Most individuals who file a bankruptcy case, file a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. A Chapter 13 bankruptcy is a repayment plan, pursuant to which a debtor pays a percentage of the unsecured debt over three to five years. The amount of the percentage varies, and usually depends on the amount of a person’s disposable income. There are certain advantages and disadvantages to both types of bankruptcy chapters. Some people will not be able to file a Chapter 7 bankruptcy if their income is too high.
(Call 1-847-383-5647 for an appointment)
Bankruptcy lawyer Diane Brazen Gordon has an office in Lincolnshire, Illinois, and provides compassionate guidance and over twenty years of legal experience to people contemplating bankruptcy. She can be reached at (847) 383-5647.