Northwest Indiana Chapter 13 Bankruptcy Lawyer
There are dozens of reasons why people accumulate large amounts of debt, ranging from poor financial planning and spending habits to expensive emergencies to job layoffs and more. Whatever the reason for your debt, however, it is indisputable that facing massive mountains of debt can be extremely stressful and worrisome. To be sure, the seizure of your assets, the foreclosure of your home, and even litigation may have all been threatened against you.
If you are struggling to repay your debts and feel hopeless about your financial future, we urge you to call our experienced Northwest Indiana Chapter 13 bankruptcy lawyer at the Law Office of Kevin M. Schmidt, P.C. Our lawyers can help you to understand how bankruptcy works, as well as alternatives available to you.
The Basics of Chapter 13 Bankruptcy
Also called the wage earner’s plan, Chapter 13 bankruptcy provides a way for debtors to repay their debts by creating a repayment plan that lasts for between three and five years. The length of the plan is based on the debtor’s income, with the United States Courts explaining that if the debtor’s income is less than the state (of Indiana’s) median, the plan will be for three years unless otherwise stated by the court.
The Benefits of Filing for Chapter 13 Bankruptcy
While those with little income may have to file for Chapter 7 bankruptcy due to a lack of resources to repay debts over time, Chapter 13 bankruptcy has some major advantages. For example, one of the biggest advantages of Chapter 13 bankruptcy is that debtors have a greater chance of saving their assets, including preventing their homes from being foreclosed upon.
Who Can File for Chapter 13?
Nearly anyone can file for Chapter 13 bankruptcy so long as they have a source of income (even the self-employed may file for Chapter 13) and the amounts of their secured and unsecured debts are less than $1,184,200 and $394,725, respectively.
Is Chapter 13 Bankruptcy Right for You?
If you are facing serious amounts of debt, we strongly recommend that you attend a credit counseling course, meet with an experienced bankruptcy attorney, or/and meet with a financial professional who can help you to review your options. Bankruptcy should be a last resort option, as it does have serious consequences (like impairing your credit score).
Contact Our Northwest Indiana Bankruptcy Attorneys Today
If it’s time for you to file for bankruptcy, or if you have more questions about the bankruptcy filing process, our attorneys at the Law Office of Kevin M. Schmidt, P.C. are here to help you. For answers to tough questions about improving your financial future, send us a message today, or call us directly now.