What happens in an Illinois Chapter 13?
In a Chapter 13 case, you file a “plan” showing how you will pay off a percentage of your past-due and current debts over three to five years. The most important thing about a Chapter 13 case is that it will allow you to keep valuable property–especially your home and car–which might otherwise be lost in a Chapter 7, if you can make the payments which the bankruptcy law requires to be made to your creditors. In most cases, these payments will be at least as much as your regular monthly payments on your mortgage or car loan, with an additional payment to pay the arrearage you have not paid.
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Do you have more questions on Chapter 13 bankruptcy? Please contact our Schaumburg IL law firm to schedule a consultation today.