Chapter 13 Attorney
Through a Chapter 13 plan, you can repay your debts over multiple years if you have a regular income.
Chapter 13 bankruptcy offers major benefits over the Chapter 7 option – most notably, the ability to stop foreclosure proceedings.
At the Chicago Bankruptcy Clinic in Oak Brook, IL, our attorney's team finds fresh starts for debtors with the Chapter 13 solution.
Se Habla Español
Approximately 1/3 of Chicagoans speak a language other than English in the home. Our clinic is bilingual, allowing us to provide life-changing bankruptcy attorney services to both English and Spanish-speaking clients.
What Is Chapter 13?
Chapter 13 is a bankruptcy relief option that is often referred to as a reorganization bankruptcy. It allows debtors who have a consistent income to create payment plans promising to repay all or some of their debts over a three- to five-year time period.
Once our bankruptcy attorney's office has successfully filed for Chapter 13 on your behalf, bankruptcy courts stop creditors from seeking payment from you. Completing your Chapter 13 plan will lead to the elimination of all debts – even those that are not fully paid off.
Chapter 13 payments must be made with disposable income. Therefore, it is crucial to prove you have enough income to account for your living expenses and pay your debtors. Eligibility is determined through a "means test" that evaluates your average monthly income. Our bankruptcy attorneys will help you pass this "means test" so you can reap the many rewards Chapter 13 offers.
Chapter 13 Creates a Barrier Between You and Creditors
If our Oak Brook, IL, clinic gets your Chapter 13 bankruptcy plan approved, the court will appoint a trustee to handle your repayment plan. You will make monthly payments to the trustee, who is in turn responsible for paying your creditors according to a clearly defined schedule. This ensures you have no contact with creditors.
Illinois Relies on Our Attorney For These Reasons and More
Years in Practice
Our attorneys have spent years successfully handling bankruptcy cases. Our in-depth knowledge allows us to handle complex bankruptcy matters that others cannot.
We always keep your best interests at heart as we help eliminate secured and unsecured debts. This includes offering free consultations and providing flexible payment plans.
Request Help From Proven Bankruptcy Attorneys
If you are experiencing financial trouble through no fault of your own — a job loss, a medical emergency, unexpected expenses — turn to Chicago Bankruptcy Clinic.
When you partner with us, you can rest assured we will never judge you. Instead, we will offer you trustworthy advice and objective insights so that you can make the best decisions about your future. Our comprehensive legal services include:
- Drawing up and filing the bankruptcy petition
- Assessing your available disposable income
- Guiding you through the means test
- Representing you in bankruptcy court
We serve Metropolitan Chicago including Aurora, Elgin, Joliet, Naperville, and Oak Brook. Call or write to request your consultation.
5-Star Reviews From Oak Brook, IL
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There Are Some Potential Drawbacks To Using Chapter 13 Bankruptcy
The Chapter 13 bankruptcy filing remains on your credit report for seven years. This can limit your access to credit for the time being; however, you can take steps to repair your credit rating while you are still in bankruptcy.
While you are in the midst of completing your Chapter 13 bankruptcy payment plan you cannot assume new debt, buy anything on credit, or transfer property without prior approval from the court.
Should You Use Chapter 7 Instead?
Our Oak Brook, IL, attorney and his team are highly versed in all relevant bankruptcy laws. We will take the time to deeply understand your personal situation before making our bankruptcy recommendation.
In some cases, Chapter 7 can be a better solution than Chapter 13 bankruptcy. For example, you may want to pursue Chapter 7 if you do not have high-value assets or luxury goods to protect. While you can lose property during Chapter 7, much can be protected with bankruptcy exemptions, and Chapter 7 can get you out of debt faster than Chapter 13 bankruptcy can.