Call and talk to Chapter 13 Attorney Now: (312)445-8825 Gleason and Gleason

Phone and In Person Consultations Readily Available!

The Majority Of Chapter 13 Cases $350 to file

Click Here for Chapter 7 Related information

Office Locations:
10522 S Cicero #306 Oak Lawn, IL

498 W Boughton #201, Bolingbrook, IL

Chicago Chapter 13 Bankruptcy Attorneys

Chapter 13 consumer bankruptcy is a legal process that enables individuals to pay back their financial obligations in time while having the chance to keep important possessions.

Chapter 13 personal bankruptcy is used when debtors either don’t qualify for Chapter 7 or these people have enough earnings that they can get caught up on a minimum of a few of their debt payments over a period of time. This is why Chapter 13 bankruptcy includes a court approved payment plan over the course of usually 3 to five years.

The Payment plan takes into consideration a person’s earnings and payments they need to make on secured financial obligations in order to keep ther home. such as their home and vehicle. Unsecured financial obligations are included, such as credit cards but the debtor normally only ends up paying back a part of those debts according to what the bankruptcy court thinks they can handle out of their discretionary earnings, and the rest is cancelled or released at the end of the payment plan.

Reasons to file Chapter 13 personal bankruptcy

1. Risk of Foreclosure– Behind on Home mortgage Payments

When an individual gets behind on home mortgage payments, they run the risk of losing their house through foreclosure by the lender. Filing a Chapter 13 Personal bankruptcy invokes an automatic stay that halts the lender from foreclosing or attempting to collect the past due mortgage payments. The overall unpaid amount is spread out throughout the payment plan in regular monthly payments. This permits the individual to make up the delinquent payments and remain in their home without any pressure from the lending institution. The debtor is still making their regular monthly home loan payment plus a percentage every month towards the past due sum. AT the end of the payment plan, the customer is caught up and can progress from there.

2. Risk of Repossession– Behind on Vehicle Payments

Falling behind on car loan payments may put the individual at risk of the loan provider repossessing their vehicle. The automatic stay that takes effect upon filing for a Chapter 3 consumer bankruptcy stops the lender from reclaiming the car or truck or trying to collect the past due amounts.

3. A Lot Of Assets

Most people who declare Chapter 7 bankruptcy do not lose anything due to the fact that state exemption laws secure a certain quantity of assets. Nevertheless, some individuals have so much stuff they would lose some of it if they filed a Chapter 7 personal bankruptcy. By filing a Chapter 13 Bankruptcy you pay back the worth above what is covered by the exemptions over the life of the payment plan.

4. Because you have excessive income

Sometimes a customer may have too much earnings to qualify for a Chapter 7 consumer bankruptcy case. Insufficient earnings to pay the bills but excessive to apply for bankruptcy. In a Chapter 13 bankruptcy you might have the ability to pay back less than the total owed and it is typically interest free.

5. You already filed a chapter 7

If an individual is struggling with too much personal debt and has formerly filed for Chapter 7 consumer bankruptcy in the last eight years, they will not be able to file another Chapter 7 consumer bankruptcy. In this case, Chapter 13 consumer bankruptcy is the only option available to them.

The Chapter 13 process

1. Finish credit class online
2. Assemble the documents with the help of an attorney
3. File a consumer bankruptcy petition with the regional personal bankruptcy court. This will put a time out on any debt liabilities. Foreclosure procedures and a lot of personal debt collection efforts will stop up until the repayment plan is complete.
4. Send a repayment plan. This explains how lending institutions will be repaid
5. Start making payments within thirty days after submitting the Chapter 13 case.
6. The court will designate a trustee who will review the case and disburse payments.
7. Participate in a creditor conference with your personal bankruptcy lawyer or attorney.
8. Your attorney will participate in an approval hearing. At the hearing the judge will select whether to authorize the plan of action. If necessary your lawyer will make any asked for changes.
9. Pay according to your plan over three to five years. Payments are provided to the case trustee who will disperse your payments to financial institutions.
10. The personal bankruptcy will be discharged after the payment program is fulfilled and you’ve taken a second credit class. If you filed the Chapter 13 less than 4 years after a chapter 7 discharge the case ends without discharge.

Top Factors to Hire Gleason and Gleason as your Chapter 13 Lawyer or attorney

Experience

Troy and Julie Gleason have actually been personal bankruptcy legal representatives for over 19 years. Specifically, we know the consumer bankruptcy system. We practice 100% consumer bankruptcy law. Nothing else. We can put our knowledge to work for you.

Lawyers Answer Phone Calls

Attorney Julie Gleason, Attorney Troy Gleason or Lawyer David Gallagher will professionally address your call. All 3 of us are Illinois authorized consumer bankruptcy attorneys. We have years and years of practical experience. Your call will not be addressed by a clerk or paralegal.

VIP Professional service

We will file your case as rapidly as possible. Our clients are being pestered by financial institutions and we understand. It is our mission to stop this as soon as possible. Your situation is difficult and we will treat you in a friendly, nonjudgmental and expert way. More than 60% of our brand-new clients were referred by a friend or family member who had a case with our company.