Contact Arkady Reifman
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Chapter 13 Bankruptcy
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In a nutshell, Chapter 13 bankruptcy gives you an adjustment of your debts, and it's usually for individuals who have a great deal of equity in their home, and wish to keep it. Although Chapter 13 doesn't get rid of all your debts, it consolidates your many debts, so that they're more manageable. MortgageWhen you file for Chapter 13 bankruptcy in Illinois, it immediately stops the foreclosure sale of your home. Chapter 13 bankruptcy also gives you 36-30 months to bring your mortgage current. Medical bills and credit card debtUnder Chapter 13, these items are repaid at 0% interest. In certain cases, filers can rid themselves entirely of credit card debt, never having to pay any of it back. |
One monthly paymentWith Chapter 13 bankruptcy in Illinois, you make one monthly payment to the bankruptcy trustee, and you'll be protected from creditors for three to five years. Chapter 13 and your credit scoreIn Chapter 13, you’re paying off debt, which makes your score increase over time. Chapter 13 just gives you the consolidation you need, that makes paying your debts easier. If you're interested in filing for Chapter 13 bankruptcy in Illinois, don't hesitate to contact highly skilled Chicago bankruptcy attorney Arkady Reifman. |
