Fort wayne Chapter 13 bankruptcy lawyer fred wehrwein pc

February 15 2020

Keeping Your Home After Filing a Chapter 13 Bankruptcy in Fort Wayne

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Keeping Your Home After Filing a Chapter 13 Bankruptcy in Fort Wayne

Here at Fred Wehrwein PC, among the most important cases that we represent are Chapter 13 bankruptcy cases. While bankruptcy cases are usually straightforward, there are a number of hurdles that you might need assistance in navigating. For instance, it’s possible to avoid foreclosing on your home when you file for Chapter 13 bankruptcy. However, a Chapter 13 bankruptcy attorney such as ours should be by your side to make sure that the legal process is completed without issue.

What Is Chapter 13 Bankruptcy?

This is a type of personal bankruptcy that provides individuals with the ability to repay part or all of their debts without going through liquidation, which means that you could avoid having to get rid of your assets. If your primary issue with repaying debt involves the time that you’re given to repay the debt as opposed to lacking income, this type of bankruptcy might be the best option for you as long as you seek assistance from a Fort Wayne chapter 13 bankruptcy attorney.

When an individual files for Chapter 13 bankruptcy, they will have anywhere from 3-5 years to resolve any of their outstanding debts, during which all disposable income will be used for debt reduction. As is the case with businesses that file for Chapter 11 bankruptcy, you will need to submit a reorganization plan for your debts that keeps your assets safe from foreclosure or repossession while at the same eliminating your other debts. Because of the intricacies involved with making such a plan, having a Chapter 13 bankruptcy attorney such as Fred Wehrwein PC by your side can go a long way towards mitigating any mistakes during the creation of the plan.

Benefits of Obtaining a Chapter 13 Bankruptcy

The two primary types of bankruptcy that are available to individuals include Chapter 7 bankruptcy and Chapter 13 bankruptcy. If you’re weighing your options, the main benefit of choosing Chapter 13 bankruptcy in comparison to its Chapter 7 counterpart is that Chapter 13 bankruptcy provides you with the ability to avoid foreclosing on your home when repaying debts. However, there are some guidelines that apply to this benefit, the primary of which is that mortgage payments must be made on time once Chapter 13 bankruptcy has been filed for.

Another notable benefit of choosing Chapter 13 bankruptcy is that individuals can reschedule their secured debts and extend them for a lengthy period of time. Because of the time extension allotted to you for repaying your debts, it’s likely that payments will be reduced. You’ll also find that Chapter 13 is outfitted with a provision that offers some protection for co-signers. Keep in mind that the plan created after filing for Chapter 13 bankruptcy requires you to make any outstanding payments to a trustee. The trustee will then send these payments to any creditors you still owe.

How to Avoid Foreclosing Your Home With Chapter 13 Bankruptcy

Losing a home because of filing bankruptcy is a frightening prospect for most homeowners. While you might be required to foreclose on your home if you file for Chapter 7 bankruptcy, it’s possible to avoid this issue with Chapter 13. The amount that you owe on your home is considered to be secured debt, which means that your home can be foreclosed on if you don’t make your payments on time. However, filing for Chapter 13 bankruptcy gives you the option of making mortgage payments during a period of 3-5 years.

It’s also possible that these payments could be free of interest, which means that everything you pay will be taken from the principal of the mortgage. Having more time to make these payments provides you with the opportunity to pay off your debt without losing your home. Keep in mind that late payments aren’t permitted with this plan. You will also have the option to increase your payments, which would allow you to get rid of the debt before the full 3-5 year period is finished. In the event that your financial situation worsens after you’ve filed for Chapter 13 bankruptcy, it’s possible to modify the plan.

Why You Should Hire a Chapter 13 Attorney

When you hire a Fort Wayne Chapter 13 bankruptcy attorney, they can help you create a sensible plan that can be submitted when you file for bankruptcy. This plan will allow you to repay your debts over a period of 3-5 years, which means that you can eliminate your debt. Without a bankruptcy attorney by your side, it’s possible that the plan you create won’t take everything into account, which could make it difficult for the plan to be approved by your creditors. Here at Fred Wehrwein PC, we can help you improve your financial future. Contact us today to schedule a free consultation.

June 17 2019

Why Chapter 11 Personal Bankruptcy Could Be Right For You

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Filing a bankruptcy petition is a very serious personal decision that should not be taken lightly because it can have a long-term impact on the life of the petitioner. Many people are hesitant to file for bankruptcy protection under any chapter because they understand the resulting damage to their credit rating, but that may not be the case in certain situations. It is easy to accumulate excessive financial obligations, and many individuals only need a payment restructuring as opposed to filing for a discharge of debt or entering into a five-year repayment plan that is associated with a Chapter 13 filing. There may be more debt discharge available in a Chapter 7 petition, but the damage can be extensive for further credit. Chapter 11 bankruptcy could actually be the answer for certain people who have assets they want to protect without having a home in jeopardy of repossession. Not only can a Chapter 11 reconstruction plan alleviate mounting financial obligations, it can also protect credit scores as well as clear personal assets. Fort Wayne attorney Fred Wehrwein P.C. has significant experience in representing personal Chapter 11 cases, and he understands how to craft an effective petition for maximum protection.

