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If you don’t qualify for a Chapter 7 bankruptcy petition, you will likely need to consult with your Schaumburg bankruptcy attorney about filing for Chapter 13 reorganization bankruptcy. This requires you to make payments on your debt over the next three to five years. If you start to have trouble keeping up with these payments, then you may be able to modify or suspend your Chapter 13 payment plan.

In some districts, you need to include your mortgage payment and your vehicle loan payment in your Chapter 13 payment plan. This consolidation means that if you miss a payment, you are missing both a mortgage and car payment. A missed payment could trigger your bankruptcy trustee to file a motion to dismiss your Chapter 13 bankruptcy case, which would take away bankruptcy protection. To avoid this situation, you should consult with your bankruptcy lawyer in Aurora before your missed payment and figure out how to budget with a lower monthly income.