AFFORDABLE CHAPTER 13 BANKRUPTCY

Why file Chapter 13 bankruptcy?

Because filing for  Chapter 13 bankruptcy can fix serious financial problems that cannot be taken care in a Chapter 7 bankruptcy.  When you really need the debt relief that a Chapter 13 bankruptcy can provide,  filing under Chapter 7 can be disastrous at worst — or result in lost opportunities at best.  A Chapter 13 bankruptcy is not only for people who earn too much money to file Chapter 7 bankruptcy.   Knowing when and how to file a Chapter 13 bankruptcy is important.  An experienced Chapter 13 bankruptcy attorney can make this determination.  Some bankruptcy lawyers claim they “only file chapter 7 cases” usually because they don’t understand Chapter 13 bankruptcy.  I am a  Chapter 13 bankruptcy attorney who knows Chapter 13 bankruptcy.  I have been doing it for over 20 years.

Write off most, if not all, of your unsecured debts

A Chapter 13 bankruptcy is a plan of financial reorganization. Contrary to popular belief, Chapter 13 does NOT mean that you must repay all your debt. Most Chapter 13 plans involve the repayment of a small percentage (as low as 0%) of your unsecured debts over a three to five year period. The debt that is not repaid is “discharged” or written off when you complete the Chapter 13 bankruptcy repayment plan.

Halt Foreclosure And Save House

In a Chapter 13 bankruptcy reorganization plan, you can get your house out of foreclosure.  You don't have to be frustrated by the continual loss of your loan modification papers.  You do not have to put up with the lender constantly failing to understand that you cannot come up with that much money so fast.  In a Chapter 13 bankruptcy, you are in control and the mortgage company is not.  You will get up to five years to repay your arrears in the Chapter 13 bankruptcy.    Even better, you may be able to get rid of  your second mortgage when your plan is done, not only will you be current but you have a good shot of have some equity in your home.

Stop IRS tax levies

Pay back taxes without penalty and interest over time.  With Chapter 13 bankruptcy, you can repay income taxes over five years without any additional penalties or interest. Some taxes don’t have to be paid at all.

Protect all of your property

Nobody is waiting to liquidate any of your property.  Filing for Chapter 13 bankruptcy protects all of your property from a Chapter 7 trustee who is waiting to liquidate any non-exempt assets.

Behind on child support or maintenance?

If you owe back child support or maintenance, the quickest way to permanently get the former spouse off your back is through Chapter 13 bankruptcy.  Your back support payments will be paid over the life of a five-year bankruptcy reorganization plan.

Eliminate divorce obligations not related to child support or maintenance

If you were ordered — for example — to pay “half of the marital credit card debts”  and hold your ex-spouse harmless, then Chapter 13 bankruptcy can fix that.

How Chapter 13 bankruptcy works:

Chapter 13 bankruptcy is based in part on your ability to repay. Simply put, the bankruptcy court looks at your net income minus your expenses in determining how much you must pay to your creditors every month. However, under bankruptcy “reform”, your ability to repay is determined mainly by application of maximum “allowable” expenses established by the Internal Revenue Service’s collection standards.

When you retain us as your Chapter 13 bankruptcy attorney, we know how to use the bankruptcy law to your advantage. This means that even though your expenses may be higher than the IRS’ idea of “average” we look for other allowable deductible expenses that help reduce your monthly Chapter 13 bankruptcy reorganization plan payment. Such expenses include, but are not limited to:

• 401(k) contributions up to the maximum you can contribute to your plan
• Daycare expenses
• Mortgage expenses over and above the presumed housing allowance
• Medical and life insurance expenses
• Mandatory payroll deductions
• Domestic Support Obligations

After we crunch all the numbers for you, we determine an affordable monthly debt reorganization payment and propose a Chapter 13 bankruptcy plan to the court. After a hearing, sometimes two hearings. the bankruptcy court approves your reorganization plan.  You then receive a Chapter 13 bankruptcy discharge when your Chapter 13 bankruptcy plan is completed in three to five years.  In the average case, you repay less than 20% of your debts — sometimes only a few pennies on the dollar.  The rest of what you owe is simply written off.

Steven P. Taylor, P.C. | Indianapolis Chapter 13 Bankruptcy Attorney

Contact the Law Offices of Steven P. Taylor, P.C. today at (317) 271-1111  or in Kokomo (765) 868-0807 for a consultation with an affordable experienced Chapter 13 bankruptcy attorney  about whether you should file for Chapter 13 bankruptcy in Indiana or email us your questions.  

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Prior to your first meeting with my office, please complete the above downloads. They can provide me with further insight into your financial situation and allow me to determine if Chapter 13 bankruptcy is appropriate for you.