What to Know About Chapter 13 Bankruptcy in Fort Wayne, IN

No matter how well you have prepared for your life and how on top of your finances you think that you are, sometimes things happen that can be very overwhelming and make it difficult for you to pay your bills or get ahead. There are a number of different types of bankruptcy available for people to file, which is why it is important to understand the difference in these types of bankruptcy and when Chapter 13 bankruptcy is your best option.

Who Is Eligible

Not everybody is eligible to file for Chapter 13 bankruptcy in Fort Wayne, IN. There are limits on how much unsecured and secured debt that the user can have to be able to file this type of bankruptcy. Additionally, Chapter 13 bankruptcy is not available to companies and individuals that have to be able to prove a steady income.

The Process

Unfortunately, the process to file for this type of bankruptcy is very convoluted and difficult, which is why it’s a good idea to hire an expert to help. In addition to a number fees you’ll have to pay and mandatory courses you’ll have to take, it’s important to come up with a solid repayment plan to show how you will pay back your debt. If you are unable to make your plan payments for some reason, then you may have to either modify your plan or convert it to a Chapter 7 bankruptcy.

There is absolutely no reason for people to attempt to file Chapter 13 bankruptcy on their own. Doing so will often allow people to make mistakes in creating their payment plan or in the filing process. By hiring an expert such as Fred Wehrwein, P.C, you’ll be able to rest easy knowing that not only was your paperwork filed correctly, but that your repayment plan is one that will work for you. Getting professional help is an important way to protect yourself in the future. You can connect them on Facebook.

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