Chapter 13 Bankruptcy – Reorganization

Southern Indiana and Kentucky Chapter 13 Bankruptcy Lawyers  – Providing Bankruptcy Reorganization Representation to Individuals in Indiana and Kentucky

A Chapter 13 bankruptcy is commonly referred to as a “reorganization.”

Chapter 13 bankruptcies are typically used by individuals and couples as a way to keep their homes and cars and restructure their debt.

In a Chapter 13 bankruptcy, creditors are paid over time (often 3-5 years).  In many cases, creditors agree to a reduction in the principal amount owed and/or the applicable interest rate.  Chapter 13 thus provides individuals with a way out from under immediate payment requirements that are often associated with high interest rates.

What Are Some Advantages and Disadvantages of Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy is often preferred by creditors because it offers them the opportunity to potentially receive much more than they otherwise would receive in a Chapter 7 bankruptcy.  If individuals have significant property that is not exempt from creditors, a Chapter 13 bankruptcy may allow them to retain such property.

The disadvantages for individuals and couples filing for Chapter 13 bankruptcy protection is that the bankruptcy process will likely continue for 3-5 years (unlike a Chapter 7 bankruptcy that may be finalized in less than a year).  Additionally, individuals filing for bankruptcy protection under Chapter 13 may ultimately pay much more to creditors than they would pay in a Chapter 7 bankruptcy.

Our Chapter 13 Bankruptcy Representation in Southern Indiana and Kentucky

Before making a decision to seek bankruptcy protection, experienced bankruptcy attorneys should be consulted.   At our firm, we represent individuals and couples in Chapter 13 filings in Southern Indiana and Kentucky, as well as in Chapter 7 bankruptcies.

Please call our firm to learn more about your options.  We offer a free consultation so that you will have the opportunity to learn about how we can help, and so that we can learn about your situation.

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