We assist people and businesses in dealing with debt issues, including filing bankruptcy when necessary.
CHAPTER 13 INDIVIDUAL BANKRUPTCY:
Chapter 13 is often referred to as the “repayment form of individual bankruptcy”, it is available to individual wage earners and to people who run businesses. Most people who file file Chapter 13 Bankruptcy will be able to keep everything they own, their house, their car, and other items. The Bankruptcy Court does, however, exercise oversight and may require that you give up an expensive automobile or similar item to proceed with the plan.
Chapter 13 is ordinarily used by individuals who have fallen behind in payments on their mortgage, but it can be used in other situations. Chapter 13 can be used to stop a foreclosure and force a mortgage holder to take payments on the mortgage arrears. Chapter 13 can also be used to stop repossessions and force automobile lenders and other secured creditors, such as furniture lenders, to take a payment agreement.
In some cases it is possible to force the lender to modify the terms of a mortgage, automobile or other secured loan resulting in you paying substantially less to your creditors on these loans.
Chapter 13 also puts unsecured creditors such as charge cards, medical bills, judgment creditors and even Federal and State Tax creditors on a payment agreement, where they often receive only a small percentage of the amount they are claiming against you.
Filing a Chapter 13 generally stops all creditor harassment and can be used to stop an active garnishment or levy against a paycheck or bank account. Completing a Chapter13 usually puts an individual in a better position to obtain future credit than they were in before filing Chapter 13. There are income limitations on filing Chapter13 bankruptcy, so it is not always available as a remedy for higher income individuals who have debt problems.
Chapter 13 Bankruptcy does not get an individual out of obligations for Child Support or Alimony, “DUI Claims” or, under most conditions for liabilities for student loans. You may be able, however. to arrange a payment agreement on the arrears on these debts through the Court.
For most people who file Chapter13 Bankruptcy, filing the bankruptcy is, oddly enough, the first step to improving their credit. A Chapter13 will show up on your credit report and it is not, in and of itself, a good thing to have on your credit. In addition, a bankruptcy does not take anything off of your credit report. All of the old credit history continues to be shown on the credit report.
However, for most people who file bankruptcy the fact that a completed (discharged) bankruptcy appears on their credit report means that a lot of debt, including old unpaid debt, lawsuits, judgments, repossessions or other adverse items are no longer active debts. After Discharge the Creditors can no longer collect from you. This means you no longer have to worry about garnishments, bank levies, lawsuits, and embarrassing telephone calls at home or at work. In addition, since your credit no longer includes “unpaid open items” it becomes possible for lenders to begin considering you for various types of loans. This is particularly true if you are careful and begin to develop a good payment history on your debts after you file.
The process of filing a bankruptcy involves preparation and filing of some fairly complex forms, and accumulating backup documentation. These forms have to be filed with the Bankruptcy Court and much of the backup documentation has to be provided to other administrators involved in your case. You have to take a credit counseling course before filing bankruptcy and during the time your case is pending. These courses are normally considered to be fairly straight forward courses and they are normally taken online.
After filing the bankruptcy you must ordinarily begin making payments on your mortgage (if you have one) immediately after filing and pay an additional amount to a Bankruptcy Trustee each month. The additional amount is the “Bankruptcy Plan Payment”. Calculating the amount of this payment is a complex matter and it is best to contact an attorney for advice on this matter if you are considering filing a Bankruptcy. Most Bankruptcy attorneys will provide you with some information on the amount you are likely to be expected to pay to the Bankruptcy Trustee without charging you.
If you file bankruptcy and you live in Cook County, you will have to travel to downtown Chicago to attend a meeting conducted across a desk from an administrator (Trustee). If you live in Will County your meeting will be held in Joliet, and if you live in DuPage County your meeting will be conducted in the area of the DuPage County Court Complex in Wheaton. If your schedules are accurate, (and ours “almost always” are) the meeting goes smoothly although a few modifications to the schedules are ordinarily required. The Bankruptcy Attorney then works to get your “Chapter 13 Bankruptcy Repayment Plan” approved by the Bankruptcy Court. There are often modifications made to this plan before the Bankruptcy Court approves the final version. Once the Plan is Approved you make the require payments over the period of time required by the Court and once all payments are made you receive a “Discharge”.
If you are looking through websites and trying to learn as much about bankruptcy as you can, we commend you and encourage you to learn all you can on the subject. As you are finding out, however, Bankruptcy is a surprisingly complex area of law, so at some point you may want the opportunity for a face to face meeting with a trained Bankruptcy Professional. This meeting can help you confirm what you are learning and help you in determining which form of bankruptcy or other debt management technique can be of use to you. To assist you in making it as easy as possible for you to determine the best way for you or your business to proceed when you face debt, tax and litigation issues, this firm offers a FREE, PERSON TO PERSON, CONFIDENTIAL CONSULTATION, WITH AN ATTORNEY OR OTHER TRAINED BANKRUPTCY PROFESSIONAL.
Arrange for a Free, Confidential, Consultation by e-mailing us from this Page or by Calling Us at (708) 598-5999.
This Firm has filed over 3,000 bankruptcies assisting individuals and businesses, at times utilizing each of the applicable business and individual chapters of the bankruptcy code to help individuals and businesses deal with their debt. We have assisted many thousands more in determining their rights or appropriate courses of action available to enable them to handle their debts including credit cards debt, medical bills, foreclosures, tax liabilities, lawsuit, judgments and similar problems.
Utilizing EXPERIENCED DEBT PROFESSIONALS to handle these types of problems is your wise course of action.
We Maintain Convenient Hours of Operation, Including Evening and Weekend Hours and
Our Rates are Considered Reasonable and We Work With People On Making Payments
Making it as Easy as Possible for You to Find Out What You Need to Know and Take the Action You Need To Take.
TO MAKE THE PROCESS EVEN EASIER, OUR FIRM IS CONVENIENTLY LOCATED IN THE SOUTHWEST SUBURBS, very near a number of expressway exits so you don’t have to lose time to get the information you need.
FIND OUT WHAT YOU NEED TO KNOW. It could be how to handle a personal situation or one for your business.
The Law Offices of Thomas W. Lynch & Associates, P.C.
9231 S. Roberts Road
Hickory Hills, IL 60457
TEL: (708) 598-5999 – FAX: (708) 598-6299
E-Mail: info@thomaswlynchpc.com
Please download, print and read the Initial Interview Bankruptcy form. 
The Law Offices of Thomas W. Lynch & Associates, P.C.
9231 S. Roberts Road
Hickory Hills, IL 60457
TEL: (708) 598-5999 – FAX: (708) 598-6299
E-Mail: info@thomaswlynchpc.com
Learn about different types of Bankruptcy:
- Chapter 11 Business Bankruptcy
- Chapter 7 Individual Bankruptcy
- Chapter 13 Individual Bankruptcy
- Chapter 7 Business Bankruptcy
We are serving the following towns and their surroundings:
