Filing Chapter 13 Bankruptcy in Chicago & Cook County
Chapter 13 bankruptcy — sometimes called a wage earner's plan — allows individuals with regular income to develop a plan to repay all or part of their debts over three to five years. It is one of the most powerful tools available to homeowners who want to save their homes from foreclosure. Attorney Veronica D. Joyner has helped hundreds of Chicago-area families successfully complete Chapter 13 plans.
Chapter 13 Can Help You...
What Is Chapter 13 Bankruptcy?
Chapter 13 is a reorganization bankruptcy that lets you keep your assets — including your home and car — while repaying your debts through a court-approved repayment plan. Unlike Chapter 7, which discharges debts quickly, Chapter 13 gives you time to catch up on missed mortgage payments and other secured debts. The automatic stay goes into effect the moment you file, immediately halting foreclosure, repossession, and all collection actions.
Saving Your Home from Foreclosure
One of the most important benefits of Chapter 13 is its ability to stop a foreclosure and give you time to catch up on missed mortgage payments. When you file, the automatic stay immediately halts foreclosure proceedings. Your repayment plan can then spread out the mortgage arrears over three to five years, making it manageable to get current on your mortgage and keep your home.
How the Repayment Plan Works
Under Chapter 13, you make monthly payments to a bankruptcy trustee, who distributes the funds to your creditors according to the plan. The plan must pay certain priority debts — such as back taxes and mortgage arrears — in full, while unsecured debts like credit cards may receive only a fraction of what is owed. At the end of the plan period, remaining eligible unsecured debts are discharged.
Who Is Eligible for Chapter 13?
To file Chapter 13, you must have a regular source of income and your debts must fall below certain limits set by federal law — currently $465,275 for unsecured debts and $1,395,875 for secured debts. Attorney Joyner will review your situation to confirm your eligibility and help you understand all of your options.
Chapter 13 vs. Chapter 7 — Which Is Right for You?
Chapter 7 eliminates most debts quickly but does not allow you to catch up on a mortgage or keep non-exempt property. Chapter 13 takes longer but gives you the tools to save your home, keep your assets, and repay debts on a manageable schedule. Attorney Joyner will help you compare both options during your free consultation.
Why Choose Joyner Law Office?
Attorney Veronica D. Joyner has helped hundreds of Chicago-area families successfully complete Chapter 13 plans and save their homes. With more than 20 years of experience in bankruptcy law, she provides personalized guidance and aggressive representation throughout the entire process. Our office is located at 120 South State Street in the Chicago Loop, easily accessible by CTA and Metra. Se Habla Español.
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