Chapter 13 Bankruptcy
Wheaton Attorneys
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Chicago Office

20 N. Clark Street, Suite 2720
Chicago, Illinois 60602
Phone: 312-345-9999

Schaumburg Office

1515 E. Woodfield Road, Suite 640
Schaumburg, IL 60173
Phone: 847-995-9999

Wheaton Office

400 S. County Farm Road, Suite 320
Wheaton, Illinois 60187
Phone: 630-653-9400

Orland Park Office

15255 W. 94th Ave., Suite 201
Orland Park, IL 60462
Phone: 708-226-9904

Chicago Chapter 13 Bankruptcy Lawyers

Assistance with Secured and Unsecured Debt

Chapter 13 bankruptcy is also called reorganization bankruptcy because you create a payment plan to pay back most or all of your debts over time. With Chapter 13 bankruptcy you can keep all of your property, even secured debt, so long as you meet your payment obligations. At Anderson & Associates, P.C., we guide clients through the Chapter 13 process. We can help create a feasible repayment plan and address your questions and concerns along the way.

Chapter 13 Bankruptcy Eligibility

The first step to filing for Chapter 13 bankruptcy is determining if it is the right choice for you. Many people turn to Chapter 13 bankruptcy because they are facing a home foreclosure. Before pursuing bankruptcy, however, it is wise to consider all possible options such as a loan modification, lender negotiation, or short sale. We will examine your financial circumstances with you and discuss your options prior to moving forward with bankruptcy.

Next, you’ll need to make sure you are eligible for Chapter 13. You must have sufficient regular income to repay some of your debt for the court to allow your filing. There are additional eligibility requirements based on your level of debt. You must also receive credit counseling from an approved agency prior to filing. This counseling is done at your expense, but there is relief available for those who cannot afford the cost.

Chapter 13 Bankruptcy Process

Creating a practical repayment plan is the most important part of the Chapter 13 process. The plan will outline how much of your debt you will pay and according to what time schedule. You must pay your “priority” debts first. These include child support, alimony, employee wages, and certain tax debts. You must also make regular payments on secured debts like your mortgage. All remaining income must go towards paying off unsecured debt. Repayment plans last between three and five years. When the term of the plan expires, any remaining debts are discharged.

To learn more about the Chapter 13 bankruptcy process and to discuss whether it is a good option for you, contact us to schedule a free consultation. From our Chicago office and three other regional offices we work with clients throughout Cook County, DuPage County, Lake County and beyond.