Illinois Chapter 13 Bankruptcy Attorney

If you are facing serious financial difficulty and are unable to repay your debts, personal bankruptcy may offer the relief you need. Through bankruptcy, you can stop creditor harassment, wage garnishment, repossessions and home foreclosures. At Carol Cádiz, Attorney at Law, P.C., we understand that sometimes financial challenges are beyond your control. We can help you regain your financial freedom through bankruptcy.

Types of Personal Bankruptcy

Most the bankruptcy filings in the U.S. are Chapter 7 bankruptcies, or liquidation bankruptcies. Through Chapter 7 bankruptcy, most unsecured debt is eliminated. Not everyone is eligible for Chapter 7 bankruptcy, however. Those who have some ability to repay their debts (as determined by a means test) are only eligible for Chapter 13 bankruptcy. Through Chapter 13 bankruptcy, you repay part or all of our debts (usually under far more favorable terms) over a three to five year period.

Benefits of Chapter 13 Bankruptcy

Chapter 13 bankruptcy gives you the breathing room you need to dig yourself out of debt. When you file for Chapter 13 bankruptcy, a payment plan is created to repay your creditors over time. With the plan in place, your creditors can no longer contact you directly, and they are required to accept the terms of the plan as approved by the court. You will make one payment to your bankruptcy trustee each month, and the trustee will distribute the money to your creditors according to the plan.

There are numerous benefits to filing for Chapter 13 bankruptcy. For one, Chapter 13 bankruptcy is often used as a foreclosure defense. Over the course of your payment plan, you can bring your mortgage current and keep your home. Attorney Carol Cádiz is experienced in handling Chapter 13 bankruptcies and can explain what you can expect from your Chapter 13 filing.

To learn how Chapter 13 bankruptcy can benefit your financial situation, contact us to schedule a consultation. We work with clients throughout Cook County and DuPage County.