Individuals at certain income levels are not eligible to file for bankruptcy under Chapter 7; so a Chapter 13 bankruptcy filing must be considered. Also, individuals with large debts that are not dischargeable under Chapter 7 may elect to file a Chapter 13 bankruptcy petition. We can review your unique financial situation, at no charge, in order to help you determine which Chapter of the Bankruptcy Code is right for you.
DEBTS THAT ARE NOT DISCHARGEABLE UNDER CHAPTER 13:
Chapter 13 bankruptcy allows for more types of debts to be discharged than in a Chapter 7 bankruptcy filing. However, the following types of debts will not be discharged under Chapter 13 of the Bankruptcy Code:
FAMILY SUPPORT OBLIGATIONS
OLD TAXES FOR WHICH NO RETURN WAS FILED
DRUNK DRIVING JUDGMENTS
Most other types of debts can be discharged in a Chapter 13 bankruptcy filing. There are also other benefits of filing under Chapter 13. A Chapter 13 bankruptcy plan allows the debtor to cure defaults on certain loans, for example, a home loan. A Chapter 13 bankruptcy plan also allows the debtor time (3 to 5 years) to repay past-due family support obligations and priority tax claims.
Please contact us so that we can help you determine whether filing under Chapter 13 of the bankruptcy Code will help you regain control of your financial situation.
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Law Offices of Barry Kreisler, P.C., A Bankruptcy law firm with attorneys serving chapter 7 and chapter 13 bankruptcy law clients throughout Chicago, the Chicago metropolitan Area and Northwest Indiana, including the counties of Lake, Porter, and LaPorte and cities of Crown Point, Merrillville, Highland, Munster, Griffith, Schererville, Dyer, St. John, Gary, Hammond, Hobart, Portage, East Chicago and Valparaiso.
Contact Chicago and Northwest Indiana Bankruptcy Attorney Melanie Pennycuff now at (773) 394-6400, Ext 3 or on her cell phone (773-428-9988) for a free, no obligation initial consultation
