Are you heavily under debt and on the verge of losing your home or any other valuable property? Filing for a chapter 13 bankruptcy may be a solution for you then.
Of course, there is a lot that goes into filing for bankruptcy. You need to understand where you stand financially and how to initiate the process. This is where we come in. Our bankruptcy attorneys at Covert Marrero Covert LLP can help you get a head start on the situation and provide a timely solution. If you’re looking to understand what it means to file for a Chapter 13 bankruptcy, then here is what you need to know:
What is Chapter 13 Bankruptcy?
A chapter 13 bankruptcy can be best described as a debt consolidation repayment plan. Filing for a chapter 13 bankruptcy allows debtors to repay all of their debts within a period of three to five years. You are discharged of debts involving your medical bills, personal loans, and outstanding credit card balance. Chapter 13 also allows you to reorganize your finances. Depending on your income and assets you may only have to pay a percentage of all unsecured debts.
When Should You Choose to File a Chapter 13 Bankruptcy?
You may consider filing a Chapter 13 bankruptcy if:
- You are severely behind on your mortgage
- Your vehicle is about to get repossessed
- Your license is suspended due to an uninsured crash or outstanding court fines
- You have not been able to pay taxes to the IRS
- You do not want to lose the property that cannot be protected under a Chapter 7 bankruptcy
The Benefits of Filing for a Chapter 13 Bankruptcy
As your Chapter 13 bankruptcy attorney would tell you, there are several benefits of filing for bankruptcy. These include:
- Avoid foreclosure
- Avoid vehicle repossession
- Reinstate your driver’s license
- Debt repayment that completes in 3-5 years
- Debt collectors cannot contact you directly
Work with Covert Marrero Covert LLP Bankruptcy Attorneys
You can consider filing for bankruptcy yourself, but it is better to hire a lawyer instead. Making a mistake during the filing process can result in a dismissal of your petition. Contact our bankruptcy attorneys at Covert Marrero Covert LLP to avoid this. We won’t just take you through the filing process but also work to make sure your petition is granted. Our clients are our top priority and we strongly believe in providing a personalized experience to each individual. You can contact us and schedule a consultation to discuss your situation by calling us today at 630-717-2783. Our offices are located in Naperville, Schaumburg and Warrenville, and you can pay a visit to whichever is closest to you. We can also arrange for off-site appointments.