Chapter 13 Repayment Plans

There is a long list of requirements when you decide to file for Chapter 13 bankruptcy protection.  However, the basis of your success will be dependent on the repayment plan. This must be submitted at the time of filing or within fifteen days of that date; it should also be given to the creditors whose obligations have been outlined in the bankruptcy estate.

There is an order of priority when it comes to paying off your debts. The list is as follows: bankruptcy court is first which may include filing fees and monies owed to the bankruptcy trustee for his/her role in the case; support obligations, such as child support back payments or alimony payments; back taxes that are owed to state taxing authorities or the IRS; and finally unsecured creditors, including interest to creditors that is due to an automatic stay.

If you are considering filing for Chapter 13 bankruptcy and aren't sure where to begin, contact us to talk with a Chicago bankruptcy attorney that can provide direction and guidance.