Benefits of Chapter 13 Bankruptcy
When you face insurmountable personal debt, trying to determine if bankruptcy is your best option and, if so, what direction you should take, can be confusing and intimidating. What is the best option if you want to keep your home or other property? You want an experienced bankruptcy lawyer to review your situation and help you determine the right course of action.
At the Debra Levine Law Offices, we bring more than 14 years of bankruptcy law experience to people considering reorganization under Chapter 13. We believe that bankruptcy is more than just a chance for a fresh start: We see a Chapter 13 bankruptcy petition as the first step in a new financial direction, taking you toward a secure financial future. Since 1996, we have helped thousands of people in Illinois use bankruptcy to attain financial health.
Understanding the Benefits of Chapter 13 Bankruptcy
When you file under Chapter 13, you immediately get the protection of the automatic stay, which prohibits your creditors from calling, writing or taking legal action outside of the bankruptcy process in an effort to collect the debt. The principal benefit of a Chapter 13 over a Chapter 7 is that you can include secured debt in the petition. This allows you to suspend legal proceedings on secured property, such as foreclosure and repossession actions, while you work to negotiate new payment arrangements. If you have a second mortgage on your property, a Chapter 13 filing can often allow you to "strip" that mortgage from the property, so that you only owe on the first mortgage. Other types of obligations that are excluded from discharge under Chapter 7, such as student loan payments and certain tax obligations, can be restructured under Chapter 13.
Contact the Debra Levine Law Offices
For a free, initial consultation to learn how you can use Chapter 13 as a foreclosure defense, contact us by e-mail or call our office at 312-957-8408 (toll free at 866-832-0854). We are available during traditional business hours, and will set up an evening or weekend meeting, upon request. Our phones are answered 24 hours a day, seven days a week. We bill affordable rates for all services provided.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