The Cons of Chapter 13 and Chapter 7 Bankruptcy

Knowing why Chapter 11 may be the right petition is better understood by knowing the problems with a Chapter 13 or Chapter 7 filing. Chapter 13 bankruptcy is largely focused on protecting a mortgaged property, as some form of mortgaged real estate is almost always involved. It is effectively a five-year payment plan intended to make all payments current in total at the end of the program. Emerging from a Chapter 13 repayment plan in good standing is the goal. Chapter 7 must be filed for those who cannot qualify for Chapter 13. It does discharge all unsecured debt, but all clear personal assets are subject to confiscation by the court and sold for proceed payment to the listed delinquent creditors.

Chapter 11 Differences

A Chapter 11 filing will include all outstanding debts and be scheduled for a current payment status at the end of the plan. Unsecured debt is not discharged, but instead is restructured for payment feasibility for the petitioner. Creditors are often repaid in full when all obligations are completed, and clear personal assets are not subject to confiscation to be sold with payment transferred to creditors for outstanding debts. Corporations commonly choose Chapter 11 when they want to restructure assumed debt payment obligations because of this stability. Individuals with significant personal assets can use the chapter as well while repaying outstanding debts over a longer period of time without damaging their credit rating.

Potential Complications

It is important to understand that Chapter 11 petitions can be complicated when the creditors evaluate the proposal. Some creditors can be difficult, but they also do not want to force a Chapter 11 filer into a Chapter 7 if they can qualify. Chapter 7 can discharge all unsecured debt, even though the petitioner fallout is not favorable. The negotiation skills of your attorney matter greatly in this process, and it is a real advantage to have an experienced Chapter 11 bankruptcy attorney conducting the terms of an agreement. Each creditor can be different, but ultimately they all want the same final result. A seasoned bankruptcy attorney will supply your own professional negotiator working on your behalf.

Contact an Indiana Chapter 11 Bankruptcy Attorney

A Chapter 11 filing decision can be the best option for many individuals who are seeking a reduction in financial obligation pressure. Your attorney matters. Indiana residents should always contact Fort Wayne bankruptcy attorney Fred Wehrwein P.C. for effective and comprehensive bankruptcy representation.

June 17 2019

Doing Bankruptcy the Right Way

anita lua Bankruptcy bankruptcy, bankruptcy attorney, bankruptcy lawyer, chaper 11 bankruptcy, chapter 13 bankruptcy, chapter 7 bankruptcy, fort wayne indiana, fred wehrwein 0

The need to file bankruptcy is a very difficult thing to accept for most people. This is the case if it is personal or commercial. When it is necessary with a business setting, this can cause those involved to feel as if it will forever define them as failing. At the very least, it is often viewed as putting an end to their heartfelt dream of business success. With personal bankruptcy, people often must deal with the feeling of letting down colleagues, friends, family and most of all, themselves. Dealing with bankruptcy provides a set of mental and emotional challenges that doesn’t begin with just the financial and legal issues associated with it.

Next Chapter

Facing serious indebtedness is a situation where intense desperation can be experienced every day. Those who must deal with the constant contact from creditors want relief from something overwhelming them and controlling their life. It is possible to provide legal, personal and financial relief. When using the court system for debt relief is chosen in Fort Wayne, IN, it should be handled by experienced legal professionals. They will understand what is happening. Salvaging dreams as well as assets is something they have successfully helped people achieve and then move on with their life.

When To Consider a Fort Wayne Bankruptcy filing

It is important to know when using the court system for debt relief should be a consideration.

*It is unrealistic to anticipate repaying of unsecured debt like medical bills, personal loans and more within five years. This is the case even after drastic spending cuts.

*The total of unpaid and unsecured debt is equal to or more than an amount that is approximately half of gross income.

Types of Bankruptcy

Each situation requiring debt relief is different. This is why there are different types of debt relief provided by the court system. They can be used to accommodate an individual need. Those who are legal experts are able to carefully assess a set of circumstances and determine what type of debt relief is when using the court system.

*Chapter 7 – This is an effective way for people to eliminate their personal debt. It is also a way for someone to pay their creditors and still maintain possession of their autos, home as well as other types of major assets.

*Chapter 11 – This is designed to help a small business successfully address their excessive debt. It has been used to keep many small companies operating.

*Chapter 12 – This is intended to help those in the farming industry. It will help deal with the debt associated with having a farm as well as all the maintenance requirements and more.

*Chapter 13 – This is able to help those involved in long-standing cases of debt. It is the type of debt that has been sitting in the court system for eight years or more. This type of debt relief can also be used for situations where there is a debt repayment process involving a significant amount of assets.

Affordable Rates

During the process of dealing with overwhelming debt, the last thing anyone needs is an additional financial burden. It is possible to get high-quality legal advice from Fred Wehrwein P.C. at an affordable rate. The court process is something that should be handled by a bankruptcy professional. An innocent mistake during the court process can result in experiencing serious problems in the future.

Should anyone be facing overwhelming personal or business debt, it is possible to use the court system and obtain debt relief. It can end the majority of collections actions that are taken by creditors. This usually involves their constant telephone contacts, an attempt at garnishment of wages as well as a possible lawsuit and more.

Fort Wayne Bankruptcy attorney Fred Wehrwein P.C. has been assisting the Fort Wayne community residents with their bankrutcy needs since 1984. Their office has an experienced attorney, experienced staff, offers free consultations and unlike most firms , only prctices in the fielf of bankruptcy.

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