Benefits of a Chapter 13
Joliet Illinois Bankruptcy Lawyers & Attorneys
Jesse Barrientes: Well then Chapter 13 is the way to go if you want to save your house and you have too much equity, and you can’t otherwise do a Chapter 7.
David Siegel: Yeah. You can never have too much equity. But you just don’t want any unsecured debt as well. And basically three to five years is how long that you can repay it, but again you have to make your regular mortgage payment again, either first and/or second, and put money toward the Chapter 13 trustee. And you must do that consistently for the next three to five years. So it’s not something that’s easy. It’s very hard to complete. But if you’re diligent and you can budget and you’ve got some good luck in your life between employment and health, and maybe a spouse helping too, you can come out of Chapter 13 and keep all of your property. And keep the creditors off your back.
Jesse Barrientes: Excellent.
David Siegel: Yeah, I would definitely recommend Chapter 13 for a homeowner who’s trying to save a home from foreclosure or someone who has significant equity in their property.
Back to joliet Illinois Bankruptcy Lawyers & Attorneys
Chapter 7
What’s needed to file a Chapter 7 case?
Stay on creditors during a Chapter 7 case
Mistakes made in a Chapter 7 case
Listing creditors in a Chapter 7 case
Credit counseling classes in a Chapter 7 case
Notice to creditors in a Chapter 7 case
There is life after bankruptcy
Chapter 13
Saving your home with a Chapter 13
Stopping a sheriff sale using Chapter 13
Converting to a different chapter from Chapter 13
