13, an order called an “automatic stay” takes effect. It stops creditors from contacting you about the debt.

Depending on your income and the amount of your debt, payment plans under Chapter 13 last for three to five years. During this repayment period, creditors and debt collectors may not contact you in any way or harass you.

IS A CHAPTER 13 BANKRUPTCY YOUR BEST OPTION?

There’s no rule about when – or for whom – a Chapter 13 bankruptcy is right. You may choose a Chapter 13 bankruptcy rather than a Chapter 7 bankruptcy for a number of reasons. For example, under Chapter 13, a family facing foreclosure has a chance to keep their home.

Chapter 13 also lets the bankruptcy court change your repayment plan if more creditors file claims against you or if your circumstances change significantly in some other way.

REACH OUT TO US

Are your financial circumstances spinning out of control? Are you waiting in fear of foreclosure, or is your car about to be repossessed?

At the Chicago Consumer Law Center, our lawyers and staff offer advice and services you can trust. A Chapter 13 bankruptcy lawyer will handle your bankruptcy personally. You’ll be treated with complete respect, and you’ll find that we maintain the highest professional standards.

You can schedule a free Strategy Session with us by completing the contact form here on our website or by calling us at (312) 858-3240. If you’re considering bankruptcy, talk to us first.