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In a Chapter 13 bankruptcy, the debtor pays off some or all of their debt through a 3-to-5-year payment plan. This is different from a Chapter 7 bankruptcy, in which the debtor’s assets are collected and used to pay creditors, while any remaining debt is immediately discharged.
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April 23, 2026
In this article, we explain the Chapter 7 bankruptcy process in Illinois. We will explain the difference between Chapter 7 and Chapter 13 bankruptcy, how to determine if Chapter 7 bankruptcy is right for you, how to file for Chapter 7 bankruptcy, what to expect from the First Meeting of Creditors, and what happens after that in your Chapter 7 bankruptcy case.
September 5, 2024
In this article, we illustrate how to get rid of a second mortgage or HELOC in Chapter 13 bankruptcy in Illinois using a process called “lien stripping.” We also answer the following questions: What is a lien on a home?, What is lien stripping?, How does lien stripping work in Chapter 13 bankruptcy in Illinois?, Does lien stripping make my second mortgage go away immediately?, and Is lien stripping an option with any other type of bankruptcy?
September 5, 2024
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