Chicago Attorneys Focused on Chapter 13 Bankruptcy
Each lawyer at Ledford & Wu has years of experience focusing exclusively on handling bankruptcy in Chicago. We are highly familiar with local regulations, courts, trustees, creditors and judges. We provide knowledgeable, personalized and cost-effective bankruptcy service.
Are you considering bankruptcy? Find out if it's right for you during a free initial consultation with a lawyer at Ledford & Wu. Call 888-542-1900 or contact us online today.
How Chapter 13 Bankruptcy Works
Under Chapter 13 bankruptcy, also called a "wage earner's" bankruptcy, you present a debt repayment plan to the court that is supervised by a Chapter 13 trustee. This plan consolidates all of your debts into one reasonable monthly payment. After making your monthly payment consistently for a period of three to five years, all of your remaining eligible debts can be discharged.
Chapter 13 bankruptcy is ideal for individuals who are behind on their mortgage and/or car payments and want to protect their home and/or car. It is also effective for those who make a good income but are overwhelmed by their current debts. See our Chapter 13 Information page.
You do not need to sacrifice any assets to file for Chapter 13 bankruptcy. However, any secured debts — like a mortgage or a car loan — will eventually have to be paid in full if you wish to keep the house or car they are attached to. You should consult with an experienced attorney to make a plan that addresses your unique circumstances.
Act Now to Stop Foreclosure, Repossession and More
Are you in danger of losing your house to foreclosure or your car to repossession? Chapter 13 bankruptcy gives you a chance to catch up on back payments. In addition, the moment you file a Chapter 13 bankruptcy, you are usually protected by the "automatic stay" — a court order that immediately prevents your creditors from taking any further actions towards collection.
If your creditors haven't yet threatened you with foreclosure, repossession, wage garnishments or other actions, it may be in your best interest to act quickly before they do. By filing for bankruptcy sooner rather than later, you could avoid significant hassle and expense.
In every case, you should speak with an experienced lawyer to help you determine the best way to proceed. You can discuss your rights and options during a free initial consultation with a lawyer at Ledford & Wu. Just call 888-542-1900 or contact our offices online any time.
