Des Plaines Bankruptcy Attorney Touts Chapter 13

It doesn’t take much these days to fall behind on your bills.  With rising unemployment, high cost of food, high cost of housing, high cost of automobile financing, it easy to see why people do not have money today. 

If you are falling behind on your bills, you might have an option to reorganize under Chapter 13 of the United States Bankruptcy Code touts Des Plaines bankruptcy attorney.  Chapter 13 is a Chapter that’s commonly used to help people save property and repay either all or a portion of their debt over a 3 to 5 year period.  The amount of the payment plan is determined by a number of factors which include income, expenses, assets and liabilities. 

To start off on a Chapter 13, you need to meet with a Chapter 13 bankruptcy attorney.  The Chapter 13 bankruptcy attorney will have you fill out a bankruptcy questionnaire which contains personal information about the property you own, the people you owe money to get what you make and spend per month.  It is from this bankruptcy questionnaire that your attorney will be able to advise you as to whether or not Chapter 13 is a good idea for you and as to how much it’s going to take approximately per month to make your payments. 

Chapter 13 bankruptcy cases are mandated under the Bankruptcy Code and you will have a Chapter 13 trustee who will be in charge of administering the amount of money that you pay per month to that office.  Think of the Chapter 13 trustee as a dealer in poker.  The dealer in poker, just like the Chapter 13 trustee is going to make disbursements each month to your creditors in accordance to the Bankruptcy Code.  Typically, child-support arrearages, mortgage arrearages, and auto payments as well as your attorney’s fees are paid first in terms of priority.  The last thing that’s paid is typically unsecured debts such as credit card bills, medical bills, personal loans, past-due utility bills and debts for just about any other type of service provider.