Common Reasons To File Chapter 13
Most people file a Chapter 13 (rather than a Chapter 7) for one of four reasons:
- They are behind on their mortgage payments & they want to save their house,
- They are behind on their car payments & they want to save their car from repossession,
- They have an asset that would be placed in jeopardy in a Chapter 7 case, or
- Their income disqualifies them for filing a successful Chapter 7 case.
There are many factors that help determine if Chapter 13 is right for you. By contacting our bankruptcy attorneys, we can let you know if this option is good for you or not. In general, people are good candidates for Chapter 13 if they are a homeowner who has a regular income but are at risk of foreclosure, people who lost their job, people with excessive medical bills, etc. A great aspect of Chapter 13 is that you can avoid a foreclosure or repossession during a time where you are having a financial setback. Just keep in mind though, that Chapter 13 does not eliminate your debt since you will still have to make payments. Chapter 13 does make the payment process easier though as it outlines a payment plan for you that gets rid of your debt while protecting your assets.
No matter which avenue you decide to pursue, The Chicago Chapter 13 bankruptcy lawyers at the Law Office of Stuart B. Handelman can make the process simpler, less intimidating and as painless as possible for you. We are ready to help you move forward and regain your sense of security.
Free Consultation with a Chicago Chapter 13 Bankruptcy Law Firm
If you are interested in speaking to one of our Chicago Chapter 13 Bankruptcy attorneys regarding your financial situation, please call us for a FREE, confidential consultation at (312) 360-0500.