Should I File Chapter 7 or Chapter 13 Bankruptcy?
DuPage County Attorneys Explain Your Bankruptcy Options
If you believe that your financial circumstances have reached a point of needing to file bankruptcy, you should be sure to understand the different kinds of bankruptcy that you can file. You can file Chapter 7 or Chapter 13. One of them allows most of your debt to be eliminated, while the other one involves a payment plan. At Davi Law Group, LLC, we can explain what each option means, as well as which one suits your case the best.
One of your options to look over is filing Chapter 7 bankruptcy. This is often called "straight bankruptcy." It means that an individual will not need a repayment plan to eliminate all debts. For this chapter, most debts that are unsecured will be eliminated or discharged. There can be exceptions to this rule though, because certain debts in taxes, student loans, or government fines will not be discharged. In most cases, you are able to keep all of your property while still eliminating the debt that you have.
Another option is Chapter 13. This option allows you to repay your debts. The courts will examine your income and determine a monthly amount that you will pay based on your budget. Typically, these Chapter 13 repayment plans last anywhere from three to five years. This repayment plan gives you the opportunity to catch up on your mortgage, property taxes, and even auto loan payments. With these plans, you can also save your home from foreclosure and your car from being repossessed.
Contact Our DuPage County Bankruptcy Lawyers
If you would like to sit down with one of our seasoned attorneys at Davi Law Group, LLC, please contact us to set up a free consultation. Our phone number is 630-580-6373, and we have assisted many clients through our offices in Chicago, Warrenville, Wheaton, and Joliet. We look forward to hearing from you soon to help you find the best financial plan.