Chapter 13 Bankruptcy Laws
Unlike Chapter 7 bankruptcy, which focuses on debt liquidation, Chapter 13 bankruptcy is a debt repayment or reorganization plan, offering debtors a chance to repay their debts, at least in part. If you qualify for a Chapter 13, you will have three to five years to make payments to your debtors according to your ability to pay. Once you make it through the three- to five-year period without missing any payments, the remainder of your debt will be discharged.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Experienced Attorneys Helping You Through Chapter 13 Bankruptcy
One of the most important reasons to hire an experienced Indianapolis bankruptcy attorney is the knowledge and understanding that we bring to the process. The many clients we have helped through the Chapter 13 bankruptcy process found it extremely valuable to have our Indiana bankruptcy attorneys to help them understand the complicated aspects of Chapter 13.
Some of the complications in Chapter 13 bankruptcy include:
- Repayment plan: We will help you put together a repayment plan that the court will approve. The repayment plan is based on your income and expenses as determined by the bankruptcy means test. The plan will include information on specific payments made in regular time intervals. The bankruptcy judge will need to approve this plan, so it will need to satisfy your debts as fully as possible while still remaining feasible within your budget.
- Confirmation hearing: The plan and confirmation hearing are central to the Chapter 13 process. At the confirmation hearing, the bankruptcy judge will look at the proposed repayment plan. Although it is rare, creditors do have a right to object to the proposed repayment plan, in which case the judge hears the creditor's arguments and decides whether to deny or approve the plan. Approving the plan is called "confirmation."
- Repayment period: If the judge confirms the plan, you will begin the repayment period, which will be either three years or five years in length. It is essential that you make all of your regular payments in the full amount consistently through the entire repayment period.
- Discharge: If you have made your payments regularly and met a few other conditions, the remainder of your unsecured debt will be discharged.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
