Chapter 13 Bankruptcy Law in Indiana
YOU WANT TO UNDERSTAND THE CHAPTER 13 BANKRUPTCY LAWS
Chapter 13 bankruptcy is accomplished over a three to five year period. You can repay your mortgage arrears and stop foreclosure and the loss of your home. You can pay the value of your car, as opposed to the balance of the debt on the car if the loan is 910 days old. You can pay as little as ten percent to your credit card companies. There is a lot that can be accomplished in Chapter 13. The Chapter 13 Bankruptcy law can protect you from collection, garnishment, repossession and foreclosure and allow you to pay what you can afford. The Chapter 13 law allows you to keep some of your obligations to your creditors, but often does so with a more manageable structure, without any creditor harassment and in a way that addresses your ability to pay. Under the terms of Chapter 13, we create a repayment plan with you, subject to approval by the court. If the court approves your repayment plan there is very little your creditors can do but comply with its terms. Here, filing for bankruptcy provides legal leverage for you to force your creditors to accept a restructuring of your debt on your terms -- instead of theirs.
Our bankruptcy lawyer, Portia Douglas, has helped Indiana clients find a path toward a better financial future through the protections of Chapter 13 bankruptcy law for more than 20 years. We are committed to providing personalized service and customizing a strategy geared to achieve your goals.
Protect Your Home, Your Car, Your Investments, Your Future
Bankruptcy doesn't mean an end to your life and your livelihood. It is an opportunity to recover from serious financial distress and a means of regaining control of your financial future. Many of our clients are facing the prospect of losing their homes, and the Chapter 13 bankruptcy law can be a pathway toward saving your home. Mortgage arrearages can be paid back over an extended period of time to avoid homeowners from having to come up with large lump sums.
Many who have purchased cars more than two and one-half years before the bankruptcy filing are able to force the car creditor to accept the fair market value of the car as opposed to what is owed. The interest rate can be lowered anytime after the purchase of a car. However, the interest rate is subject to fluctuation. For example, we lower a 21 percent interest rate to a 4.5 percent interest rate on a regular basis.
Your income may allow you to pay pennies on the dollar to the creditor claims that are filed, and discharge those debts where creditors never timely filed claims. For these and other reasons, filing for bankruptcy is cheaper and more effective than paying a debt consolidation company to negotiate on your behalf with creditors and banks. Creditors and banks are not legally obligated to negotiate with you. Bankruptcy, however, forces creditors to accept the repayment plan you can afford.
How Does a Previous Bankruptcy Affect Me?
A prior Chapter 7 in the last eight years also mandates the use of Chapter 13 bankruptcy law. Chapter 13 stops all interest on unsecured debts, such as credit cards, at the time of the filing of the bankruptcy. You only have to pay toward debt where creditors have timely filed legitimate claims. Many plans in Chapter 13 are confirmed at a small percentage of the total debt.
If you have questions about how Chapter 13 would work for you, I recommend that you sit with a bankruptcy lawyer, explain your unique facts, and get good advice as to the type of bankruptcy that is right for your goals and circumstances.
At the end of the process, we strive to see you holding on to the property you most value, while being able to manage under a more sustainable debt structure.
The Experience and Service Needed to Build Personalized Recovery Plans
Your financial situation is unique, and what has helped put other families on the path to recovery may be very different from what your situation requires. Work with a lawyer who will take the time to address your concerns. Contact our Indianapolis, Indiana, office today to schedule an initial consultation with attorney Douglas to discuss your options under Chapter 13 bankruptcy law in Indiana.
We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
