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Chapter 13 Bankruptcy Attorneys in Westfield

Help with Filing for Chapter 13 in Indiana

If you have too much debt and need to file Chapter 13 bankruptcy, you need a skilled attorney on your side. The process is complicated, and our lawyers have more than six decades of combined experience to protect your interests and help you keep your property.

Life can sometimes throw unexpected events at you, and your income can suddenly be disrupted to the point where you can’t cover your bills.

Potential difficulties may include the following, and more:

  • Illness and medical bills
  • Injury and loss of wages
  • Crash in the housing market
  • Divorce and related expenses
  • Death in the family and lost income or expenses

    Advantages of Filing for Chapter 13

    When you file for Chapter 7, any assets that are not protected by state or federal exemptions will be used to pay your creditors before the rest of your debts are discharged. This can include your home or car.

    To save your home from foreclosure or your car from repossession, you may choose to file Chapter 13 bankruptcy, also called a wage earner's plan. This means you will seek a court-approved plan for repayment of your debts. The length for which the court approves the plan varies from three to five years. You then need to complete the plan and be current on your payments to keep your property.

    In addition to saving your property, Chapter 13 can allow you to restructure nondischargable debts such as back child support or alimony. Chapter 13 also allows you to discharge certain debts that you wouldn't be able to discharge in Chapter 7, including:

    • Some debts related to a divorce or settlement agreement marital debts created in a divorce or settlement agreement
    • Debts related to court fees
    • Debts from paying a nondischargable tax debt
    • Debts that you were unable to discharge in a previous bankruptcy

    Chapter 13 also can help you protect liable co-debtors on your consumer debts, such as co-signers, from creditors.

    How to Qualify for Chapter 13 Bankruptcy

    Chapter 13 is only for individuals, not businesses. In order to file for Chapter 13 bankruptcy, you must prove that you are currently

    • Employed, with enough income to cover the monthly payments of the proposed plan
    • Up to date on your tax filings for the four tax years prior to your filing date

    Your secured and unsecured debt also must fall within the allowed limitations. The maximum amount of debt for a Chapter 13 filing changes every three years. Additionally, you must compete a credit counseling class.

    Find Out if Chapter 13 Bankruptcy is Right for You

    Chapter 13 bankruptcy cases are complex. A 2011 U.S. Bankruptcy Court study in the Central District of California found that only 0.4 percent of people who tried to represent themselves were able to get their Chapter 13 plan confirmed. In Indiana, Stoesz & Stoesz, LLC can get you the information you need to understand the process. We can help you work out a personalized plan that you can live with for those three to five years.

    Our Westfield bankruptcy attorneys can also help you be prepared for the bankruptcy filing. You will need to compile specific and exact records related to your finances. These are called bankruptcy schedules, but they are actually forms addressing exact details about your income, property, credit owed, and much more.

    Contact us at (317) 720-3334 right away for a free consultation with our bankruptcy lawyers in Westfield. We also serve individuals across Noblesville, Carmel, and Hamilton County.

    We are Committed to Protecting Your Rights

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