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In a Chapter 13 bankruptcy, the debtor pays off some or all of their debt through a 3-to-5-year payment plan. This is different from a Chapter 7 bankruptcy, in which the debtor’s assets are collected and used to pay creditors, while any remaining debt is immediately discharged.
September 5, 2024
In this article, we’ll discuss unsecured debt and Chapter 13 bankruptcy in Illinois and answer the following questions: what types of debt are covered under Chapter 13 bankruptcy?, how much does income factor into Chapter 13 bankruptcy?, and what is the “Best Interest of Creditors Test?”
September 5, 2024
In this article, we illustrate how to get rid of a second mortgage or HELOC in Chapter 13 bankruptcy in Illinois using a process called “lien stripping.” We also answer the following questions: What is a lien on a home?, What is lien stripping?, How does lien stripping work in Chapter 13 bankruptcy in Illinois?, Does lien stripping make my second mortgage go away immediately?, and Is lien stripping an option with any other type of bankruptcy?
September 5, 2024
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