Chapter 13 bankruptcy is a powerful debt-relief solution for individuals and married couples who have fallen behind on payments despite gainful employment or having another source of regular income. It is a more complex process than a Chapter 7 "liquidation" of debts. However, Chapter 13 a sound, versatile and effective solution to excessive debt problems.

If you are considering Chapter 13 bankruptcy, you deserve to work with a lawyer who will take the time necessary to fully explain how process works. At the Law Offices of Johnson & Buh in Geneva, Wheaton and Aurora, we are committed to explaining all of the legal options available to our clients and allow them to make sound decisions.

Chapter 13 involves a three- to five-year payment plan that takes into account many factors. This is not the same thing as a debt-consolidation scheme. Our attorneys calculate your budget based upon your debts, assets, disposable income, and other factors to create a manageable payment plan to submit to the bankruptcy court for approval. The overall plan does not necessarily have to pay off all unsecured debts. During the course of the process, you will be relieved of the burdens of dealing with creditors, while living on a manageable budget to maintain dignity in your life.

Chapter 13 May Allow You To Stop Foreclosure Or Repossession And Keep Your Assets

With potential turmoil in the economy and job market, many people rely on Chapter 13 as a means of saving their homes from foreclosure or saving their vehicles from repossession. Moreover, if your new budget allows you to continue to make your car or mortgage payments on time, a Chapter 13 plan may allow you to catch up on past-due payments.

Other reasons you might choose debt relief through a Chapter 13 bankruptcy plan include:

  • Needing time to pay back taxes, past-due family support obligations, delinquent student loan payments or other debts that cannot be discharged in bankruptcy
  • Stripping a second mortgage when the primary loan balance exceeds the value of the home — a process known as lien-stripping
  • Protecting nonexempt assets that would be lost in a Chapter 7 case

At the conclusion of the plan, any outstanding unsecured debt is discharged, giving you the fresh start you deserve.

Learn More About The True Benefits Of Chapter 13

You can depend on our lawyers to provide sound guidance to address your specific financial problems and needs. If Chapter 13 is the best answer for you, we will work with you every step of the way. For a free consultation addressing your options for debt relief or foreclosure defense, call 630-282-4292 or contact us online to request your confidential consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.