Chicago Chapter 13 Bankruptcy Lawyer
Need to file for Chapter 13? Call (312) 945-7451
The steps for filing for Chapter 13 bankruptcy protection can be complicated
at best, requiring professional assistance to complete correctly. Don't
let a simple mistake stop you from removing a massive amount of stress
from your shoulders. Our compassionate and experienced bankruptcy attorneys at
Smith Ortiz, P.C. can help you start securing the future of your finances right now.
Why Choose Our Chicago
Chapter 13 Bankruptcy Attorneys?
Over 25 years of shared debt relief experience
Lawyer who was a tax consultant and holds an MBA
One-on-one service & individualized solutions
$850 special: Learn more in a free initial consultation
Our Chapter 13 bankruptcy attorneys are ready to discuss your case in a
free consultation. Contact our Fullerton office or Downtown office today!
What are the advantages of Chapter 13 Bankruptcy?
Chapter 13, also known as "repayment bankruptcy," is a completely
different process than
Chapter 7, and involves the establishment of a repayment plan in which all overdue
debt is paid off over a 3 - 5 year period. This debt will be divided into
priorities by the court and paid off in a specific sequence. Are you facing
foreclosure on your home? Although our firm is involved in
foreclosure defense, and you may have options to halt the process, filing Chapter 13 may be
the solution that would be the most effective for your situation.
Some advantages of filing for Chapter 13 bankruptcy protection include:
Automatic stay: As soon as you file for Chapter 13, creditors will be barred from pursuing
owed debts and rendered unable to enforce liens due to the creation of an
Flexible repayment: While Chapter 13 bankruptcy typically requires the entire debt to be repaid
over the course of several years, it is possible for an experienced
bankruptcy lawyer to lessen the amount you must pay down to only what you can reasonably
afford. Whatever debt remains is discharged completely.
Lien stripping: If you successfully make all payments towards an established Chapter 13
bankruptcy case, you may qualify for lien stripping – the complete
removal of a second or third mortgage on your home.
Move Forward with Our Chapter 13 Bankruptcy Attorneys
Chapter 13 is often called "wage-earners bankruptcy." In order
to qualify, you must be making an income and have at least $100 of disposable
income per month. Some people do not qualify to file
Chapter 7, as they make too much money or own too many assets. Others do not wish
to file Chapter 7 because they do not want to lose a home through
foreclosure, or may have had a co-signer on their home that would suffer consequences.
At Smith Ortiz, P.C., our Chicago bankruptcy attorney can review your situation
and guide you in the right direction. Some people may be able to avoid
bankruptcy altogether if the right strategy is employed. We do it all, and our guidance
is based upon your specific financial situation and what we believe would
best resolve your financial troubles. We encourage you to discover your