Chapter 13 Bankruptcy Attorney in Bloomington, IL
What is Chapter 13 Bankruptcy and Is Chapter 13 Bankruptcy Right for Me?
Chapter 13 bankruptcy has helped millions of Illinois homeowners escape foreclosure and gain financial security. Everyone’s situation is a little different, and whether Chapter 13 is the best fit for you depends on several factors. It is best to consult a bankruptcy attorney to talk about your options. But, Chapter 13 bankruptcy is usually a good fit for the following:
- Those earning a regular income
- Homeowners who are facing foreclosure
- Those unwilling to lose certain assets such as a car, boat, or real estate
A Chapter 13 bankruptcy will help you re-organize your bills into 1 monthly payment. It will also stop foreclosures, repossessions, and garnishments immediately. Depending on the results of the bankruptcy means test, you will either have a 3 or 5 year repayment plan. While your debt won’t completely disappear, both the principal and interest that you owe will likely be substantially reduced. In order to maintain the protection for your home and other assets you will be required to make the monthly payments for the life of the plan. Accordingly, Chapter 7 might be a better fit for those who lack a steady source of income.
Talk with an experienced Illinois Bankruptcy Attorney about Chapter 13
If you would like to find out more about whether Chapter 13 or Chapter 7 is right for you, call an experienced bankruptcy attorney for a free no-obligation consultation.
Call us today at (309) 467-3213 or send us a message online.