Individuals struggling with their finances in Illinois may eventually decide to file for bankruptcy. Bankruptcy can be an important protection for those suddenly facing financial hardship because of lost income or unexpected expenses.
Your lender could potentially foreclose on you if you fall behind on mortgage payments. Chapter 13 bankruptcy can help those worried about possibly losing their house.
Why people choose Chapter 13
Chapter 13 allows you to file a plan that gives you up to 5 years to get caught up on your mortgage payments. If foreclosure has been filed, it stops immediately when your file the Chapter 13. In many cases your unsecured debts, such as medical bills and credit cards, can be wiped out by paying very little and no interest.
Contact a bankruptcy attorney to learn how Chapter 13 can help you save your house.