Experience And Attention To People In Chapter 13 Bankruptcy

People with debt problems often don’t feel like they have many choices about their future. But that’s not true; there are options for you to achieve some debt relief through bankruptcy. One of the main bankruptcy options ahead of you is Chapter 13 bankruptcy.

My name is Yvette Gaff Kleven, and I have 40 years of experience with Chapter 13 bankruptcy in Indiana. I work with clients in Fort Wayne on bankruptcy problems, answering questions and helping them with their biggest questions. I know how hard bankruptcy is to consider, but I can show you the many ways that Chapter 13 can benefit you.

An Overview Of Chapter 13 Bankruptcy

Chapter 13 bankruptcy is one of the more popular options available in the bankruptcy code. It is mostly considered a good option for people facing foreclosure or tax liability debt because, in Chapter 13, your property is not liquidated to address the debts. Your debts are reorganized, and you are given a new payment plan.

Your new payment plan will last for a term between three and five years in Indiana. Once you’ve completed the plan, the bankruptcy court discharges the balance of your debts.

As with Chapter 7 bankruptcy, there are several types of debts that you cannot address in Chapter 13:

• Student loans
• HOA fees
• Alimony
• Child support

However, with your new payment plan in place, you can make addressing those other debts much more palatable and possible. The debt consolidation of Chapter 13 bankruptcy allows you to keep a much greater portion of your property while still addressing the larger debt problems.

To be sure, a Chapter 13 bankruptcy is much more complex and lengthier than a Chapter 7 bankruptcy, but it may be the right choice for you.

Who Usually Applies For Chapter 13 Bankruptcy

Those who do not qualify for a Chapter 7 bankruptcy automatically must choose a Chapter 13 bankruptcy. There is no means test, and even those who qualify for Chapter 7 can consider if Chapter 13 bankruptcy makes more sense for their needs. Officially, the bankruptcy code has some eligibility requirements, which will be covered later.

People with significant equity in their homes, people with many precious heirlooms and people with assets typically choose Chapter 13.

Frequently Asked Questions About Chapter 13 Bankruptcy

One of the things I see from clients again and again is how uncertain they are when it comes to bankruptcy. Many people see bankruptcy as a bad word, but the opposite is true. Choosing bankruptcy helps you get back control over the finances that you’ve lost. But even knowing that many of my clients come to me with questions such as:

Is it good to file Chapter 13?

“Good” is a complex way to look at bankruptcy, and it can be a challenge for an attorney to say whether one option is better than another with any conviction. Good is a measure for the client, and attorneys are here to offer options. What I can tell you is that Chapter 13 bankruptcy can represent the best chance of reclaiming financial control. I can extol many virtues of Chapter 13 bankruptcy. But whether or not it is right for you or good for you is going to be your choice.

How do I know if I am able to file for Chapter 13 bankruptcy?

I mentioned earlier that there are eligibility requirements for Chapter 13. They are:

• Debt amounts: The debt you face cannot be more than $1,395,875 in secured and $465,275 in unsecured debts.
• Income: You must have a steady income to be able to pay for your repayment plan.

Will I lose my house if I file for Chapter 13 bankruptcy?

A Chapter 13 bankruptcy immediately stops all foreclosure proceedings. You can even include mortgage back payments as part of your Chapter 13 plan. While the balance of your mortgage will not be discharged, you will be able to keep your home.

Get Help From Me

I’m extremely experienced in Chapter 13 bankruptcy, and I’m also compassionate to the difficulties you’re facing. I’m here to help you move to the next stage of your financial life. Call Kleven Law, LLC, 260-407-7077 or send an email to get started.

Kleven Law, LLC, is a debt relief agency that helps people file for bankruptcy relief under the Bankruptcy Code.