Indianapolis Chapter 13 Bankruptcy Attorney
Eligibility and Requirements for Chapter 13 Bankruptcy
Facing financial difficulties can be overwhelming and stressful. If you’re struggling with debt, a Chapter 13 bankruptcy may be a viable solution to help you regain control of your financial situation. At Jackson & Oglesby Law LLC, our dedicated Indianapolis Chapter 13 bankruptcy attorneys are here to guide you through the process, protect your rights, and help you achieve a fresh financial start.
Get immediate help from experienced & affordable Chapter 13 bankruptcy lawyer near you. Contact us online or call (888) 713-5148 today. We are prepared to help you!
What is Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, also known as a wage earner’s plan, allows individuals with regular income to create a repayment plan to pay back all or part of their debts over a specified period, typically three to five years. This type of bankruptcy is ideal for those who want to keep their assets, such as their home or car, while reorganizing their debts in a manageable way.
Key Features of Chapter 13 Bankruptcy:
- Repayment Plan: You propose a repayment plan to the bankruptcy court, outlining how you intend to pay off your debts over the next three to five years.
- Asset Protection: Unlike Chapter 7 bankruptcy, which may involve liquidating assets, Chapter 13 allows you to keep your property while making manageable payments.
- Debt Limits: Chapter 13 has specific debt limits, making it suitable for individuals with a steady income who can make monthly payments toward their debts.
- Automatic Stay: Filing for Chapter 13 bankruptcy triggers an automatic stay, which immediately halts most collection actions, including lawsuits, garnishments, and foreclosure.
How Long Does Chapter 13 Take?
In Chapter 13, an individual’s unsecured debts are reduced and restructured into a payment plan that can last anywhere from 3 to 5 years depending on an applicant’s total income and how much is owed. Additionally, a Chapter 13 bankruptcy will appear on a credit report for 7 years and an individual may be eligible to file a second time after a 6-year period.
Two main factors which determine the length of a repayment plan include:
- Total income: A person’s total income is typically the first factor that is considered. An applicant who makes less than the median monthly salary in the state will qualify for a repayment period of three years. Those who make more than this amount will typically be put on a five-year repayment plan.
- Time needed to complete payment: A person who qualifies for a three-year schedule may still request a five-year plan if they can show that additional time within the bankruptcy process will allow them to better meet repayment requirements. Whichever route a person qualifies for, five years is the maximum amount of time a chapter 13 bankruptcy can last.
Understanding the Benefits of Chapter 13 Bankruptcy
Choosing to file for Chapter 13 bankruptcy can be a significant decision, but understanding its benefits can help you feel more confident in your choice. Unlike Chapter 7 bankruptcy, which liquidates assets, Chapter 13 allows you to reorganize your debts while keeping your property. Here are some compelling advantages of filing for Chapter 13 bankruptcy:
- Protection from Foreclosure: If you're facing foreclosure on your home, Chapter 13 can provide a pathway to catch up on missed mortgage payments while keeping your home safe.
- Flexible Repayment Plans: Tailor your repayment plan to fit your financial situation, allowing you to pay off debts over a manageable period of three to five years.
- Debt Discharge: After completing your repayment plan, many unsecured debts can be discharged, giving you a fresh start financially.
- Keep Your Assets: Unlike Chapter 7, you can retain valuable assets such as your home and car, making it an attractive option for many individuals.
- Reduction of Interest Rates: You may be able to negotiate lower interest rates on certain debts, making repayment more feasible and less burdensome.
At Jackson & Oglesby Law LLC, our experienced attorneys will guide you through the Chapter 13 process, ensuring you understand your options and the potential benefits for your unique situation. Take the first step toward reclaiming your financial future today!
Get Professional Chapter 13 Bankruptcy Guidance from Jackson & Oglesby Law
As you file under Chapter 13, you will be able to take note of the unique advantages within bankruptcy. Lien stripping is one such benefit that involves the removal of a second mortgage if you have more than one. If you are past due on your automobile loan, it may be possible to repay the value of the vehicle, rather than the value of the note.
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Why Choose Jackson & Oglesby Law LLC?
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Guided by a team of attorneys with over 30 years of bankruptcy experience.
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Trusted by hundred of clients who have achieved a debt-free life.
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Accredited by the Better Business Bureau & a member of the National Association of Consumer Bankruptcy Attorneys (NACBA).
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Affordable payment plans and $0 down options are available.