Managing Your Debt Through Chapter 13 Bankruptcy Filings
Manageable debt can quickly become insurmountable with very little warning. For many, despite their best efforts, getting out from under their debt alone can be difficult or even impossible. When you decide that it is time to restructure your debt or find a new way to manage it, our attorneys are here with the legal options you need to get your finances under control again.
NextStep Bankruptcy Law is a well-respected Chicagoland resource for families and individuals considering bankruptcy. Bankruptcy can be your new beginning.
Chapter 13 Bankruptcy Is A Chance To Get Your Debt Under Control
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy does not fully eradicate your debt. Instead, it is an opportunity to restructure your debt, create comprehensive repayment plans and negotiate with your lenders in a way that truly helps you manage your expenses. In many cases, you will be able to keep your home and maintain much of your current lifestyle.
Chapter 13 bankruptcy is a longer process, often taking three to five years, but throughout that time, you will have access to financial counseling and education that can help you make lasting and long-term financial changes.
Who Is Eligible For Chapter 13?
Chapter 13 bankruptcy requires individuals to use their own income to repay their debts under a restructured plan. Because of this, it is important to ensure you have sufficient and regular income to make these payments. In addition to other eligibility requirements, your unsecured and secured debt totals must not exceed a certain amount, which changes every three years to account for inflation. Our attorneys can advise on the eligibility requirements, as well as whether Chapter 13 may be right for you.
Make A Decision Today That Can Change Your Life For The Better
Our personal and highly experienced attorneys are here to help explain the complexities of the legal system and to empower you to make good decisions. To schedule a free appointment with our attorneys, send us an email or reach out to us by phone at 312-667-7717.