Chapter 13 Bankruptcy

Responsible Debt Repayment in Chapter 13 Bankruptcy

Chapter 13 bankruptcy gives individuals the ability to repay their creditors through a payment plan that reduces the amount of money they pay each month. For individuals who want to ensure that they will keep their home, car and other assets, Chapter 13 bankruptcy can provide the consumer protection that they need. Additionally, individuals who may not qualify for Chapter 7 bankruptcy are typically eligible to file for Chapter 13 bankruptcy.

At Bankruptcy Advocates in Carbondale, Illinois, and the law firm of Lathram & Herbert, LLP, in Collinsville, Illinois, we can help you draft a repayment plan that suits your needs so that you can turn your financial situation around and start feeling optimistic about where your financial life is headed.

Benefits of Chapter 13 Bankruptcy

There are plenty of benefits to filing Chapter 13 Bankruptcy, including:

• Reducing the amount of money you pay each month for many of your bills
• Making credit card debt, car loans, medical bills and many other types of debt, such as student loans, easier to pay off
• Stopping mortgage foreclosures that are already in progress
• Stopping collection efforts and creditor harassment automatically
• Keeping assets such as your home and your car

Generally, the length of the repayment plan that you draft in a Chapter 13 bankruptcy will be from three to five years. Your payment plan and the length of the plan are determined by looking at your current income and your living expenses, as well as the type of debt and amount that you owe.

After filing your bankruptcy, the court will look at your plan and will make a decision about approving the plan. Once it is approved, you will begin making your monthly payments to the court-appointed trustee, who will distribute those payments to your creditors each month. After the plan has been fulfilled, the remaining balance of your debts will be discharged.

Find out if Chapter 13 Bankruptcy is right for you

Contact the bankruptcy lawyers at the Bankruptcy Advocates, and the law firm of Lathram & Herbert, LLP today to get the bankruptcy protection that you deserve. We offer free initial consultations, where we will discuss your situation and figure out if Chapter 13 bankruptcy is the right option for you.

Email the Carbondale office or call 618 549 9800

Email the Collinsville office or call 618 623 4311

We are a debt relief agency. We help people file for relief under the Bankruptcy Code.

Two Firms - One Mission