Kane County Chapter 13 Bankruptcy Attorney

Filing for Chapter 13 Bankruptcy in Kane County

A Chapter 13 bankruptcy involves using your income to pay some or all of the debt that you owe to your creditors over a period of 3 to 5 years. The time it takes to repay the debt depends on the size of your debt and your income. At Law Office of Joseph P. Doyle, we have years of experience in bankruptcy law, and we offer personal, one-on-one services to each individual we work with. We would like to speak with you about your financial situation, and answer your questions about Chapter 13, and your other concerns. We make ourselves available to our clients, and our goal is to help them to get back on the road to financial freedom.

About Chapter 13 Bankruptcy in Kane County

In Chapter 13, a structured repayment schedule is created based on your income and your debt. This form of bankruptcy and the repayment schedule, allows you to avoid losing any property or other assets through liquidation as would occur in Chapter 7. This repayment plan is the most integral part of a Chapter 13 bankruptcy. A court-appointed bankruptcy trustee will review your proposed repayment plan in order to determine if it is reasonable and meets the criteria regarding the use of disposable income in repayment plans, and that it will satisfy the debt you owe to various creditors.

Once your repayment plan is approved by the court, you will be required to make your first payment within 30 days after the date you filed your bankruptcy petition. After making your initial payment, you will be required to make monthly payments to the bankruptcy trustee, and the funds will be dispersed to the appropriate creditors. When the repayment schedule is successfully completed, and debts that remain will be discharged and you will free from that point forward. It usually takes from 3 to 5 years to successfully complete a Chapter 13 repayment schedule.

Importance of Having a Kane County Bankruptcy Lawyer

Chapter 13 relies on the use of your income to repay some or all of your debt, which means that you are required to prove that you can afford to make your payments. If it is deemed that your income is too low, or not reliable, you may not be eligible to file for Chapter 13 bankruptcy. Likewise, if you have accumulated a large amount of debt, it could be more difficult to get approved to file Chapter 13. The critical point is to have an attorney that knows the process and is able to craft the most effective repayment plan for you, and get it approved by the court.

To learn more about filing for Chapter 13 bankruptcy in Kane County, contact the Law Office of Joseph P. Doyle. We can help you determine if Chapter 13 is the right option for you. Contact us today.