Chapter 13 Bankruptcy Indiana
Trusted Chapter 13 Bankruptcy Lawyers Serving Indianapolis and Central Indiana
A Chapter 13 Bankruptcy May:
- Provide Automatic Court Protection From Creditors
- Stop Harassing Calls and Letters
- Stop Lawsuits and Garnishments
- Stop Foreclosures to Save Your Home or Investment
- Stop Repossessions
- Protect Co-Signers
- Significantly Reduce Your Unsecured Debts
- Allow One Monthly Payment for Most of Your Debt
Consider a Chapter 13 Bankruptcy if:
- You Are Behind in House or Car Payments
- You Have a Foreclosure or Sheriff’s Sale Pending
- You Have a Pending Repossession
- You Have Significant Assets or Equity in a Home or Other Property You Want to Keep
- You Have Tax Debt
- You Have a Co-Signer You Desire to Protect
- You Have Joint Debt with Ex-Spouse
Call us now at 317-759-1483 or send us an email to schedule a free consultation with an attorney
What is a Chapter 13 Bankruptcy?
Chapter 13 is a reorganization bankruptcy. It provides protection from creditors while a plan to deal with debts is put together. Chapter 13 provides help to people looking to stop foreclosures, avoid repossessions, and stop other creditor collection efforts.
Do I/We Have to Repay All of Our Debts in Chapter 13?
A chapter 13 plan treats all of your debts in one way or another. However, this does not mean that you repay your debts in full. You are required to pay your creditors what the law says you have the economic ability to repay. Chapter 13 bankruptcy plans regularly reduce the amount paid to your credit cards, medical bills, collection accounts, and other unsecured debts to pennies on the dollar. This allows you to concentrate on important things like your home and car.
What About My Home in Chapter 13?
Many people facing foreclosure choose chapter 13 for a very good reason. A chapter 13 filing can stop foreclosure up to the point of a sheriff’s sale. The reorganization plan then gives you three to five years to catch up on payments you were behind as part of the monthly plan payment. It is also possible in certain situations to use chapter 13 bankruptcies to do away with second or third mortgages or home equity loans. Chapter 13 can also help you shelter non-exempt equity in real estate that can be a problem in chapter 7 filing. Chapter 13 filing also protects your real estate from ongoing claims or liens by your general creditors.
What About My Car in a Chapter 13?
You have options on how to deal with car creditors in a chapter 13 bankruptcy plan. A chapter 13 filing stops repossessions and can catch up past payments. Chapter 13 may reduce your loan’s interest rate, principal balance, or both. Some people opt to simply continue making their regular car payments.
Is Chapter 13 a Loan?
Chapter 13 bankruptcy is not a loan. It is a Federal Bankruptcy Court sanctioned debt reorganization plan. The powerful laws that govern chapter 13 can help save homes, stop repossessions, and reduce unsecured debts such as credit cards and medical bills to pennies on the dollar. Most debt balances are wiped out upon completion of a chapter 13 plan.
Is Chapter 13 Right for Me?
If you face a foreclosure, repossession, tax, or just plain debt problems chapter 13 bankruptcy may be the answer. We offer a free consultation with an attorney to review your personal situation and advise you of your options. Your creditors have attorneys, collection agents, and resources to use against you. Call today to get the information you need to level the playing field.
Please Call us now at 317-759-1483 or send us an email to schedule a free consultation with an attorney to review your personal situation