Merrillville Chapter 13 Lawyers

Dealing with the pressures of debt can be incredibly taxing. In 2019 according to bankruptcy statistics, commercial businesses filing for bankruptcy only accounted for 5.1 percent, while the other 94.9 percent came from non-business bankruptcy filings. This illustrates that you are not alone in financial struggles, as many Americans seek relief through bankruptcy.

Chapter 13 bankruptcy is a reliable option for those who have fallen behind on bill repayments. It allows those in debt to identify and create a framework within which they can comfortably become debt-free. Filing for bankruptcy can be a challenging and confusing process, which is why it’s best to consider hiring a Merrillville Chapter 13 bankruptcy lawyer to help you achieve your goal of financial stability. 

What Is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy differs from the other bankruptcy options available to you in that it involves a repayment plan. With Chapter 13 bankruptcy, you are essentially reorganizing your personal bankruptcy. This form of bankruptcy will provide you protection from creditors while you arrange a debt repayment plan. Once you have determined the repayment plan, you will usually be liable to keep to it for three to five years. 

How Will Seeking Chapter 13 Bankruptcy Assist You?

There are numerous ways that seeking Chapter 13 Bankruptcy will assist and benefit you. Below we have stated a few of the ways you might benefit. 

• Harassing calls and letters may be stopped.
• Any lawsuits and garnishments could be stopped.
• You will be able to reduce your unsecured debts often significantly.
• In most instances, you will be able to create a monthly payment of just one amount for all your debts. 
• Any repossessions that are occurring can be halted.
• You will also have automatic court protection from creditors. 

Why Choose Chapter 13 Bankruptcy as Opposed To Other Bankruptcy Avenues?

In most cases, homeowners will choose Chapter 13 bankruptcy as this form of bankruptcy allows them to avoid foreclosure on their home. With up to five years of leeway, homeowners have five years to get up to date on mortgage payments. Additionally, many will also opt for Chapter 13 bankruptcy when they don’t want their car to be repossessed or if they want to reduce principal and interest on their car loan. Moreover, Chapter 13 will allow those with income tax debts to pay them back without paying back all the accrued interest and penalties. 

How Will A Chapter 13 Repayment Plan Work?

With a Chapter 13 repayment plan, you will be liable to pay back your secured debts, such as a home mortgage, wholly. However, unsecured debts like credit cards and medical bills can be paid back as you can afford during your repayment plan period. In most instances, those who have filed for Chapter 13 bankruptcy will have to pay back significantly less than 100 percent of what they owe on unsecured debts. 

Contact A Merrillville Lawyer Today For Assistance With Your Chapter 13 Bankruptcy Case

Filing for Chapter 13 bankruptcy can be no doubt complicated, especially with all requirements and stipulations that you might not fully understand. That’s why when you begin the process, it would be in your best interests to hire a Merrillville lawyer at Kevin Schmidt, Attorney at Law to discuss your options. Your Chapter 13 Bankruptcy filing process will undoubtedly be much more efficient and reliable with the right legal counsel. Contact us at our firm at your earliest possible convenience so that we can help you establish if Chapter 13 bankruptcy is right for you.