Schaumburg Chapter 13 Bankruptcy Lawyer
Declaring bankruptcy is never an easy thing to do. Still, as your Schaumburg bankruptcy attorney, Mr. Robert M. Kaplan is here to help guide you so you can make the decisions most appropriate for your situation.
Advice from our law office makes it easier to create a debt repayment plan under Chapter 13 and to reorganize what you owe in a more manageable way.
If you have questions about Chapter 13 bankruptcy in Schaumburg, please don’t hesitate to call us at (847) 845-9477.
Defining Chapter 13 Bankruptcy
As you probably already know, there are several different types of bankruptcy under United States law.
Chapter 13 bankruptcy is typically an appropriate choice for individuals who have a regular income. To reiterate, those filing bankruptcy under Chapter 13 must be 1) an individual, rather than a corporation or other type of business, and 2) earning a regular wage through employment of some kind, including self-employment.
Filing for Chapter 13 bankruptcy is a complex process, but, in summary, it allows you to reorganize your existing debts and create a realistic repayment plan that typically spans the length of three to five years.
Qualifying for Chapter 13 Bankruptcy
As we discussed above, Chapter 13 Bankruptcy is for income-earning individuals with excessive debt.
If you are employed with enough income to cover your daily expenses but nowhere near enough income to cover your existing debts, then Chapter 13 Bankruptcy might be a good solution for you.
The federal government has restrictions in place for individuals who wish to file Chapter 13 bankruptcy. If your unsecured and secured debts are above a certain threshold, you will not qualify.
Chapter 13 Bankruptcy filing requirements changed on April 1, 2019. Per these restrictions, your secured debts must be lower than $1,257,850.00, and your unsecured debts must be lower than $419,275.00.
The best way to know for sure whether your best choice is filing Chapter 13 bankruptcy in Schaumburg is to consult with a knowledgeable bankruptcy lawyer. At the Law Offices of Robert M. Kaplan, we can analyze your situation and advise you about the best type of bankruptcy to file.
Benefiting from Chapter 13 Bankruptcy
The objective of filing bankruptcy is to create a way to responsibly repay a portion of your debt while also giving yourself a chance at a better future. Filing for bankruptcy under Chapter 13 allows you to reassess your obligations and reorganize what might otherwise be a vastly overwhelming situation.
If you choose Chapter 13, some of the benefits include:
- Harassment and phone calls from creditors must stop
- Having an opportunity to save your home if you continue to make mortgage payments
- Cessation of wage garnishment while you make payments toward your debts
- No repossession of property while your case is active
- Elimination of second mortgages if you are upside down on your home
To learn more about the advantages of filing for Chapter 13 bankruptcy, please contact our Schaumburg bankruptcy attorney today.
Free Legal Consultations Are Available in 60194
When you’re ready to speak with an attorney about your bankruptcy options, our legal team at the Law Offices of Robert M. Kaplan is here to help you.
Before you retain our legal counsel, we offer a free consultation to make sure that our law office is a good fit for you. To schedule your Chapter 13 bankruptcy consultation in Schaumburg, IL, please call us today at (847) 845-9477.