Reduce Your Debt Burden
Are you trying hard to pay your debts but not earning enough to make all of your payments in full and on time? Chapter 13 bankruptcy may be right for you, allowing you to make payments under a workable payment plan and eventually erase certain consumer credit debts entirely.
At Walton Legal Services in Indianapolis and Columbus, Indiana, our attorneys help clients decide whether Chapter 13 bankruptcy is right for them. Contact us to discuss your specific situation.
Make Reasonable Payments That You Can Afford
Under Chapter 13 bankruptcy, you will make regular monthly payment to the bankruptcy trustee over a period of three to five years, and he or she will distribute portions of it to your creditors. After you successfully complete your payment plan, your eligible debts will be discharged.
Most people who file for Chapter 13 bankruptcy only end up paying back a small percentage of their dischargeable debts.
Chapter 13 bankruptcy may be preferable to Chapter 7 bankruptcy for people with regular incomes who have assets they do not want to sell off and for people who need to stop foreclosure on a home. Additionally, some people are ineligible for Chapter 7 but eligible for Chapter 13 instead.
Your payment plan will be designed by your lawyer to comply with bankruptcy laws and will only take up a reasonable percentage of your monthly income. The plan will cover back payments on your mortgage if you are behind, but you will continue to make current payments directly to your lender.
Contact us to learn more about your options under Chapter 13 bankruptcy laws.
Catch Up With Taxes and Child SupportChapter 13 bankruptcy cannot remove your obligation to pay income taxes and child support. However, as with mortgage payments, the Chapter 13 process will allow you to catch up with back taxes and back child support. Under your payment plan, your back obligations will be handled through your payments to the bankruptcy trustee while you will make your current payments as they come due. |
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
