Guiding You Through Chapter 13 Bankruptcy In Indianapolis, IN

For many people who are unable to file for Chapter 7 bankruptcy because of previous filing, income that is too high for the Chapter 7 requirements, debt not covered by Chapter 7 or vulnerable assets, Chapter 13 bankruptcy might be a viable option.

At the Law Office of Colby J. Leonard, we are glad to offer guidance for the Chapter 13 bankruptcy Indianapolis, IN, citizens need. We’ll be glad to get you started with a free initial consultation.

How Does Chapter 13 Bankruptcy Work?

Filing for Chapter 13 can affect both secured and unsecured debt with plans that let you make payments over three to five years:

Secured debts (such as car loans) can get paid through the bankruptcy or outside of the bankruptcy, though sometimes the interest rates or monthly payments may be decreased. Sometimes, we are able to “cram down” this debt, making it so that you only have to pay collateral value (whatever security you may have put down), rather than the actual amount you owe.

Unsecured debt can be significantly slashed, requiring you to pay only what you can afford. Typically, this is just a fraction of debt like medical bills, credit card debt and payday loans.

Facts to Know About Chapter 13 Bankruptcy

- Chapter 13 bankruptcy can help you catch up on homeowner association dues and past due property taxes in addition to mortgage arrears, allowing you to halt foreclosures.

- Chapter 13 might allow you to repay non-dischargeable tax debt, and avoid the interest and penalties associated with it. This stops the IRS, while in the meantime you pay them back over three to five years.

- Chapter 13 might halt asset repossession. Even if you recently had a vehicle repossessed, our services can involve forcing the creditor to give back the car, and setting up a plan for you to pay it off.

- Chapter 13 bankruptcy secures for you the complete protection from creditor harassment and bank account or wage garnishment from the U.S. bankruptcy court.

Set Up Your Free Appointment

To learn more about how the Law Office of Colby J. Leonard can assist you with Chapter 13 bankruptcy in Indianapolis, IN, call 317-894-0626 or complete the contact form on this site. We will be glad to schedule a free initial consultation with you.