Chapter 13 Bankruptcy Lawyer in Indianapolis
Debt Reorganization Counsel in Indianapolis, Greenwood & Muncie
At Jackson & Oglesby Law LLC, we can help you file for debt relief under Chapter 13 bankruptcy, which allows individuals the opportunity to become debt free by gradually repaying debt without the burden of creditor harassment. There are many reasons that individuals choose to file under Chapter 13, and our firm can help you determine if this or any other form of consumer bankruptcy is right for you.
Four reasons to choose our affordable Indianapolis firm for your Chapter 13 filing:
- Affordable payment plans, flexible hours, and a free evaluation
- 30+ years' collective experience in bankruptcy law
- Focus our practice 100% on bankruptcy
- Hundreds of people helped through bankruptcy
At Jackson & Oglesby Law LLC, our professional Chapter 13 attorneys can help you prepare a plan that meets your best interests. Contact us at (888) 713-5148 and discuss your options for eliminating overwhelming debts.
Our firm can help you take charge of your debts through this form of bankruptcy. In some cases, our client files under Chapter 13 because they do not want to lose certain property that is not protected under Chapter 7, or because they do not qualify for Chapter 7 after failing the means test. We can help you determine if debt restructuring is in your best interest and then take steps to discharge your debts.
How Chapter 13 Bankruptcy Works in Indiana
Chapter 13 bankruptcy is a debt restructuring plan that allows you, as the debtor, the opportunity to consolidate your debts into one reasonable monthly payment. Your payment will be based on the amount that you are able to pay. Some debts (secured debts, for example) must be paid in full by the end of the bankruptcy process.
These debts may include:
- Auto loans
- Certain tax debts
- Certain student loan debts
- Unpaid child support
You can learn much more about how Chapter 13 bankruptcy can personally benefit you by contacting Jackson & Oglesby Law LLC today!
Chapter 13 Bankruptcy Eligibility
Chapter 13 isn’t for everyone, it’s important you seek counseling or other bankruptcy alternatives before getting started. If you are determined to start your process it’s important to find out if you qualify and that you meet the requirements needed for it.
Some requirements you may need to be eligible includes:
- Showing a regular income
- Being current on tax filings
- Have not filed for any sort of other bankruptcy
- Not being a business filing - Chapter 13 is only available for individuals
- Having debt under the Chapter 13 debt limits
The process continues with additional requirements that include credit counseling and other debtor education course required by the government. Followed by that you will begin to file the process. Jackson & Oglesby Law, LLC can help you determine whether you qualify for Chapter 13 bankruptcy, contact our team today. Our attorneys are prepared to guide you through all aspects of bankruptcy.
How Long Does Chapter 13 Take?
In Chapter 13, an individual’s unsecured debts are reduced and restructured into a payment plan that can last anywhere from 3 to 5 years depending on an applicant’s total income and how much is owed. Additionally, a Chapter 13 bankruptcy will appear on a credit report for 7 years and an individual may be eligible to file a second time after a 6-year period.
Two main factors which determine the length of a repayment plan include:
- Total income: A person’s total income is typically the first factor that is considered. An applicant who makes less than the median monthly salary in the state will qualify for a repayment period of three years. Those who make more than this amount will typically be put on a five-year repayment plan.
- Time needed to complete payment: A person who qualifies for a three-year schedule may still request a five-year plan if they can show that additional time within the bankruptcy process will allow them to better meet repayment requirements. Whichever route a person qualifies for, five years is the maximum amount of time a chapter 13 bankruptcy can last.
Contact Jackson & Oglesby Law for Chapter 13 Assistance
As you file under Chapter 13, you will be able to take note of the unique advantages within bankruptcy. Lien stripping is one such benefit that involves the removal of a second mortgage if you have more than one. If you are past due on your automobile loan, it may be possible to repay the value of the vehicle, rather than the value of the note.