Financial Relief with Chapter 13

If you are worried about your finances plummeting any further into the red, it is time to think about Chapter 13 bankruptcy.

Although businesses can file for Chapter 13 bankruptcy protection as well, it is most often used by individuals. Referred to as "wage-earner bankruptcy" there are income limits that apply that determine eligibility. In order to get a court to approve your bankruptcy filing, you must create a payment plan. This can be done on your own, but it is advisable to contact a bankruptcy attorney to create a plan that the court is more likely to accept.

If your plan is approved, assets such as your home and car will be protected from seizure. In fact, many people across the country are using Chapter 13 bankruptcy to save their homes from foreclosure. This type of bankruptcy allows you to pay off your debts over a longer period of time, and will even wipe out some debts if you make regular payments.

If you have additional questions pertaining to Chapter 13, contact us to get answers from a Chicago bankruptcy lawyer today.