Chapter 13 Bankruptcy Lawyer in Indianapolis Using Bankruptcy Relief to set you Free from Looming Debt
Do you work and earn a decent salary but still need to “catch up” on your bills? Are you facing foreclosure proceedings and need more time to bring your mortgage payments current?
Many other Americans share the same struggles. A cnbc.com study shows the average U.S. household with debt now owes $155,622, or more than $15 trillion, including debt from credit cards, mortgages, home equity lines of credit, auto loans, student loans, and other household obligations. This is a 6.2% increase from one year ago.
When your income isn’t enough, debt is piling up, and you might risk losing your home or vehicles, chapter 13 bankruptcy might be the best solution to protecting your assets.
Bankruptcy relief through a chapter 13 bankruptcy, also known as the wage earner’s plan, allows you to keep all your property and pay toward your debts over a three to five-year period with a debt repayment plan.
By engaging a knowledgeable chapter 13 bankruptcy attorney, such as the Law Office of Corey L. Scott, LLC, you can likely save your home from foreclosure, better manage unsecured debts and secured debts, and prevent your vehicles from being repossessed or paying what they’re worth, rather than what you owe.
Don’t let lingering consumer debts weigh your bank account down when financial relief is possible with chapter 13 bankruptcy.
Explore your options today when you book a free consultation with our law firm: (317) 623-4546.
Is Chapter 13 Bankruptcy Right for me?
Serious financial problems, such as late car payments, past due payments, child support payments, medical bills, and other financial issues, can add up quickly and take a toll, emotionally and financially.
To add to this, working with a debt relief agency to negotiate your bills could put you in further financial dire straits, as some people choose to do before hiring a bankruptcy attorney.
Every individual and family has unique circumstances, and there’s no one-size-fits-all approach. Engaging our law firm to review your situation, long-term goals, and obligations will uncover the best relief option, whether it’s chapter 7 bankruptcy, chapter 11 bankruptcy, or chapter 13 bankruptcy as the ultimate solution.
If you have debt problems, you might be eligible for chapter 13 bankruptcy if:
- You are working and have a steady source of income.
- You are making enough income so that you have a monthly disposable income.
- You fear losing your home to foreclosure because of temporary setbacks, job loss, medical issues, or other personal events.
- You are seeking a consolidation plan that allows you to cover past-due bills.
- You can make payments toward debt reduction after paying for necessities
Stop foreclosure, wage garnishments, threatening letters from creditors, lawsuits, and other stressful legal issues, and call our law firm. Speak with an experienced bankruptcy attorney today: (317) 623-4546.
How do I Qualify for Chapter 13 Bankruptcy?
Chapter 13 bankruptcy, the 13th Chapter of the U.S. Bankruptcy Code, is an option for individuals and families who need to reorganize their debts with a repayment plan so it is more manageable. It’s also an alternative to a debt relief agency you must pay to settle your debts and may or may not deliver.
Chapter 13 bankruptcy gives individuals more creative options to preserve their assets and restructure debt. This type of protection is for people with a reliable and steady source of income to repay some or all of their obligations.
When seeking chapter 13 protection with the help of a bankruptcy attorney, you must prove to the bankruptcy court that you can make payments according to your proposed repayment plan. If your income is irregular or too low, the court will deny the request to file a chapter 13 bankruptcy.
You must also have less than a certain amount of secured and unsecured debt and have received approved credit counseling within the past 180 days. Additionally, you must be willing to participate. The new federal bankruptcy law requires any overdue tax returns to be filed within weeks of filing a chapter 13 bankruptcy. You must complete approved credit counseling before filing, as well as a debt management course before the discharge of your bankruptcy.
Our law firm can quickly assess whether you qualify for chapter 13 protection during your free consultation. Speak with a bankruptcy attorney today to see if you qualify: (317) 623-4546.
What Does the Chapter 13 Bankruptcy Process Entail?
Our law firm can walk you through the steps of a chapter 13 bankruptcy, which typically includes filing, a hearing, and a repayment period.
Filing: Soon after you provide our bankruptcy attorneys with the necessary documentation, including your last three pay stubs, three consecutive years of tax returns, and a recent credit report, we can file a petition for chapter 13 bankruptcy.
The petition will include a complete list of all assets, creditors, income, and potential assets, such as personal lawsuits and inheritances. Most importantly, we will prepare and present a proposed repayment plan to the court for review and approval.
Hearing: A month or so after filing a petition, the trustee will hold the “first meeting of creditors.” This is the only hearing that most people have to attend. This meeting allows creditors to voice any objection to discharging your debts, though most creditors never attend. The trustee will ask questions to verify your identity and address and assure you have listed all your assets, creditors, and income. The bankruptcy court will also ask questions regarding the proposed repayment plan that our team will prepare for you. Sometimes the trustee will recommend changes to the program, which we will apply on your behalf to ensure the plan is approved.
Repayment Period: When the plan is approved, the court will appoint a trustee to collect your payments, distribute them to creditors, and supervise your compliance with the court-approved repayment plan. The repayment period typically lasts three to five years.
To better understand your financial situation and how the chapter 13 bankruptcy process might work for you, book a free consultation with our bankruptcy attorneys: (317) 623-4546.
How can a Chapter 13 Bankruptcy Attorney Protect me?
Eighty percent of Americans are in debt. That means 8 out of 10 people have some form of consumer debt, and the average is $38,000, excluding mortgages. Owing money is the American way, with nearly $14 trillion in debt.
Attempting to manage unpaid bills and growing debt, as well as facing continued harassment from creditors, is enough to pursue action with the help of a bankruptcy attorney, such as the Law Office of Corey L. Scott, LLC.
Suppose you are behind on mortgage payments, car payments, taxes, utility payments, lawsuits, wage garnishments, student loans, or medical bills, among other obligations. In that case, our law firm is experienced in bankruptcy law and can get your financial affairs in order again with a chapter 13 bankruptcy.
Our bankruptcy attorneys will prepare a repayment plan, file for chapter 13 on your behalf, and represent you in the hearing. If approved, the outcome will provide you with immediate protection against foreclosure, repossession of your car, eviction from your apartment, garnishment of your wages or bank accounts, and other measures or angles creditors might take to get repaid.
Get peace of mind, comfort, and reassurance with bankruptcy relief and the help of our experienced bankruptcy attorneys with the Law Office of Corey L. Scott, LLC. Discover your options and speak with our attorneys today to get valuable advice and solutions that will move you forward: (317) 623-4546.