Chapter 13 Bankruptcy
Chapter 13 Bankruptcy attorney Serving Southern Illinois
Chapter 13 is valuable for many clients. For example, if a client has a previous Chapter 7 in the past eight (8) years, he or she may still have relief under Chapter 13.
Some debtors have non-exempt property which they would, unfortunately, lose in Chapter 7. They can protect that property in Chapter 13. If a married couple has a home with equity exceeding $30,00 they could lose their home in Chapter 7. In Chapter 13 their home can be preserved.
Chapter 13 is also useful for homeowners who have fallen behind in their mortgage payments. The clients are able to keep their home and get caught up on payments. Even if there is a foreclosure pending, the debtors can stop it and recover through Bankruptcy proceedings.
There are numerous other circumstances where Chapter 13 is helpful. Edward
is happy to discuss this option with a caller without any obligation. Chapter 13 is more expensive and requires periodic payments to be made by the debtor. The Case can last for a period of three (3) to five (5) years. Chapter 7 is always the first choice, but Chapter 13 is available under some circumstances.
