Chapter 13 bankruptcy is no exception. At the start of the process, the lawyer will consult with the individual and review their financial situation and eligibility for Chapter 13 filing. Indianapolis Chapter 13 bankruptcy lawyers also prepare and file the bankruptcy petition on behalf of their clients to begin the proceedings. This involves compiling all necessary financial documents, such as income statements, tax returns, debt statements, and a proposed repayment plan that needs court approval. Accuracy and completeness are essential in this step to avoid complications or dismissal of the case entirely if there are mistakes. Indianapolis Chapter 13 bankruptcy lawyers may start negotiations with various creditors to reach agreements on the terms of the repayment plan. They can advocate for more favorable interest rates, lower monthly payments, or other terms that make the plan more manageable for the client, while satisfying the companies that are holding the debt. If representation in court is required, the lawyer can be physically present in front of the judge and act on the client's behalf during any scheduled hearings.
After the case is concluded, the Indianapolis Chapter 13 bankruptcy lawyer can make sure that the debt has been formally discharged. If there are other matters that need to be addressed following the closing of the case, the attorney can address them as well.
Under Chapter 13, it's possible that you might pay 100% of what you owe plus trustee and legal fees. But that will be determined as you consult with your Chapter 13 attorney.
During a debt settlement, a 40% to 60% settlement is considered a good deal for you. The creditor, however, looks for the optimal 80% to 90% settlement. Assuming you settle at 80%, including an additional 13% of the total debt amount, this would still be the less expensive option.
While debt settlement is less expensive, if you can't pay off the amount immediately, Chapter 13 is the better option for you.
More information from an Indianapolis Chapter 13 bankruptcy attorney is available
Mike Norris Law Offices handles Chapter 13 and other types of bankruptcy filings. They can be contacted to learn more about these services.
Legal Advice for Chapter 13 Bankruptcy
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(317) 266-8888
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