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OUR NEW COMMERCIAL
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Ernesto D.
Borges, Jr.
is one of the leading attorneys in Illinois with a focus in
bankruptcy and debt elimination.
View Our Info Videos Here!
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What is a Chapter 13
Bankruptcy?
Chapter 13
allows you
to save your property, such as your house or car, from
foreclosure or repossession. One of the benefits of
Chapter 13
is the
ability to repay some or all of your debts at a lower
percentage, without interest (in most cases) during a
three (3) to five (5) year period.
Basically, we will set up a
Chapter 13
plan to
include most, if not all your debts, into easy monthly
Trustee payments that go directly to the
Chapter 13
Trustee,
who then pays your creditors. To qualify for
a Chapter 13
bankruptcy, you must have regular income and sufficient
funds to pay your monthly Trustee payments.
What We Can Do For You
• get
all the harassing creditor phone calls off your back by
accepting all your creditor calls
• pull your credit report at no extra charge to you
• prepare your bankruptcy petition and personally review
your petition with you
• we will fax the notice of bankruptcy filing to your
employer or creditors as necessary, which would
immediately stop wage garnishment, foreclosure
proceedings and/or vehicle repossessions
• represent you at your mandatory “341 Meeting of
Creditors”
• prepare your case for court approval
• answer all your questions
• prepare motions that you may need
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 Chapter
13 Benefits
• stops
foreclosure proceedings
• stops wage garnishments
• stops car repossessions and, in most cases, allows you to get
your repossessed car back
• can allow you to pay your creditors back at little as $0.10
cents on dollar, depending on your particular circumstances
• reinstates your suspended driver’s license
• discharge some debts that would not be dischargeable in other
Bankruptcy cases.
• allows people who do not qualify for Chapter 7 bankruptcy
relief to get bankruptcy relief
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How
Long Does Chapter 13 Take?
Chapter 13 is implemented under court
supervision. A typical plan is about 36 months. At the end of
the plan, you will be discharged from all dischargeable,
unsecured debts.
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Chapter
13 Eligibility
You must pass the “means tests” and have a regular source of
income to make the monthly trustee payments.
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Foreclosure