A Chicago bankruptcy lawyer with experience in filing a Chapter 13 in Illinois will be able to help you keep your financial future on track. Bankruptcy lawyers have been able to help many debtors to keep their heads high and their property safe in times of financial turmoil. The reason behind a person having to file for any form of bankruptcy is usually the inability to repay the debts that have been amassed over the years. This is most commonly caused by a sudden loss of income owning to a retrenchment.
Reasons Behind Filing Chapter 13 Bankruptcy in Chicago
If you are facing a massive financial upheaval, debts like home loans, car loans, education loans, medical bills and credit card bills often go unpaid. The debtors, owing to their sudden incapability of making payments begin a cycle of debt through defaulting. As soon as the creditors see that their regular payment amount is not coming in, they start to pile in on the helpless debtors. Harassing phone calls and the threat of serious legal action and possibly even foreclosure loom. If you live in Illinois and are facing this situation, it is never too early to consult with a reputable bankruptcy attorney in Chicago aboutfiling a Chapter 13.
What Are The Provisions Under Chapter 13 Bankruptcy In Chicago?
Chapter 13 is usually an option for individuals or families who still have some regular source of income. The income may be very meager, but still allows the possibility on the part of the debtor to pay a certain amount of the debt back to the creditors. There is not a huge risk of losing your property to your creditors or being forced to leave your home and a good attorney will show you how to make a bankruptcy work for you and not against you. With a professional Chicago bankruptcy lawyer handling a Chapter 13 you can face the future with renewed optimism.
The most appreciable part of Chapter 13 is that it allows the debtors in trouble to prepare a reasonable repayment plan usually with the time limit of 3 to 5 years. The court will decide on the merits of your repayment plan which is why it is beneficial to seek local legal counsel. A local lawyer knows the courts the judges and the requirements of filing a Chapter 13 in Illinois.
When filing for bankruptcy, it is always wise to take some assistance from experts. Debtors may not have a clue of what they may be entering into.A good bankruptcy lawyer in Chicago will be acquainted with every detail of bankruptcy laws and can assist debtors to work out an equitable repayment plan as well as sound financial strategy for the future.