Highland Chapter 13 Bankruptcy Attorneys
Are you feeling overwhelmed by a mountain of debt? Are you seeking a feasible solution that can help you regain control of your financial situation? If so, you’re not alone. Many Hoosiers find themselves in similar circumstances, and fortunately, there’s a way forward. Chapter 13 bankruptcy could be the option you need, and our team of Highland Chapter 13 bankruptcy attorneys at Whitten & Whitten are here to guide you through every step of this complex process.
Understanding Chapter 13 Bankruptcy
Chapter 13 bankruptcy, often referred to as a wage earner’s plan, is a legal option designed for individuals and businesses who wish to repay their debts over time. This option is better suited for those who do not qualify for Chapter 7 bankruptcy, which involves the liquidation of assets. Here’s what you need to comprehend about Chapter 13 bankruptcy:
- No liquidation: One of the most significant advantages of Chapter 13 bankruptcy is that it doesn’t involve the liquidation of nonexempt assets. This means you can keep your property while repaying your debts.
- Debt relief: Chapter 13 bankruptcy can halt sheriff sales, catch up on overdue mortgage payments, prevent repossessions, and stop wage garnishments. It gives you a chance to breathe and strategize your repayment plan.
- Unsecured vs. secured debt: The amount of unsecured debt (like credit card debt) repaid is determined by your income and equity in assets. Most filers do not repay all of their unsecured debt. However, secured debt (like car loans or mortgages) is often repaid in full within the repayment plan period.
- Documentation required: To file for Chapter 13 bankruptcy, you’ll need to document your debts, income, taxes, assets, and living expenses comprehensively. A repayment plan must be approved by the bankruptcy trustee and court.
The Benefits of Chapter 13 Bankruptcy in Indiana
Filing for Chapter 13 bankruptcy in Indiana triggers what is known as an automatic stay. This provision prevents creditors from collecting debt payments, giving you some much-needed peace of mind and space to breathe. However, it’s vital to note that child and spousal support payments are not affected by this stay.
After your repayment plan is satisfied, the court may discharge your remaining unsecured debts and close your Chapter 13 bankruptcy case. Although a closed Chapter 13 bankruptcy stays on your credit report for seven years, it provides an opportunity to start rebuilding your financial health and take charge of your future.
How Whitten & Whitten Can Help
Navigating the waters of bankruptcy law can be daunting, but you don’t have to do it alone. Our experienced bankruptcy lawyers at Whitten & Whitten can provide the guidance you need to protect your rights throughout the process. We offer a free consultation to examine the facts of your case and provide advice on the best course of action.
Our Highland Chapter 13 bankruptcy attorneys understand the emotional toll financial struggles can take. We’re here to offer professional, empathetic, and reassuring guidance. With our skills, we’ll help you navigate the intricacies of bankruptcy law, ensuring you understand each step and empowering you to make informed decisions.
Call Us to Discuss Your Case
Bankruptcy is not the end; it’s a fresh start. It’s an opportunity to reclaim control over your finances and take the first steps toward a debt-free future. Let us help you turn the page and start a new chapter. Contact Whitten & Whitten today to schedule your initial consultation with our Highland Chapter 13 bankruptcy attorneys.
Schedule A Free Consultation
At Whitten & Whitten, we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed