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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.

Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Warrenville Office
Address28371 Davis Parkway
Suite 103
Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road
Building A, Suite 105
Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street
Suite 900
Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street
7th Floor
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone(630) 580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
Contact us