Hendricks County, Indiana Chapter 13 Bankruptcy Attorneys Understand Your Situation

Indiana Bankruptcy Law Firm Will Provide You With Options

Chapter 13 bankruptcy is also known as a wage earner's plan because it enables debtors with regular income to develop a plan to repay all or part of their debts. Under chapter 13, individuals have the ability to propose a repayment plan allowing them to make payments to creditors over three to five years. During this time, creditors are forbidden from pursuing collection efforts. If you're wondering whether or not chapter 13 bankruptcy might be for you, contact the Hendricks County bankruptcy firm Saeed & Little LLP for effective debt relief counseling.

iAdvantages of Chapter 13 Bankruptcy*

Chapter 13 bankruptcy offers individuals a number of advantages over liquidation under chapter 7. One of these is the opportunity to save their home from foreclosure. By filing for chapter 13 bankruptcy, individuals can stop foreclosure proceedings and will have the chance to get current with their mortgage payments over time, although they will be required to make all the mortgage payments that come due during the chapter 13 plan on time.

Another advantage that individuals have under chapter 13 bankruptcy is that they will be allowed to reschedule secured debts, other than the mortgage on their primary home, and extend them over the life of their chapter 13 plan. This extension will often lower the payments. Chapter 13 also has a provision that protects third parties – co-signers – who may be liable along with the debtor for consumer debts.

Chapter 13 acts somewhat like a consolidation loan, allowing the debtor to make payments to the bankruptcy trustee, who in turn distributes payments to creditors. In this arrangement, debtors will have no direct contact with creditors, at least while under chapter 13 protection.

Time for a Positive Step

Bankruptcy is about making positive change, not giving up or walking away from financial responsibilities. Contact the knowledgeable attorneys at Saeed & Little LLP online or call 317-685-2426 for a free telephone consultation to discuss your options.