SOURCE: Fonfrias Law Group, LLC

July 15, 2016 12:02 ET

How to Keep All Your Property in Chapter 13 Bankruptcy

In the Latest Article Posted to His Website, Chicago Bankruptcy Lawyer and Financial Rescue Specialist Richard Fonfrias of the Fonfrias Law Group, LLC, Advises How to Keep All Personal Property in Chapter 13 Bankruptcy by Following the Rules

CHICAGO, IL--(Marketwired - July 15, 2016) - To help people in financial distress, financial rescue specialist and Chicago bankruptcy lawyer Richard G. Fonfrias, J.D., provides information on relevant topics like bankruptcy, credit repair, and foreclosure through online articles, radio shows, and free seminars. Fonfrias has just recently added several informative new articles to his website (www.chicagomoneylawyer.com), including one called, You Keep All of Your Property in Chapter 13 Bankruptcy, Provided You Follow the Rules. The new article explains what Chapter 13 Bankruptcy is, what it can and cannot do, and how to keep all personal property after filing.

"Chapter 13 Bankruptcy makes it possible for people with a job and regular income to keep all of their property," says Fonfrias. "In Chapter 13, all secured debts must be paid, including mortgage payments, car loan payments, and certain types of taxes. The amount paid to unsecured creditors, like credit card companies, will depend on factors such as how much you earn, your expenses, and nonexempt assets. For all this to happen, you and your lawyer must first draft a plan that you can follow to repay part or all of your debts. Then, a bankruptcy trustee appointed by the court to oversee your bankruptcy must approve your repayment plan. In a Chapter 13 bankruptcy, if you want to keep your property, then you must keep paying your secured debts."

"It is important when people file for Chapter 13 that they fully understand what their obligations and responsibilities are. Bankruptcy offers those in debt the chance to make a fresh start and build a secure financial future. It allows most people who file, to keep all of their property, including, their home, car, furniture, appliances, and employer sponsored retirement plans, among other things. By taking responsibility and paying your bills, it doesn't take long before your credit starts to improve. But remember, if you want to get the most benefit out of filing, and keep all the personal property that you are entitled to, you must follow the rules," advises Fonfrias.

To read the full article and to find more information about Bankruptcy: http://www.chicagomoneylawyer.com/bankruptcyarticles.shtml

About Fonfrias Law Group: Chicago financial rescue expert and bankruptcy lawyer Richard Fonfrias of the Fonfrias Law Group has earned a solid reputation helping people with serious money problems. The Fonfrias Law Group is Chicago's experienced financial rescue and bankruptcy team, providing financial legal services that include bankruptcy, tax defense, debt consolidation, foreclosure defense, bad credit repair, debt management, loan and mortgage refinancing advice. Ready to assist consumers and businesses in serious financial trouble, Richard Fonfrias invites your questions about Illinois bankruptcy, foreclosure, credit card debt, loans, tax liens or other financial concerns. For more information or to arrange a complimentary consultation with Richard, call 312-969-0730 or inquire online http://www.chicagomoneylawyer.com

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