Warrenville Illinois Debt Repayment Attorney
When thinking about filing for bankruptcy, many consumers and small business owners are not sure if Chapter 7 or Chapter 13 is right for them. The answer is: It all depends on your goals and your financial situation. If you would like to keep the family home or feel obliged to meet your debt obligations, Chapter 13 may be right for you if you are gainfully employed.
We understand that these important decisions should not be made alone. That is why we offer you a free initial consultation in our Warrenville, Illinois office. The founding attorney of Thinking Outside The Box, Inc., Jon Noel Dowat, has focused his entire career on finances, spending 18 years as a financial planner, then going into private practice as a bankruptcy and tax law attorney.
DuPage County Chapter 13 Bankruptcy Attorney
Under Chapter 13, the wage earner’s debt repayment plan, you agree to make regular monthly payments to the trustee for three to five years. Chapter 13 is a useful legal tool for people who have a sizable amount of equity in their home and do not want to lose their property. It allows wage earners and small business owners to get caught up on mortgages, other loans and debts such as taxes and child support which cannot be discharged in Chapter 7 bankruptcy. Many people are surprised to learn that they can repay taxes in a Chapter 13 plan with no interest.
At the end of the period, the unpaid debt is discharged, and you are free to make a fresh start. If you are unable to meet the plan and fall behind on regular monthly payments, an attorney at Thinking Outside The Box, Inc., can explain the alternatives. Forging Creative Solutions
Every bankruptcy and every foreclosure is different, and each requires a fresh approach. To schedule a free initial consultation with a qualified lawyer, call 630-333-9589 or 888-777-4193 toll free, or contact usonline.