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Chapter 13 Archives

Chapter 13 or Chapter 7, which is right for me?

If your debt situation is out of control, there are some things you can do about it. You can start by reviewing your finances and creating a budget. You can try to work with your creditors to lower how much you owe or adjust payment terms so that they are more affordable for you. You can also look into filing for bankruptcy with the assistance of an Illinois-based bankruptcy law attorney if you feel that would best suit your needs. If you choose to go this route, which type of bankruptcy -- Chapter 13 or chapter 7 -- is right for you?

Debt is being called modern-day slavery

Spending more than one brings in is something many people in Illinois and elsewhere are doing now and have been doing for a while. Consumer debt is at an all-time high -- sitting at roughly $13.5 trillion. It is to the point where most people feel that they will never be able to pay back what they owe.

File for Chapter 13, get your car back

Thousands of Illinois residents residing in or near Chicago have their cars being held in impound lots due to having unpaid tickets. Until a person pays his or her tickets, the city can refuse to release the vehicle from impound. However, a recent court ruling allows those individuals who have filed for Chapter 13 bankruptcy to collect their cars without paying the debt upfront or possibly at all.

Who is Chapter 13 bankruptcy meant to help?

In a previous post, this column discussed Chapter 7 bankruptcy and who can benefit from that type of relief. This week, the focus will shift to Chapter 13 bankruptcy and who it is meant to help. Not all Illinois residents who want to file for bankruptcy will qualify for or wish to pursue Chapter 7 relief. Chapter 13 may better suit their needs.

Do not think of Chapter 13 bankruptcy as a sign of failure

Every year numerous Illinois residents find themselves needing financial help. There is no shame in asking for assistance when one's debt situation becomes too much to handle alone. However, many people refuse to file Chapter 13 bankruptcy or seek out other debt relief solutions because they view taking such steps as a personal failure. Do not think of bankruptcy as a sign of failure; rather, think of it as an opportunity to improve one's situation.

New debt collection rules on the way

Debt, most people have it. Some are able to manage it, and others may find themselves in so deep that they are dealing with debt collectors seeking payment. Currently, there are debt collection rules in place that protect Illinois residents from collector harassment. Those rules are about to change and not for the better.

Chapter 13 can help one deal with debts that are supposedly good

Ever hear debt referred to as good? There are certain types of debts out there that are labeled good while others are labeled bad. At the end of the day, even those good debts can cause problems for Illinois residents who find themselves in a bad financial way. A Chapter 13 bankruptcy, if approved, can help make it easier to pay down debt, regardless if it is thought of as good or bad.

Figuring out a Chapter 13 repayment plan

Illinois residents who are deemed to have sufficient income so as to prevent them from pursuing Chapter 7 bankruptcy to resolve their debt issues may have another option. Chapter 13 bankruptcy is for individuals who have money to pay back their creditors to some degree but need a little help doing so. How can one's repayment schedule be calculated if a Chapter 13 filing seems appropriate?

Chapter 13 and other options to stop creditor harassment

When faced with significant debt and a lack of funds to do anything about it, the last thing anyone wants to deal with is harassment from creditors on top of an already stressful situation. It happens all the time, though. Illinois residents who find themselves dealing with creditor harassment can do something about it. A Chapter 13 filing, for example, is one way to stop calls and letters from creditors. For those who feel bankruptcy may not be the right fit, there are other legal avenues that can be explored.

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Lynch Law Offices, P.C.
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Lisle, IL 60532

Phone: 630-761-5274
Fax: 888-691-8337
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