The main objective of your creditors is to collect their money with interest. If you have suffered a setback or are experiencing financial difficulties, more often than not, your creditors will do little to help you. Some lenders are willing to negotiate debt relief depending on the circumstances. However, if you want to save your home or car, and your lenders are unwilling to cooperate, filing Chapter 13 bankruptcy is an excellent option because it forces your creditors into a repayment plan.
For over 25 years, I have helped hundreds of people get out of debt and reorganize their finances in the Chicagoland area, including Cook, Lake, DuPage, Will, McHenry, and Lake Counties. If you have reached a situation where your creditors are threatening your ability to keep your assets, it is time to learn about your rights and the benefits Chapter 13 bankruptcy law gives you.
Chapter 13 bankruptcy gives you tremendous power, including reducing credit cards up to 90% or more and reducing the amount due and the interest rate on your car loan. It lets you catch up on your mortgage payments, taxes, student loans, and other loans.
An affordable Chapter 13 repayment plan is created based on your income and expenses. The skill of the bankruptcy attorney is paramount in creating a plan that you can complete. You make monthly payments on your repayment plan from three to five years. Your Chapter 13 plan payments will often finish much faster because some lenders do not get paid anything because they do not file the required paperwork with the Court. The good thing is that the Chapter 13 repayment plan is court-approved, and it includes all your creditors. You can make one payment to the Chapter 13 Trustee, and he/she makes the payments to your creditors - very simple. In almost all Chapter 13 bankruptcies, you pay back a small portion of your credit card debt and other unsecured debt. You also must provide for repayment, even at a reduced amount, to secured creditors like your car loan and mortgage companies. While you are in bankruptcy, your creditors are not allowed to contact you or take any actions so long as you continue to make payments on your Chapter 13 repayment plan. Only Chapter 13 will enable you to reduce the amount and interest on your car loan, erase or drastically reduce up to 90% certain debts like credit cards, erase second and third mortgages, and catch up on late payments all with one affordable payment and at the same time.
When you complete your Chapter 13, you will be on solid financial ground. Within a short period, you will be able to rebuild your credit and move forward financially. Lenders often look positively that you completed your Chapter 13 plan because it shows that you are responsible with your finances. You will once again have access to credit and even buy a home after bankruptcy. It has been my pleasure as a Chicago bankruptcy lawyer to have helped ordinary folks in Cook, Lake, Will, Kane, Will, McHenry, and DuPage Counties get out of debt and move on with their lives.
Is Chapter 13 for you?
Chapter 13 bankruptcy allows you to erase your debt and keep your property. If you have fallen behind on your mortgage or car payments, and your lenders threaten foreclosure or repossession, Chapter 13 is a sure way to stop the foreclosure lawsuit, keep your car(s) and other property. The court-approved repayment that is created allows you to catch up on your mortgage payments, car loans, and other debts based on your income and expenses. At the same time, you may erase or drastically reduce certain debts - including credit card debt, delinquent taxes, personal loans, lowering the debt and interest rate on car loans, wiping out second mortgages or third mortgages, and restructuring or erasing your other debt. Chapter 13 bankruptcy gives you many options for dealing with your creditors. Once the case is filed, your creditors are not allowed to contact you in any way. The pressure is off, and you are in the driver's seat.
Am I eligible for Chapter 13?
You must earn enough income to pay for your living expenses and your monthly Chapter 13 payment. No two chapter 13 plans are the same. It has taken over 25 years of Chapter 13 bankruptcy experience to learn how to creatively and cleverly draft an affordable Chapter 13 plan that the Bankruptcy Court can approve. Chapter 13 plans may involve a lot of math, but they also require a lot of art. That is, the plan must be drafted in such a way as to make the payments affordable. The goal is to keep your payment as low as possible while holding onto your property. As a Chicago bankruptcy attorney, I have been helping people throughout Chicago, Cook, Will, Kane, Lake, and DuPage Counties since 1994 get out of debt and keep their property. All my clients get individual attention through the entire bankruptcy process. I am available for questions via phone, text, and email. The goal is to make the process as smooth as possible by being treated with respect, being fully informed, and being represented by a highly experienced Chapter 13 attorney.
What if I fail to make my chapter 13 payments?
Unexpected things happen in life that are out of our control. If you fall behind on your Chapter 13 payments for good reason, we ask the Court to either give you time to catch up or amend your Chapter 13 plan to include the delinquent payments. If you can catch up, that is fine, but if you cannot, we can take the money you are behind and put it in your Chapter 13 plan. If you can come current, the courts usually give you a couple of months to catch up. However, if you cannot make your payments because you lost a job or have medical or family expenses and your case gets dismissed, you can file Chapter 13 again if you fell behind for a good reason. Your creditors would again be required to accept payments on your new court-approved Chapter 13 plan. It is better for everyone for you to succeed. With over 700 hundred bankruptcies filed, you know you will be in good hands when you retain my services. As a bankruptcy lawyer with extensive experience in Chicago and Cook, Lake, DuPage, Kane, and Will counties, I can tell you that debt relief will improve your life.
How do I start?
Now, you are wondering where to start. Call me at 312-229-5500 or contact me online to discuss your situation. As a bankruptcy attorney with 25 years of experience, you will learn how to erase or drastically reduce your debt from our meeting. Once you become my client, the stress levels will go away, and you will again feel in control of your finances.