Save Your Car
Crystal Lake, Woodstock, McHenry Illinois
Chapter 7 Bankruptcy allows you to discharge (or wipe out) all of your debts which are legally allowed to be eliminated. You may choose to keep ownership of certain assets such as your car by “reaffirming” the debt on your car loan. The resources freed up by eliminating some of your debts may give you the ability to get caught up on your car payments.
If you have fallen behind on your car payments, Chapter 13 Bankruptcy can be a very powerful tool to save your car. Chapter 13 is designed for people who have fallen behind on their car or house payments and wish to restructure their debt or for people who are unable to discharge their debts through Chapter 7 Bankruptcy. Chapter 13 Bankruptcy allows individuals to consolidate and reduce their debt while retaining ownership of their possessions. It gives you the ability to repay debt in monthly payments over a 3 to 5 year period. Click here for more information on Chapter 13 Bankruptcy
Another option is to work with your attorney from the Pratt & Maegli Law Firm to obtain a Loan Modification. Loan modifications can be obtained on car loans as well as mortgages. A loan modification typically reduces the monthly loan payment amount by obtaining a principal reduction and/or changing the terms of the loan. We know how to negotiate with lenders to obtain a modification that will bring your monthly payment amount back in line with your current economic reality.
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The attorneys at Pratt & Maegli Law Firm understand the emotional issues that you are facing. We are committed to a personal relationship with you.
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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
BANKRUPTCY COUNSELING CLASS (Click here to take the bankruptcy class)
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