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Chapter 13 Bankruptcy — A Plan For Indiana Residents Who Need Time

A Debt Repayment Plan Creditors Can’t Refuse

Chapter 13 bankruptcy is similar to a consolidation plan with a few important differences. First, in most instances, the creditors can’t say no to a Chapter 13 repayment plan. Secondly, Chapter 13 bankruptcy offers you the full protection of U.S. bankruptcy laws. At the Law Office of Weiss & Schmidgall, P.C., in Merrillville, Indiana, we offer a free attorney consultation to determine if Chapter 13 bankruptcy is the best solution to your financial situation.

How Does a Chapter 13 Repayment Plan Work?

In a Chapter 13 repayment plan, you are required to pay back secured debts (such as your home mortgage) in full. However, for unsecured debts such as credit card, some personal loans and medical bills, you only pay back what you can afford, which in most cases will be less than 100 percent of what you owe. In fact, most of our Chapter 13 bankruptcy clients are only required to repay a fraction of their unsecured debts. The repayment plans generally range from three to five years.

Filing Chapter 13 bankruptcy also allows you to modify a car loan. In some cases, our lawyers will be able to strip a lien from a second mortgage. Also, a surprising benefit to filing for bankruptcy is that it may even help you restore your driving privileges. If your license has been suspended following an accident where you were either uninsured or underinsured, bankruptcy might get you back on the road, particularly when an insurance company has successfully filed a subrogation claim against you. Our attorneys can evaluate your unique situation and determine if this option is right for you.

Why Would I File Chapter 13 Bankruptcy Instead of Chapter 7 Bankruptcy?

Most people file Chapter 13 bankruptcy because their earnings are too high to qualify for Chapter 7 bankruptcy, they have assets they would lose under Chapter 7 Bankruptcy, or they have filed Chapter 7 bankruptcy in the past eight years. Chapter 13 bankruptcies put an immediate stop to creditor actions such as home foreclosure, repossessions, garnishments and harassment.

What Protections Does Chapter 13 Bankruptcy Offer?

Chapter 13 bankruptcies will put an immediate stop to creditor actions such as home foreclosure, repossessions, garnishments and harassment.

Free, Confidential Attorney Consultation

Weiss & Schmigdall P.C. attorneys are available to discuss filing a Chapter 13 bankruptcy petition. We offer flexible payment plans, and bankruptcy protection can begin with only $100 down to start your case. Day, evening and Saturday appointments are available. Contact us today to schedule a consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.