When you find yourself facing a mountain of debt and need to repay your debts without losing your assets, reaching out to an experienced Terre Haute Chapter 13 attorney could be your best option.
If you’ve been examining the possibility of declaring bankruptcy due to an excessive amount of debt you aren’t sure you can overcome, Chapter 13 bankruptcy might be the right choice for you. Individuals who work a regular job and can rely on their wages often choose Chapter 13 as a way to pay off their debts and retain their possessions.
For more information about how filing for Chapter 13 bankruptcy will work for you, consult with a Terre Haute Chapter 13 lawyer at Rowdy G. Williams Law Firm. We’re ready to begin the process of rebuilding your financial reputation.
Criteria for Filing Chapter 13 Bankruptcy in Terre Haute
To be eligible for Chapter 13 bankruptcy, you must be a working person whose debts do not exceed approximately $394,000. This includes people who are self-employed and those who own and operate an unincorporated business.
You will not be able to declare Chapter 13 if you did not receive credit counseling within 180 days prior to filing or if you have any previous bankruptcy petition dismissals for failure to appear that occurred within 180 days before your filing. Your Terre Haute Chapter 13 bankruptcy lawyer can help you determine whether you’re eligible to file.
What You Can Expect in the Bankruptcy Process
When you first file for Chapter 13, you’ll need to include an inventory of sorts, which consists of a list of your income and expenses, assets and liabilities, total unexpired debts, and a financial affairs statement. We will also have to provide the court with your most recent tax return or transcripts and a certified statement of your completed credit counseling.
It’s important to note that, if you’re married, your spouse’s financial information may also be required even if only one of you is filing. This way, the court has a complete picture of your household’s financial situation.
Once you’ve officially declared Chapter 13 bankruptcy in Terre Haute, current attempts to collect your debts will be “stayed,” or stopped, and a bankruptcy clerk will notify all debt collectors provided in your inventory of debts. This stay may also apply to any co-debtors on your loans so debt collectors can no longer attempt to recover the debt from them.
Next, there will be a meeting with debt collectors, where you’ll be asked questions about your financial situation and the proposed repayment plan. Generally, these plans will allow for payment of your debts within three to five years, depending on your specific situation. Finally, there will be a hearing, where the court confirms your agreed-upon plan to begin the repayment process.
Chapter 13 Discharge of Debts
After you’ve made all of your agreed-upon payments, you’ll be released from your debts, and creditors will no longer be able to seek further repayment—as long as the agreed-upon plan was followed in full.
Certain long-term debts, such as mortgages, child support payments, alimony, some student loans, and restitution for committed crimes, are not dischargeable. You will continue to be financially obligated to pay them.
Additionally, debts that occurred through obtaining property under false pretenses and damages you had been ordered to pay in a civil suit will be discharged unless a creditor is able to petition the court and have a judge order the debt nondischargeable.
On occasion, a hardship discharge may be granted if you are unable to complete your payment arrangements as planned through no fault of your own, modifying the plan is not a viable option, and the creditors have received as much as they would have if you had filed for Chapter 7 bankruptcy.
Your Terre Haute Chapter 13 bankruptcy attorney can help you put this matter completely behind you.
Get in Touch with a Terre Haute Chapter 13 Attorney
Declaring bankruptcy is often the only way for people who are drowning in debt to pull themselves out of an increasingly dire financial situation. Chapter 13 bankruptcy is a great option for those who have a job and would like to retain possession of their assets.
If you believe Chapter 13 might be the best path for you, consult with a competent Terre Haute Chapter 13 lawyer at Rowdy G. Williams Law Firm today. You can schedule a claim evaluation by filling out the convenient contact form we’ve provided below or by giving us a call at 1-812-232-7400.
Rowdy G. Williams Law Firm P.C.
Description: Prices are respectable and the employees are top notch. Not to mention Rowdy has a reputation of not putting up with other attorneys bull. Would recommend over and over
Rating: 5 out of 5