Filing Bankruptcy and the Chapter 13 Repayment Plan Option
You spent time deciding on your family home. It has become a part of your
family history because it is tied to the memories that you made in the
house. When your home is in jeopardy because of mounting credit card bills
or other debt, you need to explore your options to protect and save your
home. Our attorneys can help you find the solution you seek.
At Sulaiman Law Group, LTD., we provide our clients with the information
they need to make educated decisions about their lives. We know the law.
We understand that it takes an experienced professional who has seen the
full range of debt relief in order to find the best solution. Our lawyers
will provide you with options and help you to choose the best one for
your situation. Located in Oak Brook, Illinois, we represent clients in
Chicago and the surrounding areas.
Contact our law firm to discuss Chapter 13 bankruptcy and how it can help
you to save your home. Call us at 312-313-1613.
Chapter 13: Are You Sure You Want a Repayment Plan Option?
In a Chapter 13 repayment plan option, often individuals come to the
bankruptcy multiple payments behind in their mortgage. For example, Blake and Crystal*
were five payments behind in their mortgage.
A Chapter 13 repayment plan divides arrears by 60 (which represents the number of months in five years)
and adds that amount to the mortgage payment.
As a law firm, we generally steer our clients away from this type of repayment
plan. Why? We find that they fail more often than not. After all, if you
could not afford your payments prior to the plan, why will you be able
to afford them after more has been added? Do you really want to remain
in negative equity for five years?
As your attorney, we will help you to analyze these situations and find
the best solution to your debt. We will not shield you from the truth.
We will show you each strategy and help you find one that will get you
back on your feet. Put our experience to work for you.
We want to emphasize that this type of bankruptcy is really for individuals
who believe that their financial circumstances will improve. It is for
people who have short-term problems who can recover from their financial
Contact Our Chapter 13 Bankruptcy Attorneys
Our Chicago bankruptcy attorneys work with our clients to help them through
this difficult time. We offer experience, professionalism and attention
to detail in all of our cases.
Contact us online or by calling
*Blake and Crystal are fictitious characters created for the purposes of
explaining and illustrating various bankruptcy situations.