Repayment Plan Information for Chapter 13 Bankruptcies

When people decide to file for Chapter 13 Bankruptcy, they must submit necessary paperwork and their petitions must be approved of by the bankruptcy court.  Along with paperwork, people will submit a proposed repayment plan which will enable them to keep their property as they repay the debt they owe to creditors.  If their plans are approved, people will repay their creditors of a period of 3 to 5 years without worrying about late fees or interest.

Typically, the repayment plan will commence 30 to 45 days after the bankruptcy petition is filed with the court.  Once the repayment plan is agreed upon, people are responsible for making a single monthly payment toward their debt and must do everything possible to ensure their payments are made consistently and on-time.

If you have questions about Chapter 13 or creating a feasible repayment plan, contact our law office now to enlist the help of a Chicago bankruptcy attorney.