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Chapter 13

Indianapolis Chapter 13 Bankruptcy Lawyer

Efficient Service in Emergencies | Member of Indiana State Bar Association | Over 30 Years of Experience

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Efficient Service in Emergencies
Member of Indiana State Bar Association
Over 30 Years of Experience

Who Needs To File Chapter 13 Bankruptcy?

One of the main jobs of a Chapter 13 Bankruptcy attorney in Indianapolis is to advise clients whether they are a good candidate for this kind of reorganization or not. There are caps on the amount of secured and unsecured debts that a person can have if they plan on filing under Chapter 13. They must also have a regular source of income that will be used to make payments under the reorganization plan after court approval. The individual must have enough disposable income to service their creditors and totally satisfy the repayment plan within three to five years. A Chapter 13 bankruptcy lawyer in Indianapolis can go over these amounts and any relevant calculations with anyone who is considering filing and using their services.

Pay Off Your Debt In Installments With Chapter 13

Call 317-266-8888 to set up a Chapter 13 bankruptcy consultation.

If you're a regular income earner and are buried deep in debt, Chapter 13 is your best bet. This will allow you the choice of paying off your debt in installments over a period of five years. If you have any questions about the process, our team at Mike Norris Law Offices will be happy to help.

Why Opt For Chapter 13?

• Your income exceeds the guidelines laid out for Chapter 7
• You possess assets which prohibit you from filing for Chapter 7
• You don't have ready cash to settle your debts using debt settlement

The main benefits of filing for Chapter 13 Bankruptcy in Indianapolis

Going through Chapter 13 Bankruptcy rather than simply trying to pay off the debts does offer some benefits. These include protection from creditors so that they cannot take actions such as wage garnishment or property repossession, which often make it even more difficult to pay off any existing debts.

What do Indianapolis Chapter 13 bankruptcy lawyers do while representing a person during a bankruptcy case?

Chapter 13 bankruptcy is no exception. At the start of the process, the lawyer will consult with the individual and review their financial situation and eligibility for Chapter 13 filing. Indianapolis Chapter 13 bankruptcy lawyers also prepare and file the bankruptcy petition on behalf of their clients to begin the proceedings. This involves compiling all necessary financial documents, such as income statements, tax returns, debt statements, and a proposed repayment plan that needs court approval. Accuracy and completeness are essential in this step to avoid complications or dismissal of the case entirely if there are mistakes. Indianapolis Chapter 13 bankruptcy lawyers may start negotiations with various creditors to reach agreements on the terms of the repayment plan. They can advocate for more favorable interest rates, lower monthly payments, or other terms that make the plan more manageable for the client, while satisfying the companies that are holding the debt. If representation in court is required, the lawyer can be physically present in front of the judge and act on the client's behalf during any scheduled hearings.


After the case is concluded, the Indianapolis Chapter 13 bankruptcy lawyer can make sure that the debt has been formally discharged. If there are other matters that need to be addressed following the closing of the case, the attorney can address them as well.


How Does Chapter 13 Compare to Debt Settlement?

Under Chapter 13, it's possible that you might pay 100% of what you owe plus trustee and legal fees. But that will be determined as you consult with your Chapter 13 attorney.

 

During a debt settlement, a 40% to 60% settlement is considered a good deal for you. The creditor, however, looks for the optimal 80% to 90% settlement. Assuming you settle at 80%, including an additional 13% of the total debt amount, this would still be the less expensive option.

 

While debt settlement is less expensive, if you can't pay off the amount immediately, Chapter 13 is the better option for you.

 

More information from an Indianapolis Chapter 13 bankruptcy attorney is available

 

Mike Norris Law Offices handles Chapter 13 and other types of bankruptcy filings. They can be contacted to learn more about these services.


Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Legal Advice for Chapter 13 Bankruptcy

Call us today.

(317) 266-8888

(317) 266-8888
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