Indianapolis Cram Down Lawyer
A Plan to Reduce Your Principal and Interest Burden Through Cram Downs
Secured debt for cars or furniture, for example, often becomes a serious burden not only because of the principal but also because of interest rates that can amount to 21% or higher. In Chapter 13, depending on the age of the loan and the value of the collateral, you may be able to lower the principal and interest due on a secured debt thus decreasing the total amount to be repaid on a secured loan.
In Chapter 13 you may be able to eliminate a second mortgage if the value of your residence is less than or equal to the amount of the first mortgage. With the credit crisis still fresh in our memories and a range of non-traditional mortgages that left homeowners crushed under the shocking rise of interest rates and escalating monthly payments it is undeniable that many borrowers of second mortgages may be eligible for this type of relief.
Our attorney, Portia Douglas, has been working with families in the Indianapolis, Indiana, area for more than 20 years to provide personalized, effective and dependable guidance through bankruptcy options. We work to build a strategy that is designed around your needs, and we may be able to use cram downs to help you restructure your debt in a way that dramatically reduces your monthly burden.
When Restructuring is the Better Option
In Chapter 7 bankruptcy protection, you are most likely focused on the elimination of debt but being eligible for that option requires passing of the means test and no prior Chapter 7 in the preceding eight-year period. For a significant number of families, the best and often only option is Chapter 13 reorganization where debt is restructured, frequently resulting in payment of cents on the dollar.
With the support of a knowledgeable and dependable lawyer, you may be able to decrease your monthly burden while being able to protect the property, assets and items most valuable to you. Our attorney will work with you to find a custom solution to help you take back control of your financial future.
Know Your Rights and Your Options
Our office provides a personal and confidential setting to fully review your options and get the knowledge you need to make informed decisions about your financial future. There are laws and mechanisms in place to help you take control over your situation. Contact our bankruptcy attorney today to begin your own path toward recovery.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.