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What Is Chapter 13 Bankruptcy?

Chapter 13 is your right as a U.S. citizen!

Chapter 13 refers to the section of U.S. bankruptcy code that allows for individual debt adjustment.

Many people automatically think of liquidation when they think of bankruptcy. But Chapter 13 doesn't require you to give up a thing. Just the opposite — it's one of the most effective ways to protect your belongings.

Chapter 7 — the other bankruptcy type commonly used for individuals — sometimes (though not always) requires that you give up certain assets in exchange for discharge of your debt. However, in Illinois, Chapter 13 bankruptcy law allows you to keep your house and other possessions while you make debt payments over a three-to-five-year period.

During this payment process, known as debt reorganization, you can lower most or all of your non-mortgage debt payments so you can afford to make current house payments while you gradually catch up on delinquent ones. Best of all, you get to set your own rate. With the help of your bankruptcy lawyer, you develop and submit an affordable repayment schedule that meets your needs.

Chapter 13 the guaranteed way to stop foreclosure and other repossessions!

The most appealing feature of Chapter 13 is the automatic stay, a court order that protects you from creditor actions beginning the moment you file. That means no foreclosure, debt collections, lawsuits or wage garnishments.

With your new plan, most of your debt is reduced, rescheduled and consolidated. In fact, you don't have to deal with creditors, period. Under Chapter 13, your attorney and bankruptcy trustee handle the dirty work for you.

Chapter 13 — the guaranteed way to stop foreclosure and other repossessions!

Have you fallen behind on paying the bills? Are you buried in debt? What are you waiting for?! Chapter 13 bankruptcy has helped millions of Americans break free from the shackles of debt to live successful, financially independent lives. Find out if Chapter 13 can rescue your home and your livelihood for free when you fill out our personal debt analysis form online or call DebtStoppers at 312-913-0630.

What do you have to lose — except your debt?

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