Blog

chapter 13 bankruptcy 3

What is Chapter 13 Bankruptcy

Chapter 13 Bankruptcy is a difficult process, and is one that should definitely be handled by an experienced attorney, as these types of proceedings involve a lot of necessary legal paperwork and filings to ensure you don’t lose all of your assets, and to ensure that you can extend your payments on incurred debt. Payments can last for up to three to five years, while the bankruptcy continues, or until the debt is repaid. A good legal counsel can resolve debt, and give you the best plan of action to take through the course of these proceedings. Hiring a sound attorney is the key to seeing the light at the end of the tunnel of your bankruptcy.

Chapter 13 bankruptcy involves monthly payments during the three to five year period of the filing. As your status reaches completion over the course of those years, your lawyer will be there to ensure your payments are made to the chapter 13 trustee who would have been appointed at the time of the hearing. He will also serve as counsel, advising you on important decisions to make while you are in the process of the bankruptcy. Skilled attorneys can get you the best outcomes on potential remedies for your own particular financial situation.

This type of bankruptcy involves the lawyer and the client to make a plan for action which will appropriate funds via monthly payments, and it is in essence, a payment plan to appease creditors, and to end the haggling of creditors due to your lack of available funds. Based on your income in relation to the median income of the state, your payment plan will extend for a longer or shorter amount of time accordingly.

With Chapter 13 bankruptcy, you will not have to liquidate all of your assets to account for incurred debt. You simply arrange to make payments to a trustee who will distribute those funds accordingly. With this type of proceedings, it is often required that the applicant have some form of monthly income from which to derive the payments. Chapter 13 Bankruptcy is often a viable option for someone who has the ability to pay off a reasonable amount of debt while retaining important assets like houses, cars, luxuries, and etc.

Chapter 13 Lawyers Indianapolis, if you are in the area, an good lawyer in Indianapolis can be on your side every step of the way. Chapter 13 Lawyers Indianapolis, we can guarantee that your proceedings will be accomplished with ease, and thereby preventing you needless worrying or suffering over incurred debt, which you can resolve with our help.

No comments yet.

Leave a Reply