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South Bend Lawyer Stops Foreclosure with Chapter 13 Bankruptcy

Keep your home and catch up payments with Chapter 13

The law office of Thomas E. Panowicz LLC provides an assertive legal team with the knowledge and resources to solve your most difficult financial situation, such as a foreclosure proceeding. By filing a Chapter 13 bankruptcy, you may stay in your home by making payments on your debts and past-due mortgage payments under a repayment plan.

What are the benefits of Chapter 13 bankruptcy?

If you are facing foreclosure, your first step to keeping your home is hiring a competent bankruptcy lawyer. By filing a Chapter 13 bankruptcy, you may remain in your home and catch up on payments through a court-approved payment plan. During the process, you remain in possession of your assets under the supervision of a trustee. Typically, the bankruptcy court approves a plan to allow you to pay your debts during within three to five years. Bankruptcy attorneys can provide crucial legal services required in a Chapter 13 proceeding, including:
  • Getting an automatic stay -- An automatic stay stops all collection efforts by your creditors.
  • Developing a payment plan -- You must be a qualified wage earner to be approved for a payment plan. We review your unique situation and complete your petition, statement of financial affairs and relevant schedules.
  • Obtaining a debt discharge -- After making all of your payments under the plan, you receive a discharge of your remaining debts.

What debts does Chapter 13 bankruptcy cover in Indiana and Michigan?

Chapter 13 requires you to have consistent and sufficient income each month to pay into a court-approved plan. In a Chapter 13 bankruptcy, you get to keep assets like your house and vehicle while paying only a portion of your unsecured debts. Your secured debts cannot exceed the maximum amount allowed by the bankruptcy code. Our attorneys prepare a schedule of your debts and assets for filing with the bankruptcy court, and present the plan to the court for approval.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

While a Chapter 7 bankruptcy requires no steady income, debtors who have a regular income may file a Chapter 13 bankruptcy. A Chapter 7 involves the liquidation of your assets and discharge of your debts, but a Chapter 13 involves a payment plan toward all of your debts, including past-due balances. In a Chapter 13 proceeding, a trustee oversees your case and collects monthly payments from you. Similar to a Chapter 7, once you complete your Chapter 13 payment plan, you receive a discharge from the bankruptcy court.

If you are not in foreclosure or do not have steady income, you may benefit by filing a Chapter 7 liquidation bankruptcy. An attorney can review your case to help you choose your best bankruptcy alternative.
Let a bankruptcy attorney help you keep your home and end creditor harassment
The law office of Thomas E. Panowicz LLC has a dedicated team to guide you through the complexities of developing a Chapter 13 payment plan. We maintain flexible hours and can discuss your unique financial situation in a free consultation. Our firm is located near the University of Notre Dame. We also serve clients in Michigan. Free parking and public transportation are available. To schedule an appointment, contact us online or call us at 574-277-2400.
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