Indiana Bankruptcy Attorneys - Chapter 13 Bankruptcy Lawyer Indianapolis
At the law office of Boruta, I provide a wide range of bankruptcy and debt relief services to help clients find solutions to difficult financial challenges. As a firm that has handled thousands of bankruptcy cases, we know that no two cases are the same.
Each person and each family has their own unique financial situation and their own individual needs. I tailor my approach to meet the needs of my clients.
Chapter 13 Bankruptcy Relief
One of the ways we help clients is through Chapter 13 bankruptcy. A Chapter 13 bankruptcy is similar to a payment plan that is specifically tailored to meet your financial needs. If retained to handle your case, I will submit a three to five year debt payment plan for approval to a bankruptcy court judge. Chapter 13 is the type of bankruptcy which a person may:
- Stop home foreclosure
- Deal with your back taxes (IRS)
- Recent previous bankruptcy filing
- Stop auto repossession
- Protect your property
The plan will take into account your ability to pay. In addition to gaining additional time to pay back home mortgage arrears, auto loan arrears, and other past due debts, a portion of your overall debt may be discharged. So, for example, if you owe a significant amount of credit card debt, your plan may include a debt settlement which requires that you pay only a portion of your overall credit card debt, with the remainder being completely discharged.
Chapter 13 vs. Chapter 7
People who choose Chapter 13 bankruptcy over Chapter 7 bankruptcy typically are employed and have significant assets they want to protect. In addition, people who file for Chapter 13 relief may not be eligible for a Chapter 7 bankruptcy because they earn too much money and do not meet the Chapter 7 economic means test requirements.
Chapter 13 bankruptcy is often used by people seeking to stop a home foreclosure or auto repossession. If your plan is approved by the bankruptcy court, your creditors must abide by the terms of the court order. Chapter 13 bankruptcy is also a great way to put a stop to creditor harassment, as an automatic stay is created at the moment you file for bankruptcy that prohibits most creditors from further collection activity.