Is Chapter 13 Bankruptcy Right for Me?
Learn more from an experienced attorney
Chapter 13 bankruptcy has helped countless Illinois homeowners escape foreclosure and find financial security. But everyone's situation is a little different, and whether Chapter 13 is the best choice for you depends on a few variables. Your best bet is to consult a professional bankruptcy attorney when considering bankruptcy. But, in general, Chapter 13 is a good fit for the following:
- Those who earn a regular income
- Homeowners at risk of foreclosure — or anyone unwilling to part with certain assets
- People facing financial difficulty due to circumstances beyond their control, like job loss, medical expenses, divorce or some other hardship
Just like Chapter 7, Chapter 13 bankruptcy has its pros and cons.
Many folks choose Chapter 13 to avoid foreclosure (or any other type of repossession) during a temporary financial setback.
That said, Chapter 13 won't make your debt completely disappear. You still have to make payments, but doing so becomes a lot easier. And you have to stick to your payment plan for several years if you want to discharge debts and maintain protection for your home and other assets. For those reasons, Chapter 7 might be a better plan for someone without a steady source of income or who has a history of compulsive overspending.
Talk to an experienced Illinois bankruptcy attorney about Chapter 13
Not sure what type of bankruptcy is right for you? That's OK. This is where our Chicago bankruptcy attorneys come in! An experienced DebtStoppers attorney can identify the best plan for your specific situation and answer all of your questions and concerns — at absolutely no obligation.
Call us today at 312-913-0630 or fill out our free, one-on-one debt analysis form online.