Chapter 13 Bankruptcy Attorney in Northbrook
Get Back on Your Feet by Filing for Chapter 13
Unlike in Chapter 7, in a Chapter 13 bankruptcy you will pay part or all of your debt to your creditors over a three- to five-year period. Individuals who do not wish to liquidate any assets as in a Chapter 7 can use a Chapter 13 filing to resolve their financial dilemma. At Fridman Legal, we have nearly two decades of successful results in guiding our clients through appropriate debt relief options, including Chapter 13. Our Chapter 13 lawyer will work with you one-on-one throughout all phases of your case, beginning with a free initial consultation.
Is Chapter 13 Right for Me?
Chapter 13 bankruptcy is often called the “wage-earners” bankruptcy. It is available to individuals who continue to receive an income, as well as the sole proprietors of businesses. It allows you to continue your operation as a business or to continue as a wage earner while you engage in a plan to repay as much as your debt as possible over the life of the plan.
In a Chapter 13:
- You do not have to give up any property or assets through liquidation to pay off your creditors
- You agree to a repayment plan that will be monitored by the court
- You use your future income to pay off your debts over time
Qualifications For Chapter 13 Bankruptcy
If you do not qualify for Chapter 7 bankruptcy you may be eligible for Chapter 13. To be eligible for chapter 13 bankruptcy, you must not have over $394,725 in unsecured debts (such as credit cards or personal loans). Another qualifier is that you must not have more than $1,184,200 in secured debts (this may be mortgages or car loans).
What Happens After You File?
Once you file for Chapter 13, the court will put an automatic stay into effect which prohibits your creditors from collection attempts. Within 14 days of your filing, you must present the court with your repayment plan that outlines how you will pay part or all of your debt over the next three to five years. Thus, in a Chapter 13, you may be able to save your home from foreclosure or other property from repossession.
You will continue to make payments on your payment plan to the trustee in charge of your case until the plan terminates, at which time whatever debt remains will be discharged.
Get a Free Review with a Chapter 13 Attorney
If you want to learn more about Chapter 13 bankruptcy and see if it is the best option for your financial situation, reach out to an attorney at Fridman Legal. With nearly 20 years of experience, we are ready to answer your questions and guide you to your best solution.
To learn more about how our Chapter 13 lawyer in Northbrook can assist you, contact us at (847) 278-0665.