Rushville Repayment Plan Lawyer
Filing Chapter 13 Bankruptcy in Indiana?
Myth: I can't file bankruptcy if my earnings are too high.
Fact: You can file Chapter 13 bankruptcy regardless of how much money you earn.
Chapter 13 bankruptcy is a debt repayment plan that allows you to pay off your debts over a three-to-five-year period. It is a good option if you have already filed Chapter 7 within the past eight years, have too much income to file Chapter 7 bankruptcy, if you have assets that you would lose by filing Chapter 7 bankruptcy, or if you have substantial debt that would not discharge in a Chapter 7.
At the Law Office of Colby J. Leonard, our Muncie and Indianapolis Chapter 13 bankruptcy lawyers offer a free initial consultation to explain how Chapter 13 bankruptcy works. Contact us today.
What Will Happen to Your Debts?
Secured debts: In Chapter 13 bankruptcy debt reorganization, you will likely have to fully repay all of your secured debts. However, your interest rate or monthly payments may be reduced. In certain circumstances, we can even "cram down" debt so that you only repay the value of the collateral (the security you put down on your loan) and not what you actually owe.
Unsecured debts: You are only required to pay what you can afford, often pennies on the dollar for unsecured debts such as credit card bills, hospital bills and payday loans.
Did You Know?
- Not only can Chapter 13 stop foreclosures by allowing you to catch up your mortgage arrears through your debt repayment plan, but you can also catch up past due property taxes and homeowner association dues.
- Chapter 13 can also give you an opportunity to repay non-dischargeable tax debt without accruing interest and penalties, stopping the IRS dead in their tracks while you repay them over the next three to five years!
- Chapter 13 can stop asset repossession. For example, even if your car was recently repossessed, we can often force the creditor to return the car and allow you to pay it off through a Chapter 13 bankruptcy.
- Filing Chapter 13 bankruptcy offers you the full protection of the U.S. bankruptcy court from adverse creditor actions such as creditor harassment, wage garnishment and bank account garnishment.
Free Attorney Consultation
If you are facing debt problems, you have nothing to lose by seeking an Indianapolis Chapter 13 bankruptcy lawyer's advice. You have a lot to lose by postponing it. Call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this website to arrange a free initial consultation with the Law Office of Colby J. Leonard. We have offices in Indianapolis and Muncie, Indiana.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
