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Downers Grove Chapter 13 Bankruptcy Attorneys
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In this episode of Learn About Law, Kevin O'Flaherty discusses the process of filing a chapter 13 bankruptcy including the repayment plan, the confirmation hearing, and discharge of debt.
In Chapter 13 bankruptcy, the debtor pays off some or all of his or her debt through payment plans over the course of 3 to 5 years. There are typically 6 steps as a part of chapter 13 bankruptcy plan:
This Learn About Law episode covers the chapter 13 bankruptcy plans, including different classes of creditors, how each creditor must be treated under the payment plan, and how the length of the payment plan is determined.
There are a lot of aspects that go into determining the chapter 13 bankruptcy repayment plans. There are also different types of creditors under a chapter 13 bankruptcy, and this article covers what kind of creditors there are and how they are treated differently under this kind of bankruptcy plan.
This video covers the differences between chapter 13 and chapter 7 bankruptcy in Illinois.
Chapter 13 bankruptcy involves a repayment plan where debtors can pay off their debt in 3 to 5 years, while Chapter 7 bankruptcy involves using assets as collateral and discharging the debt.
Read the full article by our Downers Grove Bankruptcy attorneys to find out more of the difference between the two plans and find out which one would work for you!