Chapter 13 Bankruptcy — A Debt Repayment Plan
If you are currently earning a living wage, but can't make any progress in paying down your debt, a Chapter 13 bankruptcy may be right for you. However, as with any consumer debt relief action, filing for a Chapter 13 bankruptcy has advantages and disadvantages. An experienced bankruptcy lawyer can explain those advantages and disadvantages to you.
At Joyner Law Office, located in Chicago, we will work with you to thoroughly analyze your financial picture, listen to your thoughts, goals and concerns, and provide you with a bankruptcy and debt relief recommendation. The most common reasons people want to file a Chapter 13 bankruptcy are to save a home, save a car, save a professional license or save their driver's license. In general, if you are able to meet the repayment plan payments, you are able to keep more of your assets under a Chapter 13 filing.
A Detailed Approach to Guide You Through the Process
Simply put, a Chapter 13 bankruptcy takes all of your eligible debts, puts them in a pile, and hands them over to a trustee who will take your payments and then pay a percentage of your debts to your creditors over the course of three to five years. At the end of your repayment plan, your debts may be considered "paid in full' so you are not required to pay 100% of the debt that you owe.
We will provide you with a detailed checklist of documents we'll need and tasks you must complete as well as timelines to complete the tasks. Veronica D. Joyner will accompany you to the hearings and work with your trustee to negotiate a repayment plan.
As with a Chapter 7 bankruptcy, some debts must be paid in full. They include:
- Taxes owed to the IRS or state
- Parking tickets or other fines/fees owed to the government
- Past due child support and alimony
- Student loans
There are a few clear advantages to filing a Chapter 13 such as:
- Retaining sentimental assets such as heirloom jewelry or the family cabin
- Stopping harassment from creditors
- The ability to save a second car or home if you can keep current on the payments
- If you fail the means test, a Chapter 13 filing is still and option
Act Now to Stop Creditor Harassment
If you are feeling stressed or desperate due to overwhelming debt, a pending home foreclosure or creditor harassment, Joyner Law Firm can help. Our firm focuses on bankruptcy law and other debt relief methods available in Illinois. Call our toll free number, 888-675-4569, or send us an e-mail to schedule an initial free consultation with an attorney.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
