If you're having trouble keeping up with car or mortgage payments, reach out to John H. Redfield. As a Chapter 13 bankruptcy attorney with over 40 years of experience, you can trust attorney Redfield to help you find out whether Chapter 13 bankruptcy is right for you. If it is, he'll show you how to file for bankruptcy in Barrington, IL. Chapter 13 bankruptcy is designed for individuals or husbands and wives. It may be the right choice for people who need to repay tax debt or want to save their house, but have too many assets or have too much income to file a Chapter 7. Filing a Chapter 13 proceeding or any other proceeding immediately stops foreclosures and any other creditor action. As a former bankruptcy trustee, John Redfield knows both sides of the debtor-creditor relationship. Using his knowledge of a creditor's wants and needs, he more effectively helps resolve your financial problems.
Contact John H. Redfield now to schedule a consultation with a Chapter 13 bankruptcy attorney.
Accumulating debts can leave you feeling as if you have lost control over your life. Filing for Chapter 13 bankruptcy may reestablish financial control. When you file for Chapter 13 bankruptcy, your debts are reorganized. Some payments may be consolidated. This reorganization of your debts decreases your overall monthly bills and prevents the loss of your real estate. You may be able to "strip off" mortgages on your residence if the amount of your first mortgage clearly exceeds the fair market value of your residence. It may be necessary to hire a qualified real estate appraiser to accomplish this in court.
At the time of filing for bankruptcy, you will be required to establish a repayment plan. Typically, this plan requires you to pay back your debts in whole or in part over three to five years. By filing for Chapter 13 bankruptcy, you can pay off your debt in manageable monthly installments. Chapter 13 bankruptcy allows you to:
A recent client of Redfield & Associates wanted to reduce the monthly payments under their 100% chapter 13 plan case because all the creditors did not file claims by the bar date. The chapter 13 trustee objected to the extension because they wanted the case to conclude faster for the benefit of the creditors. Based on Attorney John Redfield's argument and legal authority, the court allowed the extension resulting in reduced monthly payments and an extension of the maximum time limit to complete the plan (60 months rather than 36 months).