Bankruptcy in Indiana: Chapter 13 or Chapter 7?
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Bankruptcy in Indiana: Chapter 13 or Chapter 7?

Bankruptcy in Indiana: Chapter 13 or Chapter 7?
September 08, 2015

If you’ve reached a point in life where you are considering bankruptcy then you surely will have a lot of questions on your mind. No one really expects to file for bankruptcy and no one really wants to get into a financial situation where they even have to consider bankruptcy. However, life does not always go as expected and that means sometimes people end up with financial troubles that are out of their control. When something likes this happens one of the smartest moves you can make is to speak with an experienced bankruptcy attorney before you make any major decisions, including which kind of bankruptcy is best for you: Chapter 13 or Chapter 7.

People have many different types of financial situations and in some cases Chapter 13 is better than Chapter 7, and vice versa. Generally, if you are looking to hold onto your property then Chapter 13 bankruptcy is the best choice in Indiana, or anywhere else. On the other hand, if you are looking to eliminate your debt as much as possible, if not completely, then Chapter 7 is the best choice. By filing for Chapter 7 you are able to get a fresh start by completely eliminating all your dischargeable debt. There are some kinds of debt that cannot be discharged such as tax debt, child support and student loans. When you choose Chapter 7 you must use all of your non-exempt assets to help pay off the debt you owe, then you get to start anew.

On the other hand, a Chapter 13 will also offer a fresh start, and you may be able to eliminate all your unsecured debt.  In addition, you can keep most of your assets as long as you stick to the new agreement and pay your debtors on time. Even in situation where your debts are not completely canceled they are often reduced with this plan. Bankruptcy will put a stop to annoying creditors breathing down your neck demanding payments. In addition, you get to protect your home from foreclosure as long as you stay current with your new monthly payment. On the downside, whereas Chapter 7 can be done and over in as little as 3-6 months, a Chapter 13 filing will take as long as 3-5 years.

There are many things to weigh when you are considering filing for bankruptcy in Indiana. At the Whitten & Whitten we know that bankruptcy can be overwhelming. That’s why we are here to help you in the Merrillville area to get through the bankruptcy process and help you find your financial footing once again. Please contact us at 219-756-0555 or click here to reach us online for reliable bankruptcy advice.




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We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.