Tinley Park Chapter 13 Bankruptcy Attorneys

Our Tinley Park chapter 13 bankruptcy attorney Kevin O'Flaherty sits down to explain the process of chapter 13 bankruptcy. Once our experienced attorneys decide Chapter 13 is the right plan for you and your financial needs, we then have our clients take a credit counseling course with certification of completion before filing. From there attorneys will be able to collect your financial information and scheduling that includes: assets, liabilities, income, and expenses. These will then be submitted to the court who will notify any creditors you owe money to of the bankruptcy. Collections from these creditors will be put on pause while our Tinley Park attorneys help you come up with a payment plan that satisfies your needs and income. A Trustee, or court appointed attorney, will be a part of the process as well collecting the payments for creditors.

In this video, our Tinley Park chapter 13 bankruptcy attorneys break down the repayment processes of chapter 13 bankruptcy. In a chapter 13 bankruptcy you have to determine how much of your income is distributed throughout a 3-5 year period that is paid to your trustee or the court appointed attorney that looks over your case. The trustee then gives and distributes these payments to your creditors you are in debt to. Different creditors can result in different types of payment plans that vary from how much you pay a month, to how much is distributed to each creditor. These types of creditors are: priority, secured, and unsecured creditors. Our Elmhurst attorney goes on to explain each type of creditor in full to give insight to which one may be right for you!

In this video, our Elmhurst chapter 13 bankruptcy attorneys explain the differences and advantages to each type of bankruptcy a client could file and how it is possible to keep your home and vehicles in a chapter 7 bankruptcy. All of your debts in Chapter 7 are dischargeable. If your home or car has over or above exemption amounts then the trustee can collect that to pay the creditors, but most times clients have under the exemption amount and are able to keep their belongings with the help of our advising at O'Flaherty Law. Our Elmhurst attorney goes on to explain how Chapter 7 usually makes the most sense for wiping out your debt. Your future income is used to pay your debt in Chapter 13 instead of liquidation. It usually takes 3-5 years to pay off this debt. Unless there are certain situations, Chapter 7 is more beneficial unless you are ineligible. Ineligibility can be due to things Such as if you have a high income, or have already filed for Chapter 7 in the past ten years, instead Chapter 13 may be right for you. Chapter 13 may be suitable for people who have a lot of equity in their home or car as well to avoid them being taken in a Chapter 7 case.