If you hope to both keep your belongings and make good on your debts, work with a qualified Vigo County Chapter 13 bankruptcy lawyer who can help you structure a realistic repayment plan.
If you’ve been considering filing for bankruptcy because you don’t think you’ll be able to continue to support yourself and repay a mountain of debts, Chapter 13 bankruptcy might be the right choice for you—especially if you don’t want to go so far as selling your possessions in order to repair your financial reputation.
Working with a Vigo County Chapter 13 lawyer at Rowdy G. Williams Law Firm can bring enormous benefits to your case. We can go over each debt with you, along with your income and expenses, to determine whether you can formulate a plan of repayment. If you are able, we’ll present that plan to a judge and your creditors for approval so you can take the first steps toward reclaiming your life.
Criteria for Chapter 13 Bankruptcy
To qualify to file Chapter 13 bankruptcy, you must first and foremost be employed and earning a regular income so you’ll be able to make the payments as laid out in your repayment plan. Also, your combined debts cannot exceed approximately $394,000.
Additionally, you will need to complete credit counseling and provide proof to the judge before he or she will allow you to proceed with filing for Chapter 13. Failure to do so will mean that you cannot declare bankruptcy.
The Process of Filing for Chapter 13 Bankruptcy in Vigo County
Along with your credit counseling certificate, you’ll need to provide the court with a financial statement, a compilation of your debts and creditors, proof of your earnings and expenses and those of your spouse, and a list of your assets and liabilities for consideration.
The court will then issue a stay on the creditors’ attempts to collect your debts. This means that they can no longer attempt to collect debts from you.
Then, we will have a meeting with your creditors to go over your repayment plan, and they will have the opportunity to make suggestions of their own. Your repayment plan will usually span between three and five years.
When we are able to come to an agreement, we will attend a hearing in front of a judge, who will then make the plan official and obligatory.
When You’ve Met Your Repayment Obligations
Your debts will be discharged if and when you have met the payment obligations as outlined in your repayment plan. At this point, your creditors will have been paid, and they will no longer seek payment from you.
In the event that you are, through no fault of your own, unable to adhere to the repayment plan you created, the court may decide to issue you a hardship discharge, at which point you will be released from your debts.
This is a rare occurrence that will only happen if you cannot renegotiate the terms of your repayment and the creditors have already received as much as they would have if you had been compelled to file for Chapter 7 bankruptcy.
Contact a Vigo County Chapter 13 Attorney
If you’re interested in discussing your financial situation with an experienced Vigo County Chapter 13 lawyer at Rowdy G. Williams Law Firm, schedule a free, no-obligation consultation by filling out the contact form below or giving our office a call at 1-812-232-7400.