Are you tired of never getting your debt paid off? Does it seem no matter how hard you work, you still owe creditors? If this is the case, you will want to consider filing for a Chapter 13 bankruptcy in Avon IN. This may assist you in getting your debt paid off in a shorter amount of time.
How to File for Chapter 13 Bankruptcy
If you desire to get your debt paid in a shorter amount of time and currently are employed, you will be eligible to file for a Chapter 13 bankruptcy. It is important that you file for this legal status with the court. This will allow you to be able to achieve this type of bankruptcy.
The individual which file for this type of bankruptcy will be required to fill out a form that states the amount of debt that is owed. This may include car loans or unsecured debt.
In return, the court will look at the amount of debt and work to re-establish a debt repayment plan. The amount of time to repay the debt is normally between three to five years.
What are the Requirements for Chapter 13?
There are certain requirements that must be completed for the individual hoping to achieve a Chapter 13 bankruptcy. Some of these requirements are listed below:
1. The person must reside in the United States.
2. The person must be an individual only when filing for this bankruptcy type and can’t do so if this is a corporation or other business entity.
3. The debtor must have a full time job or reliable income that will cover monthly expenses.
4. The person filing for the bankruptcy must not have filed for bankruptcy in the past 180 days.
There are other specific requirements that must be met, but the above will allow the individual considering filing for the bankruptcy to understand what is involved. It is important to rely on the assistance of an attorney that knows what is required for the person considering this type of bankruptcy.
Finally, by relying on The Wright Law Group, LLC to answer your questions regarding a bankruptcy of this type, you are likely to have greater success.
