SOURCE: Fonfrias Law Group, LLC

October 12, 2016 10:28 ET

Chicago Lawyer Richard Fonfrias Offers Tips on Chapter 13 Bankruptcy

In the latest articles posted to his website, Chicago bankruptcy lawyer and financial rescue expert Richard Fonfrias explains how small businesses can benefit from Chapter 13, and offers strategies to meet debt limits in Chapter 13

CHICAGO, IL--(Marketwired - October 12, 2016) - As a service to provide useful information on a multitude of legal and financial topics, financial rescue specialist and Chicago bankruptcy lawyer Richard G. Fonfrias, J.D. of the Fonfrias Law Group, LLC has added two more articles to his website (www.chicagomoneylawyer.com). The latest articles, How a Small Business Can Benefit from Chapter 13 Bankruptcy and Tactics You Can Use to Meet Debt Limits in Chapter 13 Bankruptcy, present readers with vital information that they should know about filing for bankruptcy.

In his article How a Small Business Can Benefit from Chapter 13 Bankruptcy, Fonfrias describes how Chapter 13 Bankruptcy works and how, if you own a small business, you may be able to rearrange your debts and protect your business at the same time. "Under Chapter 13, you can keep your assets, reorganize your debts and create a three to five year repayment plan to the bankruptcy trustee. The amount you pay depends on the type of debt you have, your income and expenses. Priority debts, like certain taxes and spousal support, must be paid. At the end of the repayment plan, any non-priority unsecured debts, like credit cards, are discharged. Small businesses, like sole proprietorships and certain types of partnerships, can file a Chapter 13 bankruptcy and include all business debts. In the Chapter 13 repayment plan, the trustee may allow you to 'Cram-Down' secured loans, thereby reducing the debt balance and your monthly payments. And, unlike Chapter 7, Chapter 13 bankruptcy lets you keep your business assets so that you can run your business and earn income while paying off creditors," explains Fonfrias.

In the article, Tactics You Can Use to Meet Debt Limits in Chapter 13 Bankruptcy, Fonfrias explains how different classifications of debt, like secured debt, unsecured debt, contingent and unliquidated debts are treated in Chapter 13 and what the current debt, allowance is. He offers reasons why you should carefully review and classify your debts to raise unsecured debt and reduce secured debt. For married couples whose debts may exceed Chapter 13 debt limits, Fonfrias examines the option of both spouses filing under different chapters if the court will not expand their jointly-filed debt limits. He also touches briefly on Chapter 20 bankruptcy (Chapter 7 and Chapter 13) and in what circumstance it might be used.

"Filing for bankruptcy offers businesses and individuals with serious debt the opportunity to make a fresh start, but it is neither simple nor straightforward. An experienced bankruptcy lawyer can guide you through the process and will do everything possible to ensure the best outcome. For more information and to read these and other articles on a variety of topics, including bankruptcy, foreclosure, and financial rescue, please visit: http://www.chicagomoneylawyer.com/bankruptcyarticles.shtml," adds Fonfrias.

About Fonfrias Law Group: Illinois bankruptcy lawyer Richard Fonfrias and his experienced Chicago legal team offer a broad range of financial legal services including bankruptcy help, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan, and mortgage refinancing advice. Ready to assist individuals and businesses in serious financial trouble and consumers with unmanageable debt, Richard Fonfrias invites your questions about Illinois bankruptcy, debt settlement, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information call 312-969-0730 or inquire online at http://www.chicagomoneylawyer.com

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