Chapter 13 Bankruptcy
ARE YOU ELIGIBLE TO FILE A CHAPTER 13 BANKRUPTCY?
Chapter 13 allows individuals to develop a plan to repay all or part of their debts. The purpose is to make installment payment to creditors over a period of three to five years. If your current income is less than the State of Illinois median, the plan will be for three years unless the court approves a longer period. During this time, the law forbids collection efforts by creditors. They can’t call you. One of the benefits of filing a Chapter 13 Plans is that it'll allow you an opportunity to save your home from foreclosure proceedings. Another benefit to Chapter 13 is that it acts as a consolidation loan. Payments are made to the trustee who the distributes the payments to creditors. There is no direct contact with creditors while you are under Chapter 13 protection.
Attorney Charles Wm. Dobra has practicing law in the Bankruptcy area for many years, and would be happy to meet with you. If you are ready to discuss a Bankruptcy proceeding, we are here to help you.
Contact us for a FREE consultation.