Do you feel like you're on a treadmill never getting ahead? Many Americans are in a similar situation, holding a steady job while facing an overwhelming amount of debt. Financial distress can hit anyone. Whether you've lost your job or incurred debt from a divorce or a personal injury accident, you may be drowning in debt through no fault of your own.
Stop Living In Fear Of Your Financial Situation
You don't have to deal with the anxiety of not knowing how to make ends meet for the rest of your life. I'm Scott C. Polman, an experienced Niles Chapter 13 bankruptcy lawyer committed to helping you get back on your feet. Like many people, you may think bankruptcy is only available to individuals or families with limited income and no assets, but that's simply not true.
Chapter 13 bankruptcy debt reorganization is designed to help individuals and families that have a steady source of income yet find themselves buried under unworkable debt. If you need to regain control of your financial situation, contact my law firm in Niles, Illinois, for your initial consultation.
How Filing For Chapter 13 Bankruptcy Can Help
Many people are reluctant to file for consumer bankruptcy, thinking they'll lose everything. An experienced Niles Chapter 13 bankruptcy attorney can help you gain a fresh start while protecting the property you've worked hard to acquire. I have experience helping clients file for Chapter 13 bankruptcy, which allows debts to be reorganized into a reasonable repayment plan over three to five years.
The purpose of financial reorganization is to ensure your creditors are paid monthly based on a repayment plan. Filing for Chapter 13 can help you save your home, your car and other secured debts, even if you've fallen behind on your payments. After three to five years, any remaining debt will be wiped away. This form of bankruptcy will help you climb out of debt, while protecting your property at the same time.
Understanding The Difference Between Chapter 7 And Chapter 13 Bankruptcy
Chapter 7 bankruptcy provides qualifying individuals and families with a fresh start by wiping away unsecured debts, including:
- Credit card debt
- Medical bills
- Unsecured loans
To qualify for Chapter 7 bankruptcy, you must pass the bankruptcy means test. This is used to determine eligibility for individuals and families making less than the median household income in Illinois. If you have a steady income but one that is higher than the state median, Chapter 13 may be a better option for you. This form of debt relief will allow your debts to be reorganized into a payment plan that makes sense based on your current income. After three to five years, any remaining debt would be eliminated. During your initial consultation, I can help you further understand the differences between Chapter 13 and Chapter 7 bankruptcy.
Let Us Start Working On Your Solution Today
If you're feeling overwhelmed from credit card debt and medical bills, you may want to consider Chapter 7 bankruptcy. However, if you are looking to get caught up on past due mortgage payments, Chapter 13 would probably be a better option. Call 847-292-1989 or use my online contact form to schedule an initial consultation. We can discuss your financial situation to help you better understand the debt relief options available to you.
BAPCPA Disclosure: My firm is a debt relief agency as designated by federal law. I help people file for bankruptcy relief under the Bankruptcy Code.