Working but living paycheck to paycheck? Have you fallen behind on your house payments or let other bills slide? You are not alone. A recent study shows that 60 percent of American households cannot absorb a $500 unexpected expense.
If you can’t make ends meet and your debts are mounting, you are probably getting harassing phone calls from bill collectors. You may be in danger of losing your home or your car or having your wages garnished. Chapter 13 bankruptcy may be able to protect you from creditors in exchange for a monthly payment plan. In order to make the best decision for your situation, you should contact a knowledgeable bankruptcy law firm to discuss your case.
The attorneys at Robert J. Adams & Associates Inc. are here for you during this uncertain time. The highly-trained bankruptcy attorneys at the firm proudly serve Chicago and the greater Cook County area, as well as DuPage County and Lake County, Illinois. Call the firm today for a free consultation to tall them about your situation and find out if Chapter 13 Bankruptcy is right for you.
WHAT IS CHAPTER 13 BANKRUPTCY?
Filing for Chapter 13 does not erase your debts. It does, however, provide immediate relief from creditors and allows you to repay part of your debts over a period of several years. You may be a candidate for Chapter 13 bankruptcy if:
- Your income is too high to file for Chapter 7 bankruptcy
- You need to catch up on your mortgage
- You want to keep assets that would be forfeited under Chapter 7
Under Chapter 13, a bankruptcy trustee examines your income, expenses, and debts to determine a monthly amount that you can afford to pay. If you make all the payments for 36 months or 60 months (three to five years), the rest of your unsecured debts are forgiven.
On the date that you file for bankruptcy protection, creditors must stop collection actions, including garnishment, repossession, and foreclosure. They cannot call you or take you to court. Chapter 13 allows you to keep all of your property. Read more about Chapter 13 in the firm’s bankruptcy blog.
ADDITIONAL BENEFITS OF CHAPTER 13
Experienced and knowledgeable attorneys can guide you through the process of Chapter 13 bankruptcy. Some additional benefits of this kind of bankruptcy include:
- Filing for bankruptcy can delay foreclosure proceedings to catch up on your mortgage or buy time for alternative solutions.
- Chapter 13 may allow you to discharge a second mortgage on your home if you owe more than what your home is currently worth.
- Chapter 13 can restructure your auto loan to make it more affordable if you owe more than what your car is currently worth.
It’s a stressful time for you and your loved ones, and the emotional toll is a burden. Let Robert J. Adams & Associates Inc. do some of the heavy lifting so you can get back to your life. When a reliable team of bankruptcy attorneys on your case, you can take a deep breath and feel confident that your situation is in good hands and that a more financially stable tomorrow is within reach.
CHAPTER 13 ATTORNEYS SERVING CHICAGO, ILLINOIS
Attorneys at Robert J. Adams & Associates Inc.have helped hundreds of Illinois families get out of debt through bankruptcy. Each attorney prepares your filing and negotiates with the trustee to make sure that your monthly payments are reasonable. If you qualify, you can even start your bankruptcy filing with low-cost options. Reach out today to arrange a complimentary consultation with experienced bankruptcy attorneys to file for Chapter 13 in one day. With offices in Chicago and Lake County, the firm also serves the needs of clients in Cook County and DuPage County. Robert J. Adams & Associates Inc. has served northern Illinois for over 40 years and is ready to help you today.