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Law Office of Paul R. Idlas
Bankruptcy Attorney For Lake County, Illinois, And The Surrounding Area

Chapter 13 Is A Repayment Plan

In order to file for Chapter 13, you must have a job or some other source of steady income — otherwise the courts will reject the filing. This makes sense because Chapter 13 is essentially a repayment plan, in which the debtor has three to five years to catch up. To do that, you need to have a repayment plan, you need to pay it back with a single check every month, and you need to have an income.

Find out if Chapter 13 is a viable debt relief option for you by contacting my office in Grayslake, Illinois. I help clients throughout the Lake County area understand their options and take action to achieve financial stability.

Lake County Chapter 13 Bankruptcy Attorney

The benefits of Chapter 13 are substantial. Chapter 13:

  • Buys you time. Chapter 13 slows down the process of repayment and gives you a chance to get back in the game.
  • Stops foreclosures. The automatic stay that applies to Chapter 7 is also present in Chapter 13.
  • Stops repossessions. As long as you make payments according to your plan, your property may not be seized.
  • Discharges debt. After all payments in the repayment plan are made and disbursed to creditors, any remaining unsecured debt will be discharged — wiped away.

It is important to note that if you have filed Chapter 7 in the previous eight years, Chapter 13 is your only remaining bankruptcy option.

Winning The Details Of Debt Settlement

In Lake County there are numerous lawyers who offer Chapter 13 assistance. I provide 30 years of experience, plus credibility in the courts for being honest and aboveboard. Sometimes one element of a repayment plan could go either way in the court's opinion. Having an attorney with a reputation like mine is a powerful advantage in obtaining the repayment terms that are important to you.

Chapter 13 And Lien Stripping

When the value of a home falls below the mortgage value, the opportunity arises to strip secondary liens away. This approach, called lien stripping, is being tried successfully in countless Illinois cases as homeowners fight foreclosure. Lien stripping is another of the powerful attributes of Chapter 13 — the power to make unpayable mortgages payable again.

How To Contact Me

Are you drowning in unpayable debt? Call me, Lake County bankruptcy law attorney Paul R. Idlas, at 847-986-8862, or contact me online.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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