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Waukegan Chapter 13 Bankruptcy Lawyer

Making Chapter 13 Bankruptcy Relief Work for You

If you are not eligible for Chapter 7 bankruptcy, or if your financial situation presents certain special problems like high levels of nondischargeable debt, relief under Chapter 13 might represent your best option. To learn how Chapter 13 can work for you, contact a Waukegan bankruptcy attorney at Shaw Law Ltd. for a free in-office consultation.

There are many important differences between Chapter 7 and Chapter 13, but they mostly have to do with the process, not the end result. The goal under both chapters is to eliminate the greatest amount of debt possible while keeping as many of your assets as you can. In Chapter 7, the process rarely takes more than six months, while in Chapter 13, you don't get your discharge until you have completed monthly payments for up to five years under a Chapter 13 plan.

While you're performing under a Chapter 13 payment plan, you enjoy the same protection from creditor harassment and collections that Chapter 7 debtors do. You also get better flexibility for dealing with secured claims like mortgage debt or nondischargeable debts like student loans and taxes less than three years old.

As for the debts that you could discharge altogether under a Chapter 7 case, a portion of your monthly payment goes to the unsecured creditors. Very few debtors end up paying much more than 10 percent of these debts, however, and when your payment plan is complete, the unpaid balance of this indebtedness is discharged.

While it isn't necessarily easy to commit a substantial portion of your monthly income to a Chapter 13 payment plan, many people benefit from this approach to debt relief. You can usually get second mortgages discharged if there isn't enough equity in your house to cover it. For people with substantial nonexempt assets that they'd rather not part with, Chapter 13 provides expanded options for asset protection.

Call 847-244-4694 for an Illinois Chapter 13 Bankruptcy Lawyer's Advice

Learn more about your ability to relieve the pressure of financial problems and creditor collections through Chapter 13. Contact Shaw Law Ltd. in Waukegan for a free in-office consultation with a bankruptcy attorney.

We are a debt relief agency. We help people file for relief under 11 U.S.C. § 528 of the U.S. Bankruptcy Code.