• Feel Crushed

    Feel Unattended

    Feel Scattered

    Not sure what to do

    Need Help

    Need Expert Advice

    CALL 1-800-966-8447

  • Bankruptcy Can

    Stop Bill Collectors
    Stop Lawsuits
    Stop Foreclosures
    Stop Bad Credit
    Stop Repossessions
    Stop Tax Garnishment
    Help With Student Loans
    Help With judgment
    Help With Past Taxes
    Help You Rebuild Credit

    CALL 1-800-966-8447

  • You are here because you need to

    File bankruptcy 7
    File bankruptcy 11
    File bankruptcy 13
    Consult what's right for you

    CALL US 1-800-966-8447

Related Links

Free Consultation with a Bankruptcy Attorney

BANKRUPTCY TOPICS


Saving Real Estate In Bankruptcy


Free Credit Report from Annual Credit Report.Com

Indiana Chapter 13 Bankruptcy Information Center


 

 

Back to top

Eligibility to File Chapter 13 Bankruptcy?

Eligibity for Chapter 13 bankruptcy is based upon your income.  If you may make more money per month than you spend on your reasonable living expenses but have more debt than you can comfortably handle, then Chapter 13 bankruptcy may be the best solution.  This is because a Chapter 13 bankruptcy plan does not have to pay debts in full; it can provide for only fractional payment.  How much the plan has to pay to creditors is a function of the confirmation tests which is best explained by your attorney after review of your assets, liabilities and your monthly budget.  At the end of the plan, it discharges any unpaid balance of dischargeable debts.

There are a few other criterions that must be met for filing a Chapter 13 Bankruptcy; your attorney will be the best person to introduce you to these! 

 

 


Back to top

How Does Chapter 13 Bankruptcy Work?

While debtors are allowed to keep all of their property, the court approves a new interest-free plan for repayment. A written plan is created giving details of all the transactions that will occur, and the duration of the same. The repayment must begin within thirty days after the case has started. The transitory stage of paying a trustee who then pays a creditor, as in Chapter 7 Bankruptcy is usually eliminated with Chapter 13 Bankruptcy. Although, in some cases people may involve a trustee who would take care of disbursing money to the creditors as per the plan. Also, as per the law the creditors must strictly adhere the repayment plan approved by the court and are in fact prohibited to collect any claims from the debtor. Your attorney will prepare new repayment plan to best suit your situation.

The one advantage of Chapter 13 over Chapter 7 Bankruptcy is the full discharge option which is not applicable under Chapter 7 filing. For example, if a debtor manages to complete all necessary payments in the plan, he/she is given a full plan discharge. (There are a few exceptions to this case, which your attorney will guide you about if necessary.) Yet another advantage of the Chapter 13 filing is that a repayment can be created even if creditors disagree with it, as long as it is approved by the Court. Although, in all fairness the court allows creditors also to file an objection, in case they may have any.

Yet another advantage of the Chapter 13 bankruptcy filing is that a repayment can be approved even if creditors disagree with it.   The Court will approve your Chapter 13 bankruptcy plan as long as it meets the confirmation tests.  

A Chapter 13 bankruptcy is often the best option for people who

  • have fallen behind on payments and want to save a home or car.
  • owe debts not dischargeable in Chapter 7 (such as taxes, child support, marital property settlements)
  • they have liens that are larger than the value of the assets securing the debt
  • their assets are worth more than the available exemptions
  • they are repaying retirement fund loans not permitted in Chapter 7

 

 

 


Back to top

How Can I File For Chapter 13 Bankruptcy?

Let's just say our attorneys will ensure that you don't need to bog yourself down by trying to understand the complicated details of this answer.  Essentially, the filing for Chapter 13 Bankruptcy entails the following.

  • Determine whether Chapter 13 is the best solution for you.

  • Prepare a budget.

  • Examine individual cases to figure out whether require filing of Chapter 13 bankruptcy, or can be tackled in some other way.

  • Determine and implement methods of dealing with secured creditors.

  • Devise a chapter 13 plan, and fill out the forms

  • Pay the filing fee and complete the process of filing the forms and pleadings

Chapter 13 bankruptcy offers many people unique benefits for dealing with:

  • Restructuring of payments over time in order to catch up on a mortgage, auto loan or other secured debt
  • Non-dischargeable tax debts and arrearages on student loans or family support obligations
  • Debts assumed as part of a divorce 

 After a hearing, sometimes two hearings. the bankruptcy court approves your reorganization plan.  You then receive a Chapter 13 discharge when your Chapter 13 bankruptcy plan is completed in three to five years.  In the average case, you repay less than 20% of your debts — sometimes only a few pennies on the dollar.  The rest of what you owe is simply written off.

Contact the law firm of Steven P. Taylor, P.C. at (317) 271-1111 or (765) 868-0807 for a free consultation to determine if bankruptcy is right for you or email me your questions. Attorney Steven P. Taylor’s practice is focused on consumer bankruptcy law and he possesses the knowledge and experience necessary to guide you through a successful bankruptcy filing. He represents clients in:

 

Bartholomew, Boone, Brown, Carroll, Cass, Clinton., Delaware, Grant, Hamilton, Hancock, Hendricks, Howard, Johnson,Madison, Marion , Miami, Monroe, Montgomery, Morgan, Shelby, Tipton counties and the municipalities of  Columbus,  Lebanon, Thorntown, Whitestown,  Zionsville, Morgantown, Nashville, Bringhurst, Camden, Delphi, Flora, Galveston, Logansport, Lucerne, New Waverly Frankfort, Michigantown, Muncie, Gas City, Marion, Carmel, Cicero,  Fishers,  Noblesville, Sheridan, Westfield, Fortville, Greenfield, McCordsville, New Palestine, Avon, Brownsburg, Danville, Lizton, Pittsboro,Plainfield, Greensboro,  New Castle, New Lisbon, Spiceland , Greentown, Hemlock, Kokomo, Oakford, Russiaville, West Middleton, Franklin, Greenwood, Needham, Nineveh, Trafalgar, Whiteland, Alexandria, Anderson, Elwood, Beech Grove, Camby, Castleton, Indianapolis, Lawrence, Speedway, Amboy, Bunker Hill, Converse, Miami, Peru, Bloomington, Crawfordsville Martinsville, Mooresville and Paragon

 

 

 


We are a debt relief agency. OUR DEBT RELIEF LAWYERS help people file for bankruptcy under the united States bankruptcy code. IF YOU NEED DEBT RELIEF, OUR LAWYERS ARE READY TO HELP.

CALL US