Chapter 13 Bankruptcy Helps You Keep Your Possessions
Filing Chapter 13 bankruptcy allows you to retake control of your financial future. After you fall behind on your bills and obligations, it might seem impossible to regain control, but a Chapter 13 bankruptcy enables you to reorganize your debt over a three- to five-year period. You can get a free consultation with a bankruptcy lawyer who will explain the process to you at the Muncie, Indiana Law Office of Jill M. Heiliger.
We are ready to help you use the bankruptcy laws to protect yourself, your family and your home. Call us at 765-273-4670 (toll-free at 888-770-1035) or contact us online for a free initial consultation on Chapter 13 bankruptcy.
Chapter 13 versus Chapter 7
You may wonder if Chapter 7 or Chapter 13 bankruptcy is appropriate for you. Some of the benefits found under Chapter 13 include:
- It provides a viable alternative to wage-earners who don't qualify for a Chapter 7 bankruptcy.
- Chapter 13 bankruptcy can enable you to protect assets you would lose in Chapter 7 bankruptcy, allowing you to keep your home, car, motorcycle and more.
- Chapter 13 bankruptcy can help stop a home foreclosure. If you are behind on your mortgage and are not going to be able to catch up, file Chapter 13 so that the arrears amount can be rolled into your repayment plan; the same holds true for car payments and Harley payments.
- If you are eligible to file for a Chapter 7, but you have assets, such as equity in your home, to protect, we urge you to consider Chapter 13 to protect that equity.
- A Chapter 13 bankruptcy can stop wage garnishments, and put an end to repossessions and harassing phone calls from creditors.
How Chapter 13 Works
A Chapter 13 repayment plan allows you to pay back your creditors, without interest. At the end of the three- to five-year plan, remaining debt is wiped out. The repayment plan includes vehicle loans (we help to lower high-interest car loans). After the plan period is over, you continue making your mortgage payments and utility bill payments, but you don't have outstanding credit card payments or car payments to make. In many cases, bankruptcy trustees are now requiring mortgage payments to be included in your monthly payments, helping keep your house secure.
For more information, call a bankruptcy attorney at the Law Office of Jill M. Heiliger at 765-273-4670 or toll-free at 888-770-1035. You can also contact us online.