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Home > Terre Haute Bankruptcy Lawyer > Chapter 13 Bankruptcy

Chapter 13 Bankruptcy

If you are struggling to thrive under a mountain of debt, get help securing a clean financial slate by reaching out to a Chapter 13 bankruptcy lawyer in Indiana. 

When you get behind or are unable to pay off your debts, life can become far more stressful than it needs to be. Although bankruptcy is often looked upon poorly, it’s actually an excellent way for people to pull themselves out of debt without undue hardship. Those in a position to pay off their debts may consider Chapter 13 as a way to get back on your feet over a period of time. 

Working with an Indiana Chapter 13 bankruptcy attorney at Rowdy G. Williams Law Firm can give you the chance you need to improve your life. The bankruptcy process can be especially complex when you are drowning in debt and your lawyer can ensure that your bankruptcy petition is complete, that your reorganization plan is structured appropriately, and that you have your best opportunity for financial freedom. 

Who Is Eligible for Chapter 13 Bankruptcy in Indiana?

Also referred to as the wage earners plan, a Chapter 13 bankruptcy declaration allows a debtor to repay their creditors over a period of three to five years. If you are above the federal poverty limit and are able to pay off your debts in small increments, as laid out in your reorganization plan, any remaining debts will be discharged once you’ve fulfilled your financial obligations. 

Generally speaking, you’ll be eligible for a Chapter 13 bankruptcy petition if your debts do not exceed $394,000 and you are currently employed or self-employed. 

Things to Know About Declaring Chapter 13

Before you file a Chapter 13 bankruptcy petition in Indiana, you’ll need to complete credit counseling. This acts as your first look at the bankruptcy process where you can take a hard look at your debts to see whether there are other viable options to get you out of debt—other than declaring bankruptcy, of course. 

Credit counseling must be completed within 180 days of your petition’s filing. Along with your petition you’ll include a statement of financial affairs, which provides the bankruptcy judge a better understanding of your financial status. 

This statement should include a list of your debts; their respective creditors; your assets and liabilities; your income and expenses; your spouse’s income and expenses, if applicable; and, other relevant financial information.

Once your Chapter 13 bankruptcy petition has been filed, your creditors should no longer attempt to collect your debts, you’ll formulate a plan of repayment to pay off your creditors. Once your creditors approve your reorganization plan, the judge will finalize your petition. 

Meet With an Attorney About Your Chapter 13 Bankruptcy

If you are finding it difficult to make ends meet despite your efforts to repay debt, you might consider discussing Chapter 13 bankruptcy options with a qualified bankruptcy attorney at Rowdy G. Williams Law Firm

You can schedule a free, no-obligation consultation with our office by calling 1-812-232-7400 or submitting the online contact form at the bottom of this page. 

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Address 1117 Wabash Ave., Terre Haute, IN 47807
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