Chapter 13 Bankruptcy

Our Chapter 13 Bankruptcy attorneys referred this kind of bankruptcy filing as “individual reorganization.” It can also be called “wage earner bankruptcy” because it requires you to have regular income and propose a repayment plan. Chapter 13 Bankruptcy is an option when you do not qualify for Chapter 7 Bankruptcy or when there is a specific advantage to filing for Chapter 13. Our Chapter 13 Bankruptcy Attorneys will help you to figure out if this is the best option for you.

Debt relief under Chapter 13 is not as direct as in Chapter 7 because you must also propose a “plan of reorganization.” This Plan repays a specific portion of your debt by having you pay monthly payments to a trustee. The trustee then pays your creditors for you. The specific amount of debt you must repay in a Chapter 13 Plan is different for each client. On average you can expect to repay approximately 10 percent of your debt in Chapter 13. This is not a requirement but it is a general rule of thumb.

Our Chicago Chapter 13 Bankruptcy Attorneys work with you to formulate a Chapter 13 Plan or Reorganization. The Plan is based on your income and expenses and requires us to review your budget in detail. The consultation time for a Chapter 13 case is usually longer because it is a more complex kind of case. Fortunately, our bankruptcy attorneys have over a decade of experience in helping you to address the complex issues of a Chapter 13 bankruptcy law.

Benefits of Filing For Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Filing can give you certain advantages that are not available in Chapter 7 Bankruptcy. This is because the bankruptcy code treats them differently. Some of the reasons for choosing Chapter 13 over Chapter 7 are:

To take the first step in becoming debt free and contact our law firm to speak to a Chapter 13 Bankruptcy Attorney in a free consultation.

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