Getting Out Of Debt with a Chapter 13 Repayment Plan
Chapter 13 is a debt repayment plan that allows people who have steady income to overcome the burden of unmanageable debt. At the East Alton, Illinois, the Law Office of Susan F. Grammer, Attorney at Law we can help you file for Chapter 13 personal bankruptcy relief.
If you are not eligible for Chapter 7 bankruptcy because of income or for other reasons, it is likely you will qualify for Chapter 13. Our bankruptcy lawyers will review your financial situation and the nature of your debt and advise you if Chapter 13 bankruptcy is your best option. If there are other debt relief options available to you, we advise you of that as well.
The Benefits of Chapter 13 Bankruptcy
Debt is stressful. Calls from creditors, wondering if your wages will be garnished or your car repossessed — these fears create tremendous stress. One of the most significant benefits of filing for Chapter 13 bankruptcy is knowing that you have finally taken a concrete step to improve your financial situation, reduce your debt and your stress.
Filing for Chapter 13 bankruptcy protection will:
- Stop creditor harassment by phone or letters
- Temporarily stop or permanently prevent home foreclosure proceedings
- Temporarily or permanently stop repossession of your car
- Remove fines and late fees on your debts
- Lower or eliminate the interest payments on your loans
- Give you a clear plan of debt repayment that will help rebuild your credit rating over time
In Chapter 13 bankruptcy, you'll pay some or possibly all of the money you owe, and these payments will be made on a schedule you can meet.
What Chapter 13 Does Not Do
Like Chapter 7, Chapter 13 bankruptcy does not erase student loans, back taxes, child support and alimony, and some other types of debts. If you are facing repossession or foreclosure, you can reaffirm your debts and keep your property, but Chapter 13 does not reduce your secured debts.
Our Illinois bankruptcy attorneys have helped many wage earners in Illinois and Missouri obtain debt relief under Chapter 13 of the U.S. Bankruptcy Code. Attorney Susan Grammer is licensed to practice in both Illinois and Missouri. We have more than 29 years of experience handling personal bankruptcy.
Helping You Rebuild Your Credit and Your Financial Stability
If you are considering bankruptcy as a way to handle overwhelming debt, we can help you understand how it might help your specific financial situation. Call us today at 618-216-6679 or contact us online.
We are a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.
