What is a Chapter 13?

Joliet Illinois Bankruptcy Lawyers & Attorneys

David Siegel: Hello my name is David Siegel. Thanks for joining us. Today we�re going to be talking about getting out of debt and reorganizing your debt under Chapter 13 bankruptcy laws. Today I�m joined once again by Jesse Barrientes. Welcome Jesse.

Jesse Barrientes: Thanks, Dave.

David Siegel: Chapter 13 is the topic. It�s all about getting out of debt or reorganizing your debt to save property that you have and still pay off your creditors over time. Chapter 13. What is your thought?

Jesse Barrientes: Well, you know it�s a great opportunity for the people of Joliet who � you know sometimes you get strapped, you get in a bad situation, and you really want to pay. And that�s what I find. A lot of people just want to pay. They�re saddened that they�re in this situation. But it affords them an opportunity to pay at least some of the debts that the owe if not all of them. Because sometimes you have a situation where all the debt can get repaid in the number of time, either three years or five years that the plan carries on.

David Siegel: A lot of people get confused on the different chapters. Chapters 7, 11, 12, 13. I think it�s important to clarify that Chapter 13 is a debt reorganization plan. You�re not eliminating your debt 100 percent but you�re getting time to repay it � whether that be in full or ten percent or some variance in between. But you are keeping your property and repaying your creditors over the next three to five years. So it�s a great way to stretch out your debt. But what kind of situation would Chapter 13 be beneficial to someone?

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