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 free consultation, please call 260-267-7588 or contact us online.
"Rex was very helpful and understanding of my situation. He was honest and upfront. For everything that he did for me, I am very thankful. I highly recommend Patterson Law LLC." - Hailee Gordon
"Rex is absolutely amazing at what he does! I have to say that his professionalism is above and beyond! You knocked it out of the park today my friend! I will speak highly of you and your staff to every single person I know! Thank you!" - Bryan Sanders
"I've been working with Rex for what it seems like forever now, he hasn't let me down one time! He works his hardest to get what needs to be done, done! I'd recommend him to anyone!!" - Megan Mitchell
"I would highly recommend Patterson Law to anyone! Everyone there is so professional and helpful! Rex took the time to get to know my case and handled it remarkably! Though I hope to never need their services again, I would most certainly if the need arose. Thank you to Rex and the entire staff! You are truly excellent stewards of your profession!" - Amy Gilbert-Koch
"Rex Patterson is a great person and lawyer! I would recommend this law firm to anyone looking for a straightforward no-nonsense approach to legal matters! I am very thankful that while sitting in a law firm in Ft. Wayne explaining my situation I was advised to go to Rex!! Best decision ever! Thanks again Rex for your calm approach to crazy!!!;)" - Abby Richards
"Rex is a great attorney. The clients we mutually served shared how Rex was a good attorney and fair in his pricing. Would highly recommend Rex for any of your legal needs." - Ron Nicolet Owner of Nicolet Counseling LLC