How Chapter 13 Bankruptcy Works
When you choose Chapter 13 bankruptcy with us, our attorneys help you build a repayment plan within your means. The court must approve your plan, and once approved, you pay a designated trustee, who then distributes the payments to your creditors.
Each Chapter 13 case follows several clear steps. We begin with a thorough review of your finances and prepare your petition for the Indiana bankruptcy court. After filing, the court assigns a trustee based on your Fishers or Hamilton County address. You participate in a meeting with creditors—this is where you answer questions about your proposed repayment plan and your finances. The plan must first account for necessary expenses and receive court approval before you can start making payments. A customized roadmap for your situation helps keep the process clear and gives you confidence throughout your case.
Besides protecting your property, Chapter 13 can provide interest rate reductions on some loans. For example, loans on your vehicle might qualify for a lower rate, easing your monthly budget. Over-secured debts, or loans where the debt is higher than the asset’s value, can sometimes be restructured, making your payments more manageable overall.
Our comprehensive approach ensures that:
- Your assets are protected: Keeping essential assets like your home and car is achievable while significantly reducing your debt burden.
- Creditors are kept at bay: Filing places an automatic stay, which stops creditors from taking collection actions.
- You get a customized solution: Our legal team considers all aspects of your financial situation to develop a manageable and effective repayment plan.
Why Choose a Chapter 13 Bankruptcy Lawyer Fishers at Jackson & Oglesby Law LLC?
Choosing the right legal support is crucial when filing for bankruptcy. At Jackson & Oglesby Law LLC, we do more than provide legal advice. We act as your dedicated partners as you recover financially, recognizing that every client’s situation needs an individualized approach.
Our office near downtown Fishers allows you to easily reach us from neighborhoods like Saxony or Geist, making in-person meetings simple. We also offer remote consultations for clients in Hamilton County and nearby areas, giving you flexibility that fits your life. You choose how to meet with us, whether you live close to Fishers’ parks or commute from the broader Indianapolis metro area.
We offer local accessibility, so you can get timely support and relevant advice without traveling far from home or work. Our flexible scheduling puts your needs first, ensuring that working toward financial health does not disrupt your family or career.
Our services stand out due to:
- Local experience: Our attorneys know Fishers and Indiana bankruptcy regulations, so we give tailored advice that follows regional financial guidelines.
- Compassionate guidance: We deliver each case with care, understanding that financial stress can take a mental and emotional toll.
- Flexible plans: Because financial difficulties can strain your budget, we offer payment options to make our services accessible.
Your Path to Financial Recovery
We believe bankruptcy is not an end but a new beginning. At Jackson & Oglesby Law LLC, our team helps you file for Chapter 13 bankruptcy and plans for your financial recovery after the process. We help you use budgeting tools and guide you to financial management resources to avoid future difficulties.
After filing, many people look for ways to rebuild. We recommend reviewing your credit reports, working with a local Fishers bank or credit union for responsible account management, and exploring financial education programs offered in Hamilton County. With the right approach, you can restore your financial confidence and prepare for Fishers’ changing economy—whether you plan to buy a new home or boost your savings.
We work closely with you at every stage, supporting your transition from financial distress to recovery. Our attorneys are available to answer your questions or concerns as you meet the terms of your plan. We aim to lift the burden of bankruptcy and help you establish lasting financial security and well-being.
Reach out to a skilled Chapter 13 lawyer in Fishers by calling (888) 713-5148 or filling out our online form.
Frequently Asked Questions About Chapter 13 Bankruptcy in Fishers
What Is Chapter 13 Bankruptcy?
Chapter 13 Bankruptcy, also known as a wage earner's plan, allows individuals with regular income to develop a plan to repay all or part of their debts over time. Unlike Chapter 7, which involves liquidating assets, Chapter 13 focuses on reorganization, which can be suitable for people who want to keep their assets while paying off debt according to a structured plan approved by the court. This option typically allows for the reduction of unsecured debt or even its discharge after the completion of the repayment period.
Another key facet of Chapter 13 is its ability to protect co-signers. If someone co-signed a loan that’s included in the Chapter 13 repayment plan, they will usually be protected from creditor actions as long as they maintain the necessary payments within the structure of the plan. This can be a relief for both you and the co-signers involved, ensuring your financial strategy doesn’t inadvertently burden trusted friends or family members.
What Debts Are Paid Through a Chapter 13 Plan?
A Chapter 13 repayment plan addresses several types of debt. Secured debts, like mortgages or car loans, are typically a priority in the plan, allowing you to catch up on missed payments. Priority debts, such as taxes or child support, must also be paid in full during the plan. Unsecured debts, like credit card balances or medical bills, are often repaid partially, depending on your disposable income and the plan’s structure. Our firm will help you outline a plan that ensures these obligations are managed efficiently while protecting your financial goals.
How Long Does It Take to Complete a Chapter 13 Plan?
A Chapter 13 bankruptcy plan typically lasts between 3 to 5 years, depending on your income level and financial circumstances. If your income is below the state’s median, you may qualify for a 3-year plan. However, if your income exceeds the median, a 5-year plan is usually required. During this period, you make regular payments to a Chapter 13 trustee based on your repayment plan. Our firm is here to help you craft a feasible plan tailored to your financial needs and ensure smooth progress toward debt relief.
How Are Chapter 13 Payments Calculated?
Chapter 13 payments are tailored to your unique financial situation. The calculation considers your disposable income, which is what remains after covering necessary living expenses. It also factors in the types of debts you owe—secured debts like mortgages or car loans may require full repayment, while unsecured debts like credit cards might only require partial repayment. Courts also assess your ability to pay over the plan's duration, typically 3 to 5 years. Our firm will guide you in accurately assessing your income, expenses, and debts to create an affordable payment plan.
What Happens If I Miss a Payment in Chapter 13?
Missing a Chapter 13 payment can jeopardize your bankruptcy case, as staying current on payments is essential to fulfilling your repayment plan. However, missing one payment doesn't automatically result in dismissal. The Chapter 13 trustee may file a motion to dismiss, but you often have an opportunity to catch up. It’s important to act quickly—contact your attorney to discuss options, such as modifying your plan or requesting more time to make the payment. Our firm is here to assist you in resolving these issues and keeping your case on track.
Can I Keep My Home and Car in Chapter 13?
Yes, Chapter 13 bankruptcy is designed to help you keep important assets like your home and car. Through a court-approved repayment plan, you can catch up on missed mortgage or car payments while continuing to make current ones. The automatic stay imposed by filing also halts foreclosure or repossession actions. To retain these assets, it's important to stay current on your repayment plan. Our firm will work with you to create a manageable plan, prioritize asset protection, and guide you toward financial stability.
An experienced Chapter 13 bankruptcy attorney in Fishers at Jackson & Oglesby Law LLC is here to assist you. Fill out our online form or call (888) 713-5148 to schedule your appointment now. Your first consultation is completely free.
