byAlma Abell

Just about everyone will run into some sort of financial hardship at one time or another. The more fortunate individuals are able to work through the issues and regain a measure of financial freedom. For those who find it impossible to keep going financially, the idea of meeting with a Chapter 13 Bankruptcy Attorney in Cicero IL makes a lot of sense.

Understanding How a Chapter 13 Bankruptcy Works

Not everyone is looking for a way to have his or her debts dismissed. What they do want is time to repay the amounts they owe without having to deal with constant threats for collection or creating greater difficulties with the household budget. When this is the case, the advice from a Chapter 13 Bankruptcy Attorney in Cicero IL may be just what the debtor needs to hear.

This form of bankruptcy effectively places the debtor under the protection of the court. The goal is to assess the amount of income and expenses that the debtor currently possesses. From there, the court will prepare a plan for repaying all outstanding debts over a period of time. This will include attaching the wages of the debtor, requiring the employer to forward a portion of that income to the court each payday.

As part of the deal, creditors stop making collection efforts. The accounts in question are frozen to future purchases, and interest no longer accrues on the balances. Using a repayment schedule that was put in place at the time the bankruptcy was approved, the court will settle each debt in turn. After a period of a few years, the debts are settled in full and the garnishment on the debtor’s wages is removed.

While seeking bankruptcy protection is not something to enter into lightly, there are situations when filing for a Chapter 13 bankruptcy is in the best interests of everyone concerned. The debtor is able to eventually repay his or her debts, something that both the creditors and the debtor can appreciate. At the same time, it is possible to ease the tension that comes with not being able to pay debts on time. For those who are facing difficult times, call the team at and determine if this type of resolution is the best way to handle the situation.