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Chapter 13

 
A Chapter 13 Bankruptcy is often called the repayment plan. Under Chapter 13, a debtor files a petition listing all of the debts owed and the monthly income and expenses in order to come up with the Chapter 13 Repayment Plan. The Plan is anywhere from 3 to 5 years long and the payments are determined by the debtor’s monthly disposable income (monthly income – expenses). While the Plan is in effect, the debtor continues to make ongoing monthly payments, such as mortgage payment, car payment, and other debt payments. Unlike Chapter 7, under Chapter 13, the debtor is not required to sell any assets. After all the payments are made, any remaining past due portions of the debts are discharged, and all current debts continue. 
 
To learn more, visit the Frequently Asked Questions page, or the Chapter 7 page.
 
If you want to get started with a bankruptcy, please email us at info@jamescalvolaw.com, call us at (630) 857-3788, or fill out the form below.
 
Calvo Law Offices, P.C.
119 N Ellsworth St., Naperville, IL 60540
 
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