Your financial stability matters. That’s why it can feel debilitating to deal with debt that follows you around.
While there are a variety of financial relief options available, it can be difficult to know which one works best for your particular situation. By working with a qualified bankruptcy court attorney from Citizens Law Group LTD, you will have the resources required to construct a financial plan that benefits your specific needs.
If you have a steady income but find yourself unable to pay off old debt, Chapter 13 bankruptcy may be the solution you are looking for. Filing for Chapter 13 allows you to restructure your debt and pay a portion of this debt back over time in manageable installments.
Wondering if you are eligible for this program? Chapter 13 bankruptcy protections are most often available for Individuals with higher incomes who do not qualify for Chapter 7 – or people who are looking to avoid foreclosure.
Under Chapter 13, a debtor works with the bankruptcy court to create a payment plan. The payment amount is calculated using the debtor’s income and expenses and typically lasts approximately three to five years. If the payment plan is successfully completed, all eligible debts will be discharged, enabling the debtor to move forward with their life debt-free.
Benefits Of Chapter 13 Bankruptcy:
The goal of Chapter 13 bankruptcy is to provide you with sustainable debt relief by coming up with a manageable repayment plan. This can be a complicated process and should be done with professional oversight in order to avoid mistakes. When done correctly, Chapter 13 bankruptcy will help you:
- Retain property and other assets (in typical cases).
- Halt foreclosure proceedings.
- Stop creditor harassment.
- Discharge remaining eligible debts upon successful completion of the established payment plan.
Citizens Law Group LTD is here to ensure that you are able to engage with these benefits to the fullest extent possible. Our firm is pleased to offer our Chicago clients over 18 years of professional experience in the legal field. No matter what your situation may be, we are here to help you find the solutions that support you most.
Wondering How A Chapter 13 Bankruptcy Attorney Can Help You?
A Chapter 13 lawyer will function as your legal counselor throughout the duration of the bankruptcy process. From start to finish, your attorney will provide you with the legal discernment necessary to make proactive decisions about your financial situation.
Once your legal counsel helps you determine your eligibility for Chapter 13, you can then make the decision to pursue this financial path as long as it is the best option for you.
Establishing a payment plan is an integral part of filing for Chapter 13 bankruptcy. One of the most important components of your debt repayment plan is deciding on debt exemptions. Given that you will pay the nonexempt amount to your unsecured creditors with your repayment plan, understanding the exemptions under Chapter 13 bankruptcy law is critical.
In addition to establishing exemptions, you will also need to calculate a repayment plan that reflects factors such as:
- Your income
- Your monthly living expenses
- the property you own, and
- The type and amount of debt that you owe.
Calculating a repayment plan is complicated and involves many different financial considerations. Make sure this is done correctly and efficiently by working with Citizens Law Group LTD to ensure that no mistakes are made that can cost you unnecessary time and money.
Citizens Law Group Ltd Has What It Takes To Guide You Through The Bankruptcy Process
Are you a Chicago-based client considering bankruptcy? Our firm is here to help you find sustainable financial solutions.
Going through the bankruptcy process can be stressful and overwhelming. Don’t face your financial problems alone – Citizens Law Group LTD will help you make the informed choices you need to move toward financial freedom. When it comes to your financial well-being, Citizens Law Group LTD stands with you.
If you are considering Chapter 13 bankruptcy, let the attorneys at Citizens Law Group LTD guide you through this process with expert legal insight. Contact us today for a full evaluation of your case from our highly qualified bankruptcy attorneys.