What is Chapter 13 Bankruptcy? Do I need it?

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Chapter 13 Bankruptcy is also referred to as “Wage Earner” or “Reorganization” Bankruptcy. Chapter 13 is not what most people think of when they think of Bankruptcy. Chapter 13 bankruptcy is not as drastic as Chapter 7 bankruptcy and can be easier to implement if you qualify. Here is a simple test to determine if you should contact a Skokie bankruptcy attorney for a Chapter 13 Bankruptcy:

• After paying for all of your necessary expenses every month (mortgage/rent, utilities, car payments, food, insurance…etc) do you have at least $300 left over before paying for credit card debt?
• Do you owe less than $72,000 in credit card debt? 

If you can answer yes to both of these questions then it is time to contact a Skokie bankruptcy lawyer about filing for Chapter 13 Bankruptcy and to get your bankruptcy questions answered.  Our Skokie foreclosure attorneys can also discuss how to stop foreclosure and save your property.