Chapter 13 Discharged Debts

Joliet Illinois Bankruptcy Lawyers & Attorneys

Jesse Barrientes: And those would be unsecured creditors?

David Siegel: Those would be unsecured creditors that are completely eliminated. They got paid back nothing because they didn’t choose to be part of the case. And that happens more often than you would think. Where creditors just don’t file a claim because they don’t think it’s worth their time to get ten cents on the dollar or they just don’t have the administration to do it.

Jesse Barrientes: So when you really look at it like that, in that perspective, sometimes you’re even paying less than the ten percent if that’s what your plan is because you get creditors who are not even going to –

David Siegel: Yes. After about six months when the claims period has ended, we get a listing of all the creditors who filed claims, as does my client. And sometimes they call me and they say these are the only people who filed a claim? What happened to all the other ones? Well, they didn’t file the claim. So they’re dropped off. So now it’s on you to complete your Joliet Chapter 13 bankruptcy case.

Jesse Barrientes: So that’s better for them. And if they complete it, then they’re out of luck.

David Siegel: Absolutely.

Jesse Barrientes: But if you don’t complete your case, they can come back, can’t they?

David Siegel: That’s right. That’s right. You have to complete your case to get your discharge. Yep, Chapter 13 is great. It works for a lot of people. Thanks for joining us. My name is David Siegel. Along with Jesse Barrientes. We’ll see you next time. Take care.

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