Indiana property owners should discuss the probability of filing bankruptcy with their respective attorneys. The reason for this is to establish whether or not this is the right choice for them. While chapter 13 presents them with immediate protection against foreclosure, they should explore all possible options before filing a permanent claim. If you wish to acquire help with these efforts, you should contact Lawyers Fort Wayne IN at Ripke Law PC today.
Filing Chapter 13
The requirements for filing chapter 13 begin with identifying your income level. In Fort Wayne, consumers must have an annual income of more than $36,518. The consumer must present clear evidence of their income to make this distinction. This includes all sources of income, including child support and alimony, if applicable.
What are the Benefits?
By acquiring an approved claim in this chapter, the consumer receives an automatic stay that prevents their lender from initiating foreclosure. The duration of time in which this stay is valid is determined by the length of the case. This is typically three to five years.
Furthermore, they have the opportunity to settle their debts through a repayment plan that allows them to pay one monthly payment to settle all debts included in the bankruptcy. This doesn’t include any debts that were discharged as the consumer is no longer accountable for these debts. In most cases, the payment is garnished from their wages.
Expendable Income Requirements
Additionally, they must use any expendable income to pay any debts that were not included or discharged by the court. This value is determined after the court has deducted all monthly obligations such as utility bills and food expenses. Any income that is not applicable to these requirements must be used according to the plan. Visit website for more details.
Consumers who determine that chapter 13 is the right choice for them should file a claim as quickly as possible. The reason for this is that they can receive the benefits of this action at a more rapid rate and protect themselves from legal action. If you wish to review these opportunities, you should contact Lawyers Fort Wayne IN immediately.
