Indianapolis Bankruptcy Attorneys Help People Get Back on Their Feet

Shelby County, Indiana Lawyers Focus on Chapter 13 Bankruptcy

Millions of Americans are struggle with financial trouble and debt problems every day. If you're considering filing for chapter 13 bankruptcy in Shelby County, Indiana, contact the bankruptcy lawyers at Saeed & Little LLP – we understand your situation and genuinely want to help.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is also known as reorganization bankruptcy because debtors end up paying most of their debts off over a three to five year period of time. If you want to file for chapter 13, you'll need to prove to the court that you can afford to meet your payment obligations, and if your income is irregular or not high enough, the bankruptcy court may not find you eligible for chapter 13.

Chapter 7 or Chapter 13 – What's the Difference?

In chapter 7 bankruptcy, the bankruptcy court will discharge, or erase, most or all of the debts you owe. In exchange for this discharge, the bankruptcy trustee will take any property you own that is not exempt from the bankruptcy, sell it, and distribute the proceeds to your creditors. You'll select the property you are eligible to keep from a list of Indiana state exemptions and the federal exemptions that Indiana allows.

In a chapter 13 bankruptcy, you file a repayment plan with the bankruptcy court that outlines your plan to pay back all or part of your debts over a three to five year period. The amount you'll need to repay depends upon your earnings, the amount and type of debt that you have, and how much property you own. You lose no property in a chapter 13 bankruptcy because your repayment plan is funded through your income, not liquidation of your assets.

Bankruptcy Questions? We're Here to Help

If you're a resident of Shelby County, Indiana and need help deciding whether or not you should file for chapter 13 bankruptcy, contact the bankruptcy attorneys at Saeed & Little LLP online or by calling 317-800-6181. Your initial telephone consultation will be free of charge.