Chapter 13 Bankruptcy - Chicago

Chapter 13 bankruptcy allows a person to consolidate the debt while making convenient monthly payments to a trustee. A payment plan is proposed which repays the debt over a three to five year period. The amount of the monthly payment and the length of the repayment plan is based upon the following factors:

  • — Monthly income of the person
  • — Monthly expenses of the person
  • — Amount and nature of the debt

The most common uses of Chapter 13 involve:

  • — Repayment of mortgage arrears (back amounts owed) home
  • — Restructuring of auto loans to save a vehicle

Secured debts are paid 100% on the dollar, while unsecured debts may be paid less than 100% on the dollar. A person receives a discharge under Chapter 13 once the payment plan is completed.

Swanson & Desai LLC, Attorneys, Chicago, IL
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Swanson & Desai, LLC
Chicago Bankruptcy Attorney
p: (312) 850-3328
f: 312-666-8894
1-800-Erase-Debt (372-7333)
Chicago Office
2314 W North Ave Unit C-1W
Chicago Illinois 60647

South Chicago Office
11212 South Western Avenue, Suite 2
Chicago Illinois 60643

Chicago Loop Office
73 W Monroe Ste 216
Chicago, IL 60603
South Suburbs Office
9760 South Roberts Road, Suite 2A
Palos Hills, IL 60465

Schaumburg Office
10 N Martingale Rd, Suite 400, Office 4114
Schaumburg, IL 60173
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National Association of Consumer Bankruptcy Attorneys