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The Impact of Chapter 13 on Your Finances

Once you have decided to file for Chapter 13 bankruptcy, there are many aspects of your life that will change. Of course, the circumstances of your bankruptcy filing will dictate exactly what will happen after your petition is submitted, but in general, there are certain things you should be aware of.

After you have successfully filed for bankruptcy protection, you will not be allowed to enter into any financial agreements for the next five years without consulting with your bankruptcy trustee. For example, if you wanted to purchase a vehicle, you would have to speak with your trustee before entering into a purchase transaction.

Any additional source of money that you acquire must be reported as well. This applies to monies won from gambling or state lotteries, raises, incentives, year-end bonuses and cash gifts must all be noted.

The last thing to keep in mind is that all of your bankruptcy payments must be made to your trustee each month without fail. If you miss just one payment, you may risk losing bankruptcy protection completely.

Do you have questions about Chapter 13 and how it will impact your life and finances? If so, contact a Chicago Chapter 13 bankruptcy attorney from our law office today to set up an initial consultation. We'd be happy to answer your questions.
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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