Chicago Bankruptcy Attorney
Chapter 13 bankruptcy allows individuals and families facing significant debt or foreclosure to keep their assets while getting out from under the cloud of financial distress. Under chapter 13 bankruptcy laws, a debtor will agree to a repayment plan and, in exchange, creditors will often agree to accept a reduced portion of the outstanding debt. Payments are to be made to creditors through a trustee who is appointed by the bankruptcy court.
For more than 25 years, the Chicago bankruptcy lawyers at Charles T. Newland & Associates have been helping clients get a fresh financial start through bankruptcy, including chapter 7 bankruptcy and chapter 13 bankruptcy. After listening to your situation, we will explain the chapter 13 process and other bankruptcy laws so that you understand what is involved with filing for chapter 13 bankruptcy.
Contact our office at 847-797-9300 to schedule a free consultation with one of our Chicago bankruptcy attorneys. We represent clients in Arlington Heights, Chicago, the Northwest Suburbs, and Lake County.
How to File Chapter 13 Bankruptcy
Under federal bankruptcy laws, an individual is eligible to file for chapter 13 bankruptcy relief if his or her unsecured debts are less than $383,175 and secured debts are less than $1,149,525. Since these eligibility amounts are adjusted periodically, it is highly recommended that you consult with a chapter 13 bankruptcy attorney in order to confirm that you are eligible for chapter 13. In order to file for chapter 13 bankruptcy relief, you must first participate in an approved credit counseling program, as well.
When you file a chapter 13 bankruptcy, you will need to file a petition, along with applicable court costs and supporting information, with the bankruptcy in your jurisdiction. Because the chapter 13 bankruptcy petition can be confusing and overwhelming, it is highly recommended that you contact a bankruptcy attorney in Chicago who can help you file for chapter 13 bankruptcy.
Keep Your Home
One of the biggest advantages to filing for chapter 13 bankruptcy is that it will allow you to stay in your home. Whether you are dealing with relentless creditor calls or you are facing foreclosure, filing for bankruptcy will create an automatic stay that prevents creditors from contacting you or pursuing legal action against you. Therefore, any foreclosure proceedings will be put on hold while the bankruptcy is pending and, because the chapter 13 bankruptcy operates as a repayment plan, many debtors are able to negotiate more favorable terms to their mortgage obligations.
Call Now for a Free Consultation
If you are looking for a bankruptcy attorney in Chicago, Illinois, look no further than Charles T. Newland & Associates. We provide a free consultation to answer all of your bankruptcy questions and help you understand the process of filing for chapter 13 bankruptcy. Contact our office at (847) 797-9300 to talk to a chapter 13 bankruptcy lawyer.