Chapter 13 bankruptcy is an attractive debt restructuring option for those looking to keep certain assets, such as their car and home. But, there is often confusion on which debts are reduced under Chapter 13 and which are just lumped together under one monthly payment. Read the full article here: https://www.oflaherty-law.com/learn-about-law/do-i-have-to-repay-unsecured-debt-under-chapter-13-bankruptcy-in-illinois
Unlike Chapter 7, which wipes out all your debt and sometimes liquifies your car loan and mortgage if need be, Chapter 13 is meant to allow you to catch up on debt over a 3 to 5 year period.
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In this video, we’ll discuss unsecured debt and Chapter 13 bankruptcy in Illinois and answer the following questions: what types of debt are covered under Chapter 13 bankruptcy?, how much does income factor into Chapter 13 bankruptcy?, and what is the “Best Interest of Creditors Test?”
**None of the content in this series is intended as paid legal advice.