Chicago Bankruptcy Lawyer Help Reduce Cost of Chapter 13 Bankruptcy

Chicago Bankruptcy Attorney will help you set up a Chapter 13 bankruptcy paln where you pay a pre-specified amount each month toward your debts. You'll work with an assigned bankruptcy trustee who will evaluate your income, assets and prioritize your debts. The bankruptcy trustee is paid a very small percent of your monthly payments for their services.

Chicago Bankruptcy Attorney Helps Create Chapter 13 Payment Plan

When you're hammering out your Chapter 13 bankruptcy payment plan the amount that will go to your bankruptcy trustee must be considered. In most states you get to pick what debts are considered in your payment plan. This is where you can get a leg up and reduce the amount you will pay to your bankruptcy trustee as their percentage. Your Chicago bankruptcy lawyer can assist you, but as an example, if you pay $1000 a month in your mortgage, by including that payment in your Chapter 13 payment plan then if your bankruptcy trustee takes 5%, you'll owe them $50 a month. You can omit this payment from your plan, although you'll still have to pay it, and save $50 a month to the trustee.

Chicago Bankruptcy Lawyer Reviews Debt for Chapter 13 Bankruptcy

Obviously you cannot exclude all of your debts from the Chapter 13 bankruptcy repayment plan, but your Chicago bankruptcy lawyer can help you select which ones you can exclude and which ones would be of benefit to you. This is not always a win/win situation. You are still responsible for the payments you exclude and by reducing the amount you're paying on your monthly Chapter 13 repayment plan your bankruptcy trustee may require you pay more toward your unsecured debt.

This is a tricky path to follow as it takes some experience, knowledge, and a lot of mathematical skill, but your Chicago bankruptcy attorney is well equipped to help you.