Bankruptcy Filing Options In Valparaiso, Chesterton, Michigan City and Northwest Indiana
Learn About Your Bankruptcy Filing Options
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Learn more about the differences between Chapter 11 and 13 bankruptcy filing, and then contact us us to make an appointment for a free consultation in Valparaiso, Indiana to learn more about your options to make a fresh start.
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Chapter 11 Bankruptcy
Usually filed by larger corporations, a Chapter 11, or Reorganization, bankruptcy allows businesses to continue operating and restructure their finances with approval of their creditors and the court while they attempt to return to profitability. Some individuals may also qualify to file for Chapter 11 bankruptcy.
Chapter 13 Bankruptcy
Often called an individual reorganization bankruptcy, a Chapter 13 bankruptcy is usually filed by individuals with steady income but an overwhelming debt load, or who are facing losing their cars or home. A Chapter 13 filing provides you the opportunity to retain all of your assets, cure any defaults you may have on your mortgage , car and delinquent taxes. You may not be required to pay anything to your unsecured debt. The amount you pay to your unsecured creditors is determined by your monthly income and your assets. You will file a plan with the Court to creditors over the course of 36 to 60 months, after which the remaining debt is forgiven.