Chapter 13 Provides Creative Solutions To Debt

Chapter 13 bankruptcy is commonly referred to as the wage earner plan. This form of debt relief provides powerful protections to allow individuals to protect their homes and assets and return to financial health. Chapter 13 allows individuals and married couples to reorganize debt through a payment plan over the course of three to five years. The payment plan is based upon your unique circumstances. At the conclusion of the plan, any remaining unsecured debt is eliminated, providing you with a fresh financial start.

It Is Critical To Choose The Right Kind Of Bankruptcy To Protect Your Interests

It is possible to file the wrong type of bankruptcy without a comprehensive review and the competent guidance of a knowledgeable bankruptcy lawyer. Even if you qualify for Chapter 7 bankruptcy, a Chapter 13 plan may be more appropriate for you. At the Law Office of Lora L. Phipps in Terre Haute, Indiana, we pride ourselves on providing a thorough analysis of your individual debt problems to craft the legal strategy best suited to your unique circumstances.

We can explain the creative benefits that Chapter 13 provides, including:

  • Lien stripping: Many homes are underwater. This is particularly true with second mortgages. If the value of your home does not exceed the balance on your first mortgage, you may be able to strip a second mortgage lien in Chapter 13, essentially transforming the second mortgage into unsecured debt.
  • Reducing or eliminating arrears in payments: If you are behind on student loan or mortgage payments or owe back taxes, Chapter 13 may allow you to catch up on payments to relieve the headache and financial strain associated with these difficult financial problems.
  • Loan workouts and mortgage modifications: You do not have to choose between Chapter 13 and other tools to restructure home or automobile loans. We will fully analyze your circumstances and explain all of the legal options that may be available under your unique circumstances, including a review of any potential debt restructuring. We are experienced in helping clients obtain loan modifications. If you have a high interest car loan or are facing a balloon payment on your mortgage, it may be possible to restructure your agreement with the bank to solve your debt problem.

Contact A Creative Chapter 13 Bankruptcy Attorney In Terre Haute

Arrange a free consultation with an experienced lawyer to learn more about the benefits of Chapter 13 bankruptcy. Call 812-235-0300 or send us an online message. We have flexible scheduling with evening appointments available.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.