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Once an individual decides to file for bankruptcy, she must choose the type of bankruptcy that is most appropriate for her financial situation.

For consumers, Chapter 13 bankruptcy has its fair share of advantages:

1. Keep your home- One of the most common reasons consumers choose to file for Chapter 13 bankruptcy is to delay foreclosure on their homes. If you are in a position where you need to file for bankruptcy and you want to keep your house, then file a Chapter 13 bankruptcy petition if you are eligible to do so.

2. Keep all of your property- Not only can you typically hang on to your home when you file for Chapter 13 bankruptcy, but you also will avoid having a government trustee assigned to you to liquidate your assets and sell them to pay off your creditors.

3. Avoid wage garnishment- In Illinois, creditors are allowed to take a 15% cut from your paycheck to help pay off your debts. This is done before your paycheck even reaches you in the first place. Hiring an attorney to help you draft a Chapter 13 bankruptcy debt repayment plan can stop your creditors from scooping up 15% of your wages each month.

4. Reduce your debt- Declaring Chapter 13 bankruptcy involves agreeing to pay off some of your debts in accordance with a repayment plan. While your debts will not be entirely discharged like many types of debt are under Chapter 7 bankruptcy, some debts that are exempt from discharge under Chapter 7 may actually be reduced under Chapter 13 bankruptcy.

If you are considering filing for bankruptcy and would like to determine whether you are eligible for Chapter 13 bankruptcy, then sign up for a free bankruptcy evaluation at Cutler & Associates, Ltd. Our experienced and compassionate bankruptcy lawyers are willing to work tirelessly to help you set off on the path to financial freedom.