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Debt Consolidation vs. Chapter 13

When you have serious debts, you may feel that debt consolidation is an option. However, did you know that Chapter 13 bankruptcy also allows you to restructure your debts? Rather than go to a debt consolidation company, you can get legal protection from creditors by choosing to file for Chapter 13 and by working with a Chicago bankruptcy attorney.

Once you have presented your Chapter 13 bankruptcy case to a judge, it will either be approved or denied based on the information enclosed within your petition. Should it be approved, you will then create a repayment plan based on your current and future financial holdings, as well as the amount of your debts. This plan can be constructed with assistance from your bankruptcy lawyer.

When you have successfully completed the terms of your bankruptcy, as determined by a bankruptcy judge, your unsecured debts will be paid off. However, if you do not keep up with all of your payments, even missing just one, you could lose your bankruptcy protection altogether. Therefore, you must make your payments every single month.

If you would like to learn more about Chapter 13 as an alternative to debt consolidation, contact a Chicago Chapter 13 attorney from our law office today to receive information and an in-person consultation.
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The information on this website is for general information purposes only. Nothing on should be taken as legal advice for any individual case or situation.

Main Office: 123 W. Madison Street, Suite 205 Chicago, IL 60602
Phone Number: (312) 427-3100