Re: help!!!!!!!!!!!!!!!!

Posted by J Kelly (151.197.161.163) on January 05, 2004 at 20:26:55:

In Reply to: Re: help!!!!!!!!!!!!!!!! posted by hopeless and depressed on January 05, 2004 at 19:33:07:

Hi, Illinois is not a debtor friendly state for real estate property. That being said.....

Are you dealing with original creditors or collection agents. If your income will support it, I would suggest a Chapter 13. In a Chapter 13 you pay your debts under the direction of the trustee. Much better than being threatened by creditors. From what I have read, the CO's might be required to accept smaller payments/ lower interest rates. That sort of thing. Your payment plan is approved by the trustee. I am not really sure who comes up with the payment plan, either you, your attorney, or maybe the trustee. Still, better than what the creditors will demand. Your payment plan will be realistic (something you can actually do) and your house will be protected. Maybe there will be some better ideas, but that's about all I can think of.

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