Need to File For Chapter 13 Bankruptcy in Chicago?
Want to reorganize your finances and create a repayment plan, but aren’t sure where to start? Kaplan Law Firm will help you decide if Chapter 13 Bankruptcy is right for you.
Learn more about Chapter 13 Bankruptcy here
Attorney Rae Kaplan discusses Chapter 13 bankruptcy, explaining how it allows individuals to reorganize their debts into a manageable repayment plan while keeping their assets. The video offers insights into who may benefit from this type of bankruptcy and how to navigate the process effectively.
Chapter 13 Bankruptcy Help in Chicago
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy is sometimes referred to as “reorganization” bankruptcy because it involves the reorganization of debts and the creation of a repayment plan. In a Chapter 13 bankruptcy, the debtor makes payments to a trustee over a period of three to five years, and the trustee distributes the funds to the debtor’s creditors. At the end of the repayment period, any remaining unsecured debts are discharged.
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy often lets people keep their assets. Chapter 13 bankruptcy is often a sensible option for people with a steady income who want to ensure that all of their assets are kept, but need help managing their debt nonetheless.
What Will I Lose If I File For Chapter 13 Bankruptcy?
When you consult with Kaplan Law Firm to handle your Chapter 13 bankruptcy filing, you can expect a smooth transition towards financial independence. However, this doesn’t mean that all debts are immediately discharged.
You may experience a temporarily dropped credit score and will still owe certain debts such as child support, certain loans, and tax debt, however, getting on the right track with a personalized repayment plan is the BEST way to get debt-free, stress free, and Kaplan Law Firm is here to help you.
