FAQ: Chapter 13 Bankruptcy

At Bach Law Offices, Inc., our team of experienced bankruptcy lawyers is committed to helping clients obtain relief from their debts and get a fresh start on their finances. Our legal professionals are here to explain all of your options when it comes to filing bankruptcy, and we will gladly guide you through the entire bankruptcy process and provide you with the skilled representation you need to protect your interests. Below, we answer some of the questions we are frequently asked by clients about Chapter 13 bankruptcy.

Question #1: What are the benefits of filing for Chapter 13 bankruptcy?

A: If you qualify for a Chapter 13 bankruptcy, you will be able to keep all of your property and repay your debt through a payment plan. Another benefit of Chapter 13 is that your creditors cannot attempt to collect debts from you while your bankruptcy is still in progress.

Question #2: How does the court calculate the repayment plan?

A: Your debtors and your attorney will meet to negotiate a fair Chapter 13 repayment plan. The following things are used to calculate your repayment plan:

• Your monthly income.
• The value of your assets.
• A means test.

Question #3: How do I file for a Chapter 13 bankruptcy?

A: If you want to file for a Chapter 13 bankruptcy, you will need to take these steps:

• Schedule a consultation with our lawyers so we can determine if Chapter 13 is the best solution for your situation.
• Sit down and prepare a budget you can realistically stick with.
• Create a Chapter 13 plan and complete all of the required forms.
• Pay the filing fee and complete the process of filing the forms and pleadings.
• Make sure you attend all of the meetings with creditors and court hearings.
• After you have made all of your payments, you can obtain a discharge from the court.

Do you have more questions about filing for bankruptcy? Our lawyers can answer all of your questions to provide you with the seasoned legal advice you need to get out of debt. Call (847) 440-5998 today to set up your consultation with our dedicated attorneys.