Elgin Chapter 13 Attorney – Law Offices of Anthony R. Scifo – Call 847-628-8311
Elgin Chapter 13 Attorney
There are situations when individuals or married spouses will accumulate a significant amount of debt and soon find it very difficult to pay their creditors. Understandably, people from all walks of life, single or married, may be apprehensive about filing for bankruptcy. They may be worried about their home, vehicles, credit cards and scores in addition to their other assets. All of these might be affected by bankruptcy. The good news is that you can protect your home, your vehicles, and your other belongings and start to successfully manage your debt by with the assistance of an Elgin Chapter 13 Attorney at our firm.
At Law Offices of Anthony R. Scifo, our affordable Elgin Chapter 13 Attorney will guide you through the whole process so that you’ll have a good understanding of the stakes, understand the benefits, and make sound decisions regarding your financial condition. Contact our Elgin Chapter 13 Attorney today at 847-628-8311 to schedule your initial, complimentary consultation.
Chapter 13 bankruptcy is a form of bankruptcy that permits individuals and or married couples an opportunity to restructure their debts. Similar to many other bankruptcy options, the court will assign a trustee who oversees the bankruptcy. However, with Chapter 13, the trustee has a couple of important responsibilities:
The first is receiving timely payments from the person who filled – also referred to as the debtor. The second is then making those payments to creditors. Therefore, when it comes to Chapter 13 bankruptcy proceedings, debts are not discharged immediately. Instead, a repayment schedule of 3 to 5 years is set up. After successful completion of the repayment plan, remaining debts receive discharge. (With the exception of disqualifying circumstances.)
Chapter 13 can help people get current on secured loans (such as their mortgage) and repay most of their debts. It’s a type of bankruptcy that offers certain advantages that are not available with Chapter 7 bankruptcy. It is sometimes known as “wage earners” bankruptcy since you must have a consistent income in order to qualify.
Even though you may be eligible to file (talk with your Elgin Chapter 13 Attorney regarding this) it does not necessarily mean it’s in your best interests. You should consider this type of bankruptcy if you are:
-You are far behind on your mortgage payments, at risk of foreclosure, and you don’t want to lose your residence.-You’re behind on payments for a vehicle (whether it’s a car, truck, motorcycle or boat) and at risk of repossession.
-You are at the risk of having utilities such as water and electricity turned off.
-You already filed for a Chapter 13 bankruptcy over 4 years ago but you are still having difficulty paying off the debt.
-You are in need of protection for your finances because a creditor files a lawsuit against you, garnishes your wages, or enacts a bank freeze
-You are a sole proprietor and are late on payments to a third party or have taken on excess debt. In this case you can file for Chapter 13 in your name instead of as a sole proprietor. (If it is different from your legal name.)
If you are carrying non-dischargeable debts like student loans, you may not eliminate them according to Chapter 7. Under Chapter 13, though, if you can demonstrate you are facing economic hardship, there’s a chance the debt might be dischargeable. You should talk with a Elgin Chapter 13 Attorney to obtain helpful guidance on the best solutions for your debt problems. After assessing your finances, your attorney can also talk with you about your chances success with a Chapter 13 bankruptcy.
