Crystal Lake (815) 788-9511

Pros and Cons to a Chapter 13 Bankruptcy (Lake in the Hills)

If you are considering filing for Chapter 13 bankruptcy, you should understand the important aspects.  If you have questions about any matter related to filing for Chapter 13 bankruptcy, please contact us at 815-788-9511 for a free consultation!

Pros and Cons to a Chapter 13 Bankruptcy

The Pros:

  • it protects you from your creditors
  • it allows you to keep all assets, such as real estate, vehicles, savings, and personal property
  • it allows you to repay your debt over an extended period of time
  • it sometimes allows you to discharge general unsecured debt

The Cons:

  • it requires you to have sufficient regular income to propose a feasible plan that meets all of the court's requirements
  • it requires you to make monthly payments for a period of 3 to 5 years
  • it sometimes requires that 100% of the debt be repaid
  • if you fail to make all required payments, the case will be dismissed

If you would like to get a free evaluation from a Chapter 13 bankruptcy attorney near Lake in the Hills, contact us online or call our firm at 815-788-9511.

Contact Us

Law Office of Timothy Brown is committed assisting individuals in need of Debt Relief, Bankruptcy Litigation, Chapter 7, Chapter 13, Creditor Harassment Defense, Debt Collection Defense, and Foreclosure law issues in Illinois.

We will discuss your case with you at your convenience. Contact us today to schedule an appointment.