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

Chapter 13 Archives

Understanding one's legal rights important in Chapter 13

Not being able to pay one's bills can be very stressful. Not only is the person likely subject to late fees and other charges, but he or she also may have to contend with collections calls, letters, email, and texts. Further, whether legal or not, not being able to meet financial obligations can affect an Illinois resident's employment prospects. Sometimes, getting a job is harder, especially in certain fields that may consider large amounts of debt a temptation for theft or embezzlement.

U.S. Supreme Court issues ruling on expired debts and bankruptcy

Illinois residents may be interested to hear that the United States Supreme Court recently issued a ruling that gave debt collectors permission to seek repayment of debts from those going through the bankruptcy process, even if those debts had since expired. The Court found that creditors are under no duty to notify debtors that the debtors need not make payments on expired debts.

Chapter 13 advantages and disadvantages in Illinois

Being behind on one's bills is nearly a national pastime in the United States these days. With the rise in costs of living generally outstripping real wage rates, many Illinois residents, as with people throughout the country, find themselves in a position where they cannot make all their payments every month. Having to pick and choose whom to pay and what one goes without can be stressful, and impact not only one's mood, but one's physical health as well. When this begins to happen, people may want to begin considering whether filing for bankruptcy is a logical choice.

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.

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