Schaumburg Chapter 13 Bankruptcy Lawyer
Suburban Legal Group PC provides Chapter 13 Bankruptcy attorney services in Schaumburg, IL
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Suburban Legal Group PC – Schaumburg Office:
1305 Remington Road, Suite #C, Schaumburg, IL 60173
Schaumburg Chapter 13 Bankruptcy and Legal Services
Suburban Legal Group PC has a law office in Schaumburg Illinois.
Its complete address is 1305 Remington Road, Suite #C, Schaumburg, Illinois 60173.
While Schaumburg has been dubbed ‘The Place for Business’ by the Village website, many business-owners and citizens in the city currently face significant financial challenges.
The fact is that Schaumburg is one of the largest centers of economic development in the State of Illinois, outside the City of Chicago. In addition to the 9.5 millions square feet of retail and commercial space, the village has over 12 million square feet of office space and 13.5 million square feet of industrial space.
However, the area has been hit hard by the real estate market and financial challenges over the last few years, and many residents are now forced to consider Chapter 13 Bankruptcy a solution to their financial woes.
Chapter 13 Bankruptcy Lawyer in Schaumburg
Filing a Chapter 13 Bankruptcy in Schaumburg allows a debtor to make payments on outstanding debt over a period of up to 60 months. As opposed to Chapter 7 Bankruptcy, which liquidates unsecured assets to pay creditors, Chapter 13 restructures an individual’s financial profile and helps them find a way to pay down debts, show commitment to making payments and ultimately be discharged of remaining debt so that they can move forward.
- One key trait of Chapter 13 Bankruptcy in Illinois is that you must currently be working or have a consistent source of income for your repayment plan to be approved by the court.
- You must be able to pay for your monthly living expenses, in addition to consolidation payments to a trustee over a 3-5 year period.
- If payments are not made to the trustee in a timely manner, the case may be dismissed.
If you have money to make payments, why file for Chapter 13 Bankruptcy?
While you may have a job and enough income to feel somewhat secure despite your financial challenges, Chapter 13 Bankruptcy can still help you resolve significant debt:
- If your Income is Too High: Some people file for Chapter 13 Bankruptcy in Schaumburg because they have too much income to qualify for liquidation through a Chapter 7 Bankruptcy filing.
- Previous Chapter 7 Filing: Some may chose this route because they are ineligible for Chapter 7 Bankruptcy. If you filed for Chapter 7 in the preceding eight years you are not eligible to file again.
- The Process Stops Foreclosures and Repossessions: Chapter 13 Bankruptcy can help you keep your property while managing a more affordable payment plan.
- Too Many Assets: You could be able to retain your assets while paying your debts through a consolidation bankruptcy if:
- You have too much equity in your house
- You have assets that exceed the protected or exempt amounts
An experienced Chapter 13 Bankruptcy Lawyer is your best resource for determining whether you should file for Chapter 13 Bankruptcy in Schaumburg.
Reasonable Fees for Chapter 13 Bankruptcy Filing in Schaumburg
Is Bankruptcy the choice for you? Let us help you determine what your options are and create a road map to help you get out of debt. Our goal at Suburban Legal Group PC is to address your financial challenges while providing a reasonable fee and payment plan options to our clients.
Request a Free Chapter 13 Consultation Today.