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

Orland Park Chapter 13 Bankruptcy Attorneys

"Reorganization bankruptcy," or Chapter 13 bankruptcy, can help you create a repayment plan to cover most of your debts over three to five years. Chapter 13 bankruptcy can help you keep your property, even secured debt, so long as you meet the payment obligations set forth. Anderson & Associates, P.C. guides our clients through the bankruptcy process and creates a reasonable repayment plan. We are also here as support for you to find answers to questions during repayment.

Chapter 13 Bankruptcy Eligibility

Determining if Chapter 13 bankruptcy is right for you is the first step in the process. Chapter 13 bankruptcy is chosen by many people if they are up against foreclosure on their home. Our attorneys can help you decide if pursuing bankruptcy is right for you or recommend other options like loan modification, lender negotiation, or short sale. We can help you determine what options are available to you and professionally assess your financial circumstances.

To be eligible for Chapter 13 bankruptcy, you must have a sufficient income to be able to repay some of your debt. There may be additional requirements you must adhere to based on your level of debt. For Chapter 13 filing, you must also go to a credit counselor by an approved agency before starting the bankruptcy process. You must pay for your own credit counseling, but financial relief is available for those who cannot afford it.

Chapter 13 Bankruptcy Procedure

Our attorneys can help you create a reasonable repayment plan if you file for Chapter 13 bankruptcy. The plan will state how much of your debt you will pay according to a specific timeline. "Priority" debts must be paid first, such as alimony, child support, employee wages, and tax debts. Regular payments must be made on secured debts like home mortgages. All other income must go towards repaying unsecured debts. Repayment plans can last from three to five years, and when the plan expires, any remaining debts are cleared.

For more information about Chapter 13 bankruptcy and to find out if it is a good option for you, contact Anderson & Associates, P.C. We offer a free initial consultation at our Orland Park location or any of our surrounding Chicago area offices.