Indianapolis Chapter 13 Bankruptcy
Chapter 13 or wage earner’s bankruptcy is a reorganization of debt, rather than liquidation. Under Chapter 13, you may keep even your unprotected assets by submitting a plan to pay off your debts over a three or five year period. The amount you pay varies with the circumstances of each individual, but can be as little as 1 cent on the dollar owed. Lawyer Ryan S. Wright can help you determine the best options for you considering your circumstances..
Indianapolis Chapter 13 plan
A major factor in an Indianapolis bankruptcy is the ”Plan” submitted by you to the court detailing how you intend to reorganize your debt, as well what percentage of your unsecured debts you propose to repay over a three or five year period.
The Plan must meet certain criteria that may include:
- Providing comparable creditor payment as a Chapter 7 liquidation would
- Either committing disposable income in a three or five year repayment plan, or repaying creditors in full
Advantages of filing Chapter 13 Bankruptcy in Indianapolis
One of the major benefits of filing a Chapter 13 bankruptcy in Indianapolis is that you may save your home from foreclosure. A Chapter 13 filing can stop a potential foreclosure. Additionally, in a Chapter 13, you may be able to pay your upside-down vehicle off at what it is worth, rather than what you owe; reduce the interest rate on your vehicle; deal with taxes that cannot be discharged without interest; repay child support arrears; and much more.
Chapter 13 eligibility
As with any type of bankruptcy, eligibility requirements exist for Chapter 13, including:
- Only for employed individuals, or self-employed with unincorporated business
- Unsecured debt less than $336,900
- Secured debts less than $1,010,650
An Indianapolis Chapter 13 lawyer can help
Rely on a qualified bankruptcy law firm in Indianapolis to determine whether your financial situation warrants filing Chapter 13 bankruptcy. Consulting bankruptcy attorney Ryan S. Wright is the first step if you are considering bankruptcy for debt relief. Speak to Ryan S. Wright about your chapter 13 bankruptcy in Indianapolis at 888-846-1953 or use our email form and contact us today for sound legal help in Indiana.