Using Chapter 13 to Save a Home
Aurora Illinois Bankruptcy Lawyers & Attorneys
David Siegel: Why would somebody want to do a Chapter 13 as opposed to getting a fresh start under Chapter 7?
Jesse Barrientes: Well, they might want to do it because a lot of people feel like – they feel bad and people come into my Aurora office and they tell me – and they feel really embarrassed that they have to have some kind of assistance and some kind of help. And they really want to pay their creditors. They've always paid their creditors all their life but things have happened, for example. Maybe it was a divorce. Maybe it was an illness that was unforeseen.
There's all different kinds of things that could happen. They lost their job. All of those things come into play. And so for the first time they find themselves in uncharted territory. And so they really want to pay 'em back. And so they feel a little bit better about that. But generally if you don't qualify for Chapter 13 and you can't pay that back, I mean you're – you're in that unique situation where you might have to look at some other options.
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See Also:
Chapter 7
Misconceptions about Chapter 7
Life after Chapter 7 bankruptcy
Privacy is protected in bankruptcy
Household income qualifications
Converting Chapter 13 to Chapter 7
Converting Chapter 7 to Chapter 13
Chapter 13
Using Chapter 13 to save a home
Choosing Chapter 13 versus Chapter 7
Debt consolidation & late fees
Administrative fees & the bankruptcy trustee
Chapter 13 payment plan dismissal
