For too many Americans, severe financial hardship is only one or two missed paychecks away. A long-term illness, a failed investment, a business reversal, or lengthy unemployment can put virtually anyone on the brink of bankruptcy. If you’re there now, struggling with debts you fear you’ll never be able to repay, it’s time to talk to a trustworthy attorney about the benefits of bankruptcy. For forthright advice focused on what’s best for you and your family, Patterson Law LLC in Fort Wayne is the law firm to see. If you’re employed, earning more than the median income for a household your size, and want to hold onto your home, Chapter 13 bankruptcy may be the answer.
Chapter 13 is the section of the bankruptcy code that allows individuals to repay part of what they owe over time and have the rest of their eligible debt discharged. When you meet with us to discuss your current financial situation, we take an inventory of your creditors, amounts owed and debts that are dischargeable in bankruptcy. If you have reliable, regular income but are earning too much to qualify for Chapter 7 bankruptcy, we then look at the equity you have in secured assets, such as your home and auto, to see if those amounts exceed the exemption limits. Then we explain whether Chapter 13 bankruptcy would be to your advantage.
If you decide to go ahead with the process for filing Chapter 13 bankruptcy protection, here’s what you can expect to happen:
We will provide you with seasoned advice and determined advocacy through each step of the process.
Chapter 13 is a great tool for disposing of a second home mortgage. If you’re “underwater,” meaning your property has declined in value and you now owe more than it’s worth on the market, the bankruptcy court treats part or all of that second mortgage as an unsecured loan. The lender gets partial payments during your repayment plan period, but at the end of your plan, the bankruptcy court discharges that debt, so you no longer have to repay it.
Patterson Law LLC in Fort Wayne helps Indiana clients with overwhelming debt get a fresh start through Chapter 13 bankruptcy. To schedule a consultation, please call 260-247-8383 or contact us online.