Clay County Chapter 13 Lawyer
If you have a significant amount of debt and are hoping to hang on to a portion of your assets, get in touch with a qualified Clay County Chapter 13 attorney for help paying your creditors.
Many people believe that liquidating their assets is the only way to file for bankruptcy. When you’re interested in paying off your debts and retaining your belongings, Chapter 13 could be the right option for you. By examining your income and expenses, you can structure a repayment plan that works for you so you can take the first steps in giving yourself a clean financial slate.
But satisfying your creditors and ensuring that all of your debts are accounted for in your repayment plan can be more challenging than you might think. Your Clay County Chapter 13 lawyer at Rowdy G. Williams Law Firm will help you formulate a plan that fits so you can move forward with as little stress as possible.
Criteria for Declaring Chapter 13 Bankruptcy in Clay County
Not everyone will meet the eligibility requirements for Chapter 13 bankruptcy. To qualify, you must have a regular income so that you’ll be able to make the appropriate payments called for in your repayment plan.
A Chapter 13 declaration requires that your combined debts do not exceed approximately $394,000. You will also be required to complete a credit counseling program. Once your certificate of completion has been issued, you can continue the process of filing for Chapter 13 bankruptcy in Clay County, Indiana.
How to File
When you begin the process of declaring Chapter 13 bankruptcy, we will need to provide your credit counseling certificate, proof of both your income and expenses, a compilation of your assets and liabilities, and a list of your debts and respective creditors.
Once the court has received all of the necessary documentation, it will issue an automatic stay on your debts. This will prevent creditors from attempting to collect debts from you and your co-signers. After your repayment plan has been structured, your creditors will have the opportunity to review the plan and make revisions where they see fit.
Generally speaking, a Chapter 13 repayment plan is structured to pay off your creditors within three to five years. If you and your creditors are able to agree on your repayment plan, you and your Clay County Chapter 13 bankruptcy lawyer can move forward.
Completing Your Repayment Plan Obligations
If and when you are able to meet the requirements of your repayment plan, your debts will be officially discharged, and your creditors will no longer be able to continue to seek payment for your outstanding financial obligations.
In the event that you are unable to stick to the payment arrangement you structured, you may have the option of renegotiating the terms of your plan. In some rare cases, a court may grant you a hardship discharge that will release you from your remaining debts.
Speak With a Clay County Chapter 13 Attorney
Filing for bankruptcy doesn’t have to be the end of the world. When you’re considering Chapter 13, discuss your financial obligations with a qualified Clay County Chapter 13 lawyer at Rowdy G. Williams Law Firm. You can schedule your case review today by completing the contact form at the bottom of this page or by contacting our office at 1-812-232-7400.