Illinois Debt Reorganization Lawyers
Chapter 13 bankruptcy allows you to reorganize your debt by creating a repayment plan that works with your income. When your repayment plan ends, typically within three to five years, your remaining debt is eliminated. You will have a fresh start on your finances.
At the Law Offices of Debra V. Levine, our lawyers have extensive experience creating individualized repayment plans and making certain they are accepted by creditors. We will review your bankruptcy options and if Chapter 13 makes sense in your situation, we will work with you to create a repayment plan.
How the Chapter 13 Debt Repayment Plan Works
We will look at your income and how much of it is needed to cover the usual costs of living. That portion of your income will be set aside. The remaining income will be used as the basis for your debt repayment plan. Depending on the amount of your debt, that plan will last three to five years. You will make monthly payments during that time.
Your monthly payments will go to the bankruptcy trustee, who will then make payments to your creditors. The creditors have to accept these payments when the repayment plan is confirmed, even though the payments may constitute much less than what is owed. Unsecured creditors (credit cards, medical bills) may get 10 percent or less of what they are actually owed. Any debt that remains after your plan ends will be eliminated.
Fighting to Make Repayment Plans Work
Occasionally, we will put together a repayment plan that works for our client, but a creditor or bankruptcy trustee will reject it. We do not roll over and let them dictate new terms. While we will negotiate, we will not accept terms that are not affordable for our clients. Instead, we will push back. We will litigate if that is what is necessary to succeed. Our willingness to fight is a big part of why we have a 95 percent success rate.
Contact Us for a Free Consultation
If you are ready to learn more about how our Chicago debt repayment plan attorneys can help you get a fresh start, and how our reasonable fees mean we can do it without adding to your financial burden, call us at 866-832-0854 or send us an e-mail.
We are available by phone 24/7. In addition to standard business hours, we offer evening and weekend meetings by appointment. Se habla español.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
