Helping Clients Develop A Repayment Plan Through Chapter 13

Kane County Courthouse  |  Geneva, Illinois

For those that do not qualify to file a Chapter 7, or it is not what they need depending on their circumstances, there are numerous options set forth in the Bankruptcy Code that might be better solutions. We encourage you to discuss your specific situation with a skilled bankruptcy attorney who can provide answers and the legal guidance you need.

At Petti Murphy & Associates, we have guided clients in the Chicago metro area through the process of Chapter 13 bankruptcy as they fight to build a more stable financial future.

What Is Chapter 13?

For individuals who do not qualify for Chapter 7 based on the means test, Chapter 13 is a debt relief option. Chapter 13 is a way for individuals to reorganize and consolidate their debt in a repayment effort. Based on stable income, the repayment period can last either three or five years. Once the repayment is successfully completed, any remaining unsecured debt can be discharged. A Chapter 13 bankruptcy is a reorganization of your debt, whereas a Chapter 7 bankruptcy is a liquidation of your debt.

A Chapter 13 bankruptcy is generally used for people who want keep assets when they have more equity than they can protect with their Illinois exemptions, or they are behind on their mortgage and/or car payments and want to keep their house and/or car.

Why File A Chapter 13?

There are numerous reasons why our Illinois clients choose to file for Chapter 13 bankruptcy.

  • Avoid foreclosure
  • Prevent repossession
  • Possibility of discharging certain types of IRS debt
  • Protect your assets
  • Making one payment to a trustee rather than to all the creditors

Additionally, the debt repayment plan might see a reduction in the amount of unsecured debt to be repaid. The amount to be repaid is determined by several factors including your disposable income.

Our lawyers have more than 100 combined years of litigation and negotiating experience, and will move your bankruptcy case through the process as efficiently as possible.

Contact Our Geneva Office Today To Discuss Your Debt Relief Options

Our office hours are 8:30 a.m. to 5 p.m. weekdays. Call our Geneva office at 630-457-1691 for a free half hour consultation. You may also contact us by email anytime.

We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.