Chapter 13 Bankruptcy offers a path to financial security for those who earn a reliable income but still find themselves struggling. This type of debtor needs a second chance to repay their debt in a more reasonable manner, and a Chapter 13 gives them that chance through a repayment plan that runs for three to five years. This chapter is mostly intended to help reorganize payments to make them more manageable. Our Chapter 13 lawyer can review your financial situation and help you determine whether a Chapter 13 would benefit you.
Our business and consumer bankruptcy attorneys have over 40 years of combined experience in the field of bankruptcy law. No matter which chapter works best for your unique situation, we are here to guide you through the steps of the process and provide reliable advice when you need it most. Find peace of mind today by taking the first steps toward a debt-free future.
Northbrook Chapter 13 Bankruptcy Lawyers
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No matter how careful you may be with money, it is easy for debt to pile up until it is overwhelming and too much to handle. There are several chapters of bankruptcy which you may qualify for and be able to file under, but it is important to consult with a professional about your options.
If you have reliable income and believe you can handle some sort of debt repayment, Chapter 13 may be right for you. Hiring a Northbrook bankruptcy Chapter 13 attorney from Bach Law Offices, Inc. to guide you and determine which chapter is best for you and is in your best interest.
Chapter 13 & Debt Repayment
Many clients ask about the difference in Chapter 7 and 13, and which works better for their situation. While Chapter 7 bankruptcy does not include repaying unsecured debt, Chapter 13 often does – a key distinction.
When you file for Chapter 13, you may be able to discharge certain debts. However, this chapter is mostly intended to help reorganize your payments to make them more manageable.
Our experienced Northbrook bankruptcy Chapter 13 lawyers can discuss your overall financial picture and how Chapter 13 can benefit you.
When you file for bankruptcy, an automatic stay is put into place, which protects you from:
- Debt collection activities
- Foreclosure proceedings
- Wage garnishments
- Phone calls and letters
Chapter 13 Eligibility
To file for Chapter 13, you must meet these eligibility requirements:
- You must be earning a regular income.
- Your debt must be within the limits:
- Unsecured Debt: $419,275
- Secured Debt: $1,257,850
- Your tax filings must be current.
- You must complete a credit counseling course 180 days before filing.
- You cannot file if you have already filed Chapter 7 in the last 4 years.
- You cannot file if you have filed Chapter 13 in the last 2 years.
- You cannot file if in the last 180 days, you had a Chapter 7 or 13 petition dismissed because you failed to appear in court or did not comply with orders.
Knowledgeable Northbrook Chapter 13 Lawyers
Chapter 13 bankruptcy may be right for you if you are making every effort possible to pay your bills, but are still falling severely behind. We are extremely compassionate towards what you are going through and want to reassure you that there is no reason to feel ashamed. You are doing the most responsible thing you can by considering filing for bankruptcy and having a chance to repay your debt in a more reasonable manner.
Bach Is Your Financial Future.
Contact Us Today! (847) 440-5998