Helping You File Chapter 13 Bankruptcy in the Chicago Area
Chapter 13 bankruptcy is a debt repayment plan. However, it is different from debt consolidation in that your creditors agree to the terms of a repayment plan approved by the bankruptcy court. Filing Chapter 13 bankruptcy also protects you from adverse creditor actions such as wage garnishment, home foreclosure and harassment.
At the Law Offices of Chad M.Hayward, P.C., in Chicago, our lawyers offer a free initial consultation to determine if Chapter 13 bankruptcy is the best solution for your debt problems. We serve clients in the Chicago area and throughout northern Illinois.
What Are the Advantages of a Chapter 13 Payment Plan?
Secured debts such as your home mortgage or auto loans must be repaid. However, you only have to pay what you can afford for unsecured debts such as credit card and hospital bills. That may be as low as a few pennies on the dollar. The unpaid portion will be discharged after you successfully complete your payment plan.
Your payment plan will be determined based on a variety of factors including your household income, equity in property, past-due mortgage payments and past-due car loan payments. Once a Chapter 13 payment plan is approved by the court, you are required to make payments for a period of time which usually lasts from three to five years.
If your house is underwater on your first mortgage, you may be able to strip the lien from any second mortgages on your property. Once the lien is stripped, the second mortgage becomes an unsecured debt and may be discharged after the terms of the repayment plan are complete.
With car loans, our lawyers may be able to lower the principal balance to the current value of your car.
Talk to Our Bankruptcy Lawyers
To schedule a free initial Chapter 13 bankruptcy consultation with an attorney at our Chicago law office, call 888-804-8641 or fill out the contact form on this Web site. We have staff members who speak Spanish.
Read answers to frequently asked questions about bankruptcy.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
