Lynch Law Offices, P.C.
Call Us Now for a FREE Consultation:
800-491-7493
Offices in Four Convenient Locations

Chapter 13 Archives

A Chapter 13 filing may help when debt is just too much

Sometimes people do not want to step back and take a look at where they are really at financially. It is just easier to keep putting things on credit and pay things off if their budget allows. Unfortunately, living this way can take its toll over time. When it all becomes to much to handle, for some Illinois residents certain debt relief options may be the only way out -- such as a Chapter 13 filing for example.

The automatic stay an important part of Chapter 13 bankruptcy

The phone keeps ringing and notices keep arriving. Once an Illinois resident gets behind in paying bills, it is difficult to get caught up. Many times, what began as a minor financial crisis turns into a nightmare that just will not end. As the financial crisis becomes more severe and creditors continue collections efforts, filing for Chapter 13 bankruptcy may provide the answer to the financial dilemma.

Types of creditor under Chapter 13 in Illinois

We've previously discussed some of the basic requirements for filing a bankruptcy case under Chapter 13 of the federal bankruptcy code in Illinois, including the debt limits for different types of debt, and the fact that the debtor should not have failed to appear or comply in a similar case in the prior 6 months. We've also touched on some of the differences between a Chapter 7 filing, which is sometimes called a 'liquidation,' and a Chapter 13 restructuring of debt.

Who is eligible to file Chapter 13 in Illinois?

When most Illinois residents hear the term 'bankruptcy,' they likely picture a liquidation, where all a person's major possessions are sold to pay off his or her debt. While a Chapter 7 filing might require some of that -- though there are exemptions for certain property -- there are other types of bankruptcy filing as well. One of these is a Chapter 13, or 'wage earner's plan.' This types of filing allows the debtor to submit a repayment plan that proposes to pay some part of the debt over a certain number of years, usually three or five. One advantage of this kind of filing is that, under certain circumstances, it can stop a foreclosure or other repossession action.

Chapter 13 can give Lisle residents a fresh financial start

Life can get expensive in a hurry. Many people today live paycheck to paycheck because the cost of living is so high in relation to their incomes. While this may sustain many for a time period, if anything unexpected happens, it can send a person's financial situation into a skid. Declaring Chapter 13 can help to get those suffering under the weight of debts a fresh financial start.

What is adequate protection?

When Illinoisans file for Chapter 13 bankruptcy (in addition to bankruptcy under other chapters), they benefit from an automatic stay. This stay prohibits creditors from trying to collect on the debt. That means the end of harassing phone calls and a pause in any litigation, including foreclosures.

Best go by the book to achieve solid credit repair

Did you ever watch "Friends"? The character Joey wasn't known for being all that bright, but he did well with the ladies. His signature pickup line was, "How YOU doin'?" It's a question that someone in Illinois might well want to ask themselves when it comes to their credit rating.

Bank's actions have 'real-world' implications for consumers

Wells Fargo uses the six-horse stagecoach as its logo. The company's website describes the vehicles as "living symbols of the company's heritage of service, stability, and innovation." Its marketing videos usually feature one charging hard across an open field. After this week, some in Illinois might wonder if maybe the coach's final destination should be a barn or the wood shed.

Know the signs of looming debt trouble

Jeff Foxworthy's fan base might not be solid in Chicago, but the comedian does have some good one-liners. For example, there's this one. "You might be a redneck if... the stock market crashes and it doesn't affect you one bit." Foxworthy has a whole slew of these. The suggestion of most is that those who fit his redneck stereotype tend to be in lower income brackets.

How Can we Help You? Contact An Attorney

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Four Convenient Office Locations To Serve You

Toll Free: 800-491-7493 Fax: 888-691-8337

Five Convenient Office Locations To Serve You

Lisle Office - DuPage County
1011 Warrenville Road
Suite 150
Lisle, IL 60532

Map & Directions

Lockport Office - Will County
900 South State Street
Second Floor, Suite A
Lockport, IL 60441

Map & Directions

Aurora Office - Kane County
1444 North Farnsworth
Suite 100
Aurora, IL 60505

Map & Directions

Palatine Office - Cook County
800 East Northwest Highway
Suite 700
Palatine, IL 60074

Map & Directions

Chicago Office - Cook County
1 S Dearborn
Suite 2100
Chicago, IL 60603

Map & Directions

Toll Free: 800-491-7493 Fax: 630-960-4755