Chicago Lawyers Helping Individuals Navigate the Illinois Bankruptcy Process
As you consider filing Chapter 13 bankruptcy in Illinois, you are welcome to request a free initial consultation at Ledford & Wu. Our bankruptcy lawyers can personalize answers to questions such as the following:
- Why would I file Chapter 13 bankruptcy, rather than Chapter 7? Your income and/or assets might be too high for you to qualify through the required means test for Chapter 7 bankruptcy. You may have assets that you are seeking to protect, have a mortgage or car payment that you are behind or or have a junior mortgage that can be removed. There may be other compelling reasons.
- How long does it take to resolve a Chapter 13 bankruptcy? The normal length of time for a Chapter 13 repayment plan is three to five years.
- Are all debts treated the same in a Chapter 13 bankruptcy? No. Some debts must be paid in full such as back child support and recent tax liability. These debts are considered "priority" debts. Other debts are tied to "secured" purchases such as homes and cars. These must be repaid in order for you to keep your house or car, but the total due may be reduced. Finally, there are "unsecured" debts, and often what you end up paying on these will be a mere fraction of the original total.
- What will happen if I am unable to keep up with scheduled payments in a Chapter 13 bankruptcy? You may qualify for a "hardship discharge." You may ask the bankruptcy court to modify your repayment plan or convert your remaining debt to a Chapter 7 bankruptcy if you now qualify. Talk to an attorney about your options.
- Do my spouse and I have to file Chapter 13 bankruptcy jointly? No, but it may be in both of your best interest to do so.
- Do I have to include my house and car in a Chapter 13 bankruptcy? Yes, they must be scheduled and treated in a Chapter 13. Most people file Chapter 13 in order to keep a house and/or car.
- What happens with co-signed debt in Chapter 13? Chapter 13 protects co-signers.
- Do I have to include all my debts in a Chapter 13 bankruptcy? Yes, but exemptions do apply.
- Can a Chapter 13 bankruptcy resolve problem debts such as back taxes, back child support or mortgage arrearages? Yes. This is one of the benefits of Chapter 13.
- What other questions do you have as you consider filing Chapter 13 bankruptcy? Ledford & Wu offers free initial consultations precisely because nearly everyone who is thinking about bankruptcy as an option has some pressing questions in mind.
Keep in mind: Only three lawyers in Chicago are certified in consumer bankruptcy by the American Board of Certification*. Two are partners at Ledford & Wu.
Contact an Experienced Chicago Chapter 13 Bankruptcy Lawyer
Discuss your unique financial matters with a bankruptcy attorney at Ledford & Wu. Call or e-mail us today.
*The American Board of Certification is accredited by the American Bar Association and sponsored by the American Bankruptcy Institute and the Commercial Law League of America. Federal law recognizes board certification in bankruptcy. The Supreme Court of Illinois does not recognize certifications of specialties in the practice of law and the certificate, award or recognition is not a requirement to practice law in Illinois.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
