Chapter 13 Bankruptcy

Dupage County Bankruptcy Attorney

For individuals with steady incomes and assets that need protection, Chapter 13 bankruptcy offers the protection they need while also providing debt relief that is invaluable to their fresh start financially. In a Chapter 13 case, all debt collection efforts will cease. A person can effectively stop foreclosure, stop creditor harassment and eventually discharge all eligible unsecured debt after successfully following a Chapter 13 bankruptcy repayment plan.

If you are considering bankruptcy, it is important that you understand what you’re dealing with. Dupage County bankruptcy lawyer Joseph Doyle can review all aspects of your case and can talk to you about your particular needs in order to help you determine whether you want to file a Chapter 13 case, and what consequences this may have on you both now and in the future.

Is Chapter 13 Right for You?

Chapter 13 bankruptcy is often referred to as a “wage earners plan” or “reorganization” because it involves reorganizing your debt and creating a payment plan based off your income versus expenses in order to pay off a portion of unsecured debt over time, usually a three to five year period. A debtor may be able to pay a creditor literally pennies on the dollar, as little as 10% of the total debt they owe.

Chapter 13 bankruptcy has particular benefits that a Chapter 7 filing cannot provide, including more asset protection, and a greater ability to stop foreclosure. Chapter 13 bankruptcy can give a debtor the time he or she needs to work out a loan modification or a short sale in order to prevent foreclosure.

If you would like to learn more, please take a moment to contact our firm. We represent clients throughout Dupage County, Illinois and a competent bankruptcy attorney will be happy to answer your questions and address your concerns.