In Chapter 7 bankruptcy, the objective is to eliminate debts, even if it means surrendering some of your belongings that were purchased on credit or through a loan. In a Chapter 13 bankruptcy, the focus is on restructuring your debts, allowing you to keep your property and repay your loans, generally on better terms and at lower amounts.

 I have spent over 25 years as a Chicago bankruptcy attorney, serving clients throughout northern Illinois, including Cook, Lake, and Dupage Counties. During this time as a bankruptcy attorney, I have helped hundreds of my clients get out of high monthly payments and outrageous interest rates and into arrangements that fit better with their overall budget. If you have steady employment yet are struggling to meet your monthly obligations, the following provides an overview of Chapter 13 bankruptcy and how it may benefit you.   

How Do I Begin Filing Chapter 13 Bankruptcy?

Once I review your situation to determine your eligibility for Chapter 13 under the U.S. Bankruptcy Code, the next step is getting your petition ready to file with the Court. We will obtain your credit reports to make sure that all of your creditors are properly listed and will assist you in collecting all the information needed to file your case. My office is state of the art, and my staff is highly skilled. Our goal is to use bankruptcy as a legal tool to make life easier for our clients by eliminating or reorganizing their crushing debt.

Information we needed to file your case includes:

• A list of your assets and liabilities;
• Your current income and expenses;
• A schedule of any contracts or unexpired leases you are involved in;
• A statement of financial affairs, which includes any current or past debts and charge-offs, any lawsuits you are involved in, any previous bankruptcies you have filed, and any charitable gifts or loans you have made recently.
• Credit counseling certificate.

Don't worry, if you decide to file Chapter 13, we will assist you throughout the entire process in a stress-free environment. 

What Happens Once My Chapter 13 Bankruptcy Petition is Filed?

 All collection and legal proceedings against you stop. Your creditors are not allowed to contact you directly - which includes no more harassing calls. Along with your Chapter 13 bankruptcy, we file a repayment plan with the Court. This plan provides for fixed monthly payments to the trustee appointed to your case, which will then be distributed to your creditors. Your plan payments depend on your debt, income, and expenses. Keep in mind that in Chapter 13, you have many rights depending on the circumstances that may include: eliminating 2nd or 3rd mortgages, reducing interest rates on car loans, erasing certain past taxes, eliminating credit cards, car loans, personal loans, and other debt. The goal is to reorganize your expenses in such a way that makes it affordable for you to keep your property and move on with your life.

Is Chapter 13 Bankruptcy Right for Me?

If you want to get control of your finances, it would be wise to determine if filing Chapter 13 bankruptcy is the best way forward. You can call me at 312-229-5500 or contact us online to set up a free consultation. As a Chicago bankruptcy attorney for the last 25 years, you can trust my legal knowledge and expertise to ensure that the best Chapter 13 plan is crafted to keep your payments as low as possible. Although my staff assists me in assembling your case, I will be your attorney throughout the entire process.