Chapter 13 Bankruptcy Protection
Crystal Lake, Woodstock, McHenry, Illinois
Chapter 13 Bankruptcy is designed for individuals who have fallen behind on their house or car payment and wish to keep their homes or cars. In a Chapter 13 Bankruptcy, the Pratt & Maegli Law Firm helps clients enter into a payment plan for a portion (sometimes as low as 1%) of their unsecured debt. Unsecured debt can also include credit card debt. This means that Pratt & Maegli Law Firm clients have the ability to get caught up on their home and/or car and/or credit card debt over a period of time. Chapter 13 Bankruptcy is also designed for clients who are unable to discharge their debts in a Chapter 7 Bankruptcy. Chapter 13 consolidates overdue bills and allows you to repay the amount you owed pre-filing in monthly payments for a period of up to 5 years. In most cases, a substantial portion of the pre-filing debt is eliminated.
The Chapter 13 Process:
In your initial consultation with an attorney from the Pratt & Maegli Law Firm, we will look at your financial situation. If the attorney agrees that Chapter 13 Bankruptcy is right for you, then we will prepare a Chapter 13 Petition and Repayment Plan that suits your particular circumstances. Your monthly payment depends on your income, your expenses, and how much debt you have. The Chapter 13 repayment plan will provide for one monthly payment to the Trustee who distributes this amount to your creditors. You will receive a discharge of your debts when you have made all of the plan payments.
Through Chapter 13 Bankruptcy, the Pratt & Maegli Law Firm can help you reduce your total unsecured debt to only a fraction of that which is owed. The amount you will be required to pay will be more manageable because it is based on your available monthly income. Remember that other debts, such as non-dischargeable priority debts, will still need to be paid in full. These include child support, maintenance/alimony, taxes, and criminal fines.
Contact the Pratt & Maegli Law Firm today for your free consultation. We will be happy to talk with you about your specific situation and help you decide if filing for Chapter 13 Bankruptcy will give you the break you need to get caught up on your debts.
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5411 E. State Street, Suite 202
Rockford, IL 61108
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5411 E. State Street, Suite 202, Rockford, IL
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The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Disclaimer: The Pratt & Maegli Law Firm, P.C. is a Debt Relief law firm as defined by 11 U.S.C. 528. We help people file for Bankruptcy Relief under the Bankruptcy Code. We do not guarantee any result and prior results do not guarantee a similar outcome. This is an attorney advertisement and this website is for informational purposes only.
© 2021 Pratt & Maegli Law Firm. All Rights Reserved. Pratt & Maegli Law Firm is a debt relief agency. We help people to file for bankruptcy relief under the Bankruptcy code.
5411 E. State Street, Suite 202, Rockford, IL 61108