Reorganize Your Debt Through Chapter 13 Bankruptcy

Referred to as a “reorganization bankruptcy,” filing Chapter 13 provides an opportunity to reorganize your financial affairs and establish a debt repayment plan, typically lasting three to five years.

At Adelsperger & Kleven, LLP, we are committed to helping individuals and entities in Fort Wayne and throughout Indiana find financial relief through bankruptcy. With more than 65 years of combined bankruptcy experience, we have the knowledge and resources to support your needs, help alleviate your stress and guide you through the entire process.

Who Is Eligible For Chapter 13?

As with all types of bankruptcy, a debtor must meet specific requirements to qualify for Chapter 13. Under these eligibility requirements, you must:

  • Have a regular source of income. More commonly known as the “wage earner” bankruptcy, Chapter 13 is designed for debtors with a steady income who are still unable to repay creditors.
  • Have filed your taxes. When filing Chapter 13, you must file all tax returns that are due.
  • Not be restricted by a past bankruptcy. If you filed Chapter 13 bankruptcy within the past two years or Chapter 7 bankruptcy within the past four years, you will not be eligible and must wait until appropriate time has passed.
  • Not be a corporation. Limited liability companies (LLCs) and other corporations are not eligible for Chapter 13. Entities must file Chapter 11 bankruptcy instead.
  • Not have debts above the bankruptcy threshold. To meet eligibility requirements for Chapter 13 bankruptcy, you must have less than $1,184,200 in secured debt and less than $394,725 in unsecured debt. These limits are adjusted every few years for inflation.
  • Propose a plan that repays all required debts. Certain debts (child support, alimony, mortgage loans, vehicle loans and other secured debts) cannot be discharged through bankruptcy and must be paid in full.

If you are considering filing Chapter 13 bankruptcy, you likely have many questions about which debts may be eligible for discharge, what a repayment plan entails, and what to expect after you file. As experienced bankruptcy lawyers, we will work closely with you to understand your specific situation, answer any questions and provide support and guidance throughout the process.

Take A Step Toward Financial Clarity

Meet with a knowledgeable, compassionate bankruptcy attorney to discuss your situation, learn more about secured versus unsecured debts and establish a plan to regain control over your financial future.

Schedule a free initial consultation today. Email our firm or call us at 260-918-0595.

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