Tips to Hiring the Right Chapter 13 Attorney

Faced with an overwhelming amount of debt, combined with the constant harassment from creditors and collectors, it is easy to think that you have no choice but to fold. By virtue of federal law, nothing could be further from the truth. The Bankruptcy Act provides you with the opportunity to present a bankruptcy petition that will shield themselves from harassment from collectors and get a fresh new economic start. A Chapter 13 Bankruptcy Attorney in Oak Park IL has experience in bankruptcy and offers consulting and appraisal free.

Depending on whether you have a house or car in arrears, your choice might to start a repayment plan under Chapter 13 Bankruptcy. You could immediately liquidate all nonexempt assets provided under Chapter 7 as well. Both provide legal options for eliminating much of your unsecured debt (ones that are not secured by mortgage or property, like your car or household goods). For secured debt, Chapter 13 would allow debt reduction so that, for example, you pay less for your car than you currently owe the bank.

Chapter 13

Chapter 13 bankruptcy aims to repay arrears on loans for essential goods such as home and cars, and other priority debts such as alimony and taxes, while offering you a total discharge and disposal your unsecured debt such as credit cards and personal loans. To this end, a Chapter 13 Bankruptcy Attorney in Oak Park IL may propose and approve a payment plan. This will make sure your necessary life expenses stay intact and your income may not be affected. Unlike a payment plan you can negotiate with a creditor outside bankruptcy, and creditors cannot reject a proposed bid by you while you are going through bankruptcy. The only thing is that the payment must meet the legal requirements of the payment plan.

This is why a payment plan outside of bankruptcy usually does not have the economic flexibility, mainly because there is no legal force from the courts. In Chapter 13, you are entitled to pay arrears on your home loans, car loans and other essential goods through a convenient payment plan of 3-5 years. Therefore, these creditors will be prevented from those assets and you can cure whatever monetary issues you have. Visit  for more information.

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