Everyone deals with some form of debt in their lives, but some people have more debt than they can handle. When debt becomes too much, many people end up getting into more debt, by trying to get loans or credit cards to pay their bills. Though this can provide temporary relief, it does not fully take care of the problem and actually makes it worse. When dealing with debt, it is important to stay proactive. Ignoring creditor calls and letters will not make your debt go away. Instead, you need to contact each of your creditors and try to make arrangements on the debts you owe. If you have done all you can to try and pay down your debts and are still having difficulty, it may be time for you to consider filing for bankruptcy. Through the chapter 13 bankruptcy attorneys in Chicago, you can have the help you need with your debts.
How Does Chapter 13 Bankruptcy Work?
Chapter 13 bankruptcy allows you to pay down your debt over a period of three to seven years, depending on the amount of debt you owe. In this type of bankruptcy, you do not have to liquidate your property and can keep your home, vehicle and other assets. You will be required to pay a monthly payment to the court. The payment amount you make each month will be divided among your creditors so your debt can be paid down. It will take time, but this will eventually help you to be debt-free.
When filing for chapter 13 bankruptcy, you will need to make sure all of your debts are listed in the paperwork. If you were to leave any out, you will be responsible for these debts and could have your wages garnished or be called to court. You should list all debts, no matter how big or small, so they can be covered under the bankruptcy. This will allow the chapter 13 bankruptcy attorneys in Chicago to be better able to assist you in overcoming your debts.
For more information on chapter 13 and other types of bankruptcy, visit the website They will be glad to assist you through the process of filing for bankruptcy and overcoming your debts permanently.
