Our Lawyers Assist You in Filing Chapter 13 Bankruptcy in Indiana
Our Merrillville lawyers help you understand Chapter 13
When you choose to declare bankruptcy as a way of managing your outstanding debt, Gouveia & Associates assists you in restructuring your finances to make payments toward your total amount owed. This form of filing bankruptcy is called Chapter 13 and allows individual consumers to pay off a portion of their debt over a three- to five-year period while maintaining possession of major property assets such as a home or vehicle.
Under what circumstances should I file for Chapter 13 bankruptcy?
Unlike Chapter 7, Chapter 13 bankruptcy does not require you to liquidate your assets to pay off your creditors. This form of filing allows for more flexibility in restructuring your finances to work with your specific needs and goals. In these cases, you create a three- to five-year repayment plan to make payments to your creditors. If you adhere to the terms of your established agreements, any dischargeable debt left over at the end of the agreement period will be forgiven.
Generally, Chapter 13 is a good choice for individuals who:
- Are behind on a mortgage, car payment or other secured asset loan but who wish to prevent foreclosure or repossession
- Wish to reinstate their original mortgage agreement
- Would like to keep possession of other valuable property
- Wish to pay back taxes over a period of time
- Have a regular source of income and are able to make payments over three to five years
Because Chapter 13 is a more complicated and long-term process than Chapter 7, the fees associated with this approach to bankruptcy tend to cost more. Our bankruptcy lawyers work with you to thoroughly examine your financial situation and determine whether Chapter 13 is indeed the best approach for you. We ensure that you have a full understanding of the terms of your renegotiations to help you clear your debt while maintaining control over secured assets and working toward your future goals.
Speak with our lawyers to find out if Chapter 13 is a viable option to protect your secured assets
Our office is open every weekday from 8 a.m. to 4:30 p.m. with free parking for clients. We are centrally located near the intersection of Route 30 and Interstate 65 in Merrillville, IN. Contact the attorneys of Gouveia & Associates today by email or phone at 219-576-6192 to receive a free, thorough review and consultation for your financial situation.