Will County, IL Chapter 13 Bankruptcy Lawyers

Attorneys Assisting Clients with Chapter 13 Repayment Plans in Joliet and Naperville

Many individuals have difficulty keeping up with their monthly financial obligations. For those with low income and not much hope of paying off their debts, Chapter 7 bankruptcy may be a good option. For those with more income who are still having trouble paying their monthly bills, Chapter 13 bankruptcy may be a better option. Also known as "reorganization," Chapter 13 is a debt consolidation plan designed to provide more manageable payments and allow debtors to repay their debts over a period of three to five years.

Since 2005, Scheinbaum & West, LLC has helped clients facing financial problems in Will County, LaSalle County, and nearby Illinois communities. Our lawyers have extensive experience and in-depth knowledge of the Federal Bankruptcy Code. We work closely with clients, taking the time to listen and understand their financial situation, so we can develop the most practical and effective legal solution. Whether it be Chapter 7 or Chapter 13 bankruptcy or another solution, we are committed to providing the right financial solution for each client we serve.

How Does Chapter 13 Bankruptcy Work?

Chapter 13 reorganization allows debtors to develop a court-approved debt repayment plan. It is designed for debtors with a steady income who make enough income each month to pay some but not all of their monthly obligations. Chapter 13 bankruptcy is not a loan; it is a debt consolidation in which your debts are combined into one manageable monthly payment. Since Chapter 13 is a "wage earner" plan, debtors must have some form of income, such as a job, a pension, or Social Security in order for the plan to work. The consolidated monthly payment plan can range from three to five years, and debtors can often pay back less than 100% of what they owe and at a lower interest rate.

Chapter 13 bankruptcy is for individuals only, including sole proprietors. Unlike Chapter 7, businesses cannot file for Chapter 13. This type of bankruptcy works well for individuals who do not qualify for Chapter 7 because they have a larger income, because they have filed a Chapter 7 bankruptcy within the past eight years, and/or because their assets exceed Chapter 7 exemption limitations.

Filing for Chapter 13 also stops home foreclosures and creditor harassment. An automatic stay gives bankruptcy protection immediately after filing, preventing further credit collection activity and most legal proceedings. Through the Chapter 13 reorganization plan, debtors can repay the amount they are behind on their mortgage payments while resuming regular monthly payments. They can also use Chapter 13 to catch up on unpaid real estate property taxes, payments to the IRS and Illinois Department of Revenue, past due child support, and car loans.

Experienced LaSalle County Chapter 13 Bankruptcy Attorneys

If you are considering Chapter 7 or Chapter 13 bankruptcy, do not get "lost" in a large bankruptcy firm. At Scheinbaum & West, LLC, we believe that each client deserves personal attention and a solution designed to fit their individual needs. To schedule a free consultation with one of our seasoned bankruptcy attorneys, contact our office today at 815-729-9860.

We represent clients for Chapter 7 and Chapter 13 bankruptcy in Joliet, Will County, Bolingbrook, Plainfield, Naperville, Cresthill, Lockport, Homer Glen, Mokena, Ottawa, LaSalle County, and surrounding Illinois communities.