Chapter 13 Bankruptcy – Consolidate Debt
Protecting Clients in Lake & Porter County, Indiana For Over 25 Years
Chapter 13 Bankruptcy is a court-supervised repayment plan to consolidate your debts into one affordable payment. Many types of debt such as student loans, taxes, parking tickets and mortgage payments in most cases can’t be wiped out under Chapter 7 Bankruptcy laws which makes Chapter 13 Bankruptcy a better option if you have a lot of these bankruptcy issues. For individuals with too high of an income or too many assets filing a Chapter 13 Bankruptcy may be the best option. Call today for a free consultation to find out what option is best for you at 219-477-6490.
When is Filing Chapter 13 Bankruptcy Right for You?
- Income is too high for filing a Chapter 7 Bankruptcy
- Behind on mortgage payments and you want to keep your home
- Protection of assets that would be forfeited under Chapter 7
- You have a large student loan
- Taxes owed that are not too old of debt
Common Questions for Chapter 13 Bankruptcy Filings
How long does a bankruptcy process take?
Most bankruptcies under chapter 13 take 3 to 5 years or when the agreed amount is paid back
What is the difference between chapter 7 and 13 bankruptcy?
Chapter 7 is a debt elimination or relief filing; Chapter 13 is a consolidation of debt to create a court-supervised repayment plan that is more affordable to the individual. Chapter 13 allows an individual to keep their assets in most cases where Chapter 7 does not.
What debt is not discharged in Chapter 13 Bankruptcy?
In most cases student loans, back mortgage payments and back child support payments will still need to be paid. There are also certain owed tax situations that may not be included in Chapter 13.
Will Chapter 13 Bankruptcy Protect Me from Creditors Harassment?
Yes, any bankruptcy will protect you from harassment from creditors and any collection activities during the bankruptcy process
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