Wendy R. Morgan

Serving Cook, DuPage, McHenry and Lake Counties

Chapter 13 Reorganization

Chapter 13 Bankruptcy will help you reorganize your bills, stop foreclosure, repossessions, garnishments and high credit card interest to make debt repayment easier for you. Under a Chapter 13 Bankruptcy Debt Repayment Plan, you will repay all or a portion of your debt, sometimes as low as 10% to your unsecured creditors, over a three to five year period. During the repayment period, creditors are prohibited from pursuing collection. Filing Chapter 13 Bankruptcy will stop foreclosures and repossessions and give you breathing room from non-dischargeable debt such as tax debts, student loans, child support and maintenance. Although you may not eliminate most student loans in a Chapter 7 Bankruptcy, you can consolidate them with your other bills, in a Chapter 13 Bankruptcy, and stop collection action against you. Stop the collection action and garnishments related to student loan debts and consolidate your bills so that you may repay them in a plan that is feasible for you.

Chapter 13 Bankruptcy may be right for you if you want to repay your debts or if you do not qualify for Chapter 7 Bankruptcy. Chapter 13 Bankruptcy can help you make up missed payments on your car or mortgage so you can keep your property. Chapter 13 Bankruptcy can also help you get rid of a second mortgage, which is called "lien stripping," if the remaining balance your first mortgage is for more than the value of your house.

Your cosigners receive the same protection that you receive under Chapter 13 bankruptcy. Through a Chapter 13 bankruptcy, we will protect your cosigners from collection activity, and the creditors must wait to be paid. So, if your friend or relative cosigned on your vehicle, and you are having trouble affording the payments, your remaining balance may be placed inside a Chapter 13 Bankruptcy.

In order to qualify for a Chapter 13 Bankruptcy, you must be working or have a consistent source of income for your repayment plan to be approved by the Court. Not only must you be able to pay for your monthly living expenses, but you must also be able to make the monthly payment to the trustee to consolidate your debts.

The Law Firm of Wendy R. Morgan is a well established practice with over 30 years of extensive experience in helping people reorganize their debt and get the fresh start they need. Knowledgeable advice and reliable representation from our experienced attorneys has helped clients throughout the Chicago area reorganize debt and get on the path to a fresh financial future.

If you're overwhelmed and looking to reorganize your debt, contact The Law Firm of Wendy R. Morgan and schedule an appointment with one of our experienced, compassionate and skilled attorneys to find out if Chapter 13 Bankruptcy is right for you.

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Wendy R. Morgan