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Most Chapter 13 Cases $350 to get filed
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Office Locations
10522 S Cicero #306, Oak Lawn, IL 60453
498 W Boughton, Bolingbrook, IL 60440
Chicago Chapter 13 Bankruptcy Law Firm
Chapter 13 consumer bankruptcy is a legal process that permits individuals to pay off their financial obligations with time while having the opportunity to keep valuable assets.
Chapter 13 personal bankruptcy is used when debtors either do not qualify for Chapter 7 or these people have enough income that they could get caught up on a minimum of a few of their personal debt payments over a period of time. This is why Chapter 13 personal bankruptcy includes a court approved payment plan over the course of generally 3 to five years.
The Payment plan takes into consideration a person’s income and payments they require to make on secured debts in order to keep ther home. such as their home and motor vehicle. Unsecured debts are included, such as credit cards however the debtor usually only ends up paying back a portion of those financial obligations according to what the bankruptcy court thinks they can deal with out of their discretionary earnings, and the rest is cancelled or discharged at the end of the payment plan.
Reasons to declare Chapter 13 consumer bankruptcy
1. Threat of Foreclosure– Behind on Home mortgage Payments
When an individual falls behind on home loan payments, they run the risk of losing their house through foreclosure by the lender. Filing a Chapter 13 Bankruptcy invokes an automatic stay that stops the lending institution from foreclosing or attempting to collect the past due mortgage payments. The overall unpaid amount is spread out over the course of the payment plan in monthly payments. This permits the person to make up the delinquent payments and remain in their house without any pressure from the lender. The debtor is still paying their normal regular monthly home mortgage payment plus a small amount monthly towards the past due amount. AT the end of the payment plan, the consumer is caught up and can move on from there.
2. Threat of Foreclosure– Behind on Car Payments
Falling behind on auto loan payments may put the person at risk of the lender repossessing their automobile. The automatic stay that works upon declare a Chapter 3 consumer bankruptcy stops the lending institution from repossessing the car or trying to collect the past due amounts.
3. Too Many Assets
Most people who declare Chapter 7 personal bankruptcy do not lose anything due to the fact that state exemption laws protect a certain amount of possessions. However, some people have so much stuff they would lose some of it if they entered a Chapter 7 consumer bankruptcy. By filing a Chapter 13 Consumer bankruptcy you pay back the value above what is covered by the exemptions over the life of the payment plan.
4. Because you have excessive income
Sometimes a client may have too much earnings to qualify for a Chapter 7 bankruptcy case. Inadequate earnings to pay the bills however too much to file for personal bankruptcy. In a Chapter 13 consumer bankruptcy you may be able to pay back less than the full amount owed and it is usually interest free.
5. A client already filed a chapter 7
If a person is having problem with excessive personal debt and has actually previously applied for Chapter 7 bankruptcy in the last 8 years, they will not have the ability to file another Chapter 7 personal bankruptcy. In this case, Chapter 13 consumer bankruptcy is the only option readily available to them.
The Chapter 13 procedure
1. Complete credit counseling online
2. Assemble the documentation with the help of a lawyer
3. File a consumer bankruptcy case with the regional personal bankruptcy court. This will put a pause on any consumer debt liabilities. Foreclosure proceedings and most debt collection attempts will stop until the payment plan is finished.
4. Send a repayment plan. This explains how lenders will be repaid
5. Start making payments within one month after submitting the Chapter 13 case.
6. The court will designate a trustee who will evaluate the case and disburse payments.
7. Participate in a creditor conference with your bankruptcy lawyer or attorney.
8. Your lawyer will go to an approval hearing. At the hearing the judge will choose whether to approve the plan. If necessary your lawyer will make any requested changes.
9. Make payments according to your proposal over three to 5 years. Payments are provided to the case trustee who will disperse your payments to financial institutions.
10. The consumer bankruptcy will be discharged after the repayment plan is fulfilled and you’ve taken a second credit class. If you submitted the Chapter 13 less than 4 years after a chapter 7 discharge the case ends without discharge.
Leading Factors to Employ Gleason and Gleason as your Chapter 13 Lawyer
Experience
Troy and Julie Gleason have actually been bankruptcy lawyers for over 19 years. Particularly, we know the consumer bankruptcy system. We practice 100% bankruptcy law. Absolutely nothing else. We can put our knowledge to work for you.
Lawyers Answer all Phones
Lawyer Julie Gleason, Lawyer Troy Gleason or Attorney David Gallagher will personally answer your call. All 3 of us are Illinois licensed personal bankruptcy lawyers. We have years and years of 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 lenders and we recognize this. It is our objective to stop this as soon as possible. Your circumstance is difficult and we will treat you in a friendly, nonjudgmental and professional way. Over 60% of our new customers were referred by a close friend or family member who had a case with our business.
We Are Local
We have facilities situated in Oak Lawn and Bolingbrook. Phone Appointments also readily available.
10522 S Cicero # 306, Oak Lawn, IL 60453
498 W Boughton # 201, Bolingbrook, IL 60440
