312-781-6700
The Bankruptcy Place
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    • Michael R. Richmond
    • Jay A. Heller
    • Thomas A. Auwers
    • Steven Jacobson - of counsel
    • Ottie Andre Bryant - of counsel
    • Dorota Jagodynska - Paralegal
    • Dailia Uriostegui - Legal Secretary
    • Araceli Fuentes - Receptionist
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Chapter 13

Chapter 13 involves the repayment of some or all of your debt.  The payments are spread out over a 3 to 5 year period of time.  The amount required to pay under a Chapter 13 will vary depending upon the circumstances of your particular situation.  That amount may change based upon the amount of your income, the amount of back payments owed on a house or car, or the value of your assets that you wish to protect from the reach of your bill collectors just to name a few considerations.  The important point here is to know that a successful Chapter 13 requires enough income to make the necessary payments over the length of your repayment plan.  For example, if your Chapter 13 plan calls for a payment of $200 per month you must demonstrate that you earn enough money to pay all of your necessary living expense such as food, clothing, shelter, transportation, insurance and personal items and still have at least $200 per month left over in your budget to make the Chapter 13 payment.  If your plan requires a payment of $1,000 per month, again you must show the bankruptcy court how you will be able to make that payment.  If your proof of income supports that you earn enough to make the required monthly payment, then you may be a good candidate for Chapter 13.  Consult an attorney at Heller & Richmond, Ltd. to determine whether or not Chapter 13 makes sense for you. 

Phone: 312-781-6700  or  e-mail: MRichmond@Hellerrichmond.com


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