Chicago Chapter 13 Bankruptcy Attorney

Filing Chapter 13 Bankruptcy in Chicago

Some individuals don't wish to file Chapter 7 bankruptcy or have too many assets to qualify for liquidation bankruptcy.  This is determined through a "means test" which calculates whether you are eligible for Chapter 7 or Chapter 13.  Chapter 13 provides a helpful opportunity for those who have gotten too deeply into debt to pay off their outstanding obligations over a period of 3 - 5 years.  This is also called "reorganization bankruptcy".  In most cases, by the time the payment arrangement is over, the individual has paid a percentage of what was owed, sometimes a very low portion of the outstanding debt, depending upon the actual financial condition of the person.  A Chicago bankruptcy attorney can answer your questions about this opportunity provided by the federal government.

Chapter 13 Bankruptcy Lawyer in Chicago

In order to qualify for Chapter 13, you must have a paycheck, either from employment or though self-employment.  Many people choose this form of bankruptcy as they want to have the opportunity to pay off a larger portion of their debt other than just unsecured debt.  If you have a co-signer on your home, this protects them.  A Chapter 13 has many advantages when you are facing a debt load that you can't pay, as it gives you the time to pay off your debt for reasonable and affordable single payment.  After that time has elapsed, your debt is very frequently paid off at only a percentage of what you actually originally owed.

When facing foreclosure on your home this form of bankruptcy is a very good option, and can assist in the resolution of this very serious situation.  You don't want to lose all you have worked for.  Most people filing for bankruptcy are responsible and hardworking individuals who have run into trouble through a variety of circumstances.  The most common include situations such as a medical emergency that left huge bills, a divorce, or the sub-prime mortgage meltdown that has affected so many in our community.  The refinancing of the home could have raised your payment to a rate that is impossible to pay based on your income.  No matter what your circumstances, the legal team at the Bizar & Doyle is prepared to assist you in determining how to proceed with giving you fresh start through filing for Chapter 13 bankruptcy.

Contact a Chicago Chapter 13 Bankruptcy Attorney today!