Welke Law Firm
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Chapter 13 Bankruptcy

Let Us Help You Take On Your Creditors! We'll Help You Understand The Chapter 13 Process and Work With You Every Step of The Way! 

Should You File a Chapter 13 Bankruptcy?    


 put an end to HARASSING Phone calls! CAll:  317-748-7772

put an end to HARASSING Phone calls! CAll: 317-748-7772

Filing for bankruptcy is a very personal but oftentimes necessary need. Therefore, how do you know when filing a Chapter 13 bankruptcy is right for you? The first step is understanding what a Chapter 13 bankruptcy is, then deciding whether or not it's right for you based on your particular situation. In some cases, Federal law will require you to file a Chapter 13 if you have high income.

What is a Chapter 13 Bankruptcy?

The description of a Chapter 13 bankruptcy is quite simple. It's a form of bankruptcy that allows a debtor to keep their property while paying their debts over time, which is usually around three to five years. Additionally, a Chapter 13 bankruptcy plan does not require a debtor to pay back their debts in full, and in most cases creditors have a court mandated settlement of pennies on the dollar.

A Chapter 13 bankruptcy is also called a "wage earners plan." That means if you have a regular income and can repay your debts in part or in whole, you might qualify for a Chapter 13 bankruptcy. Some restrictions will apply. In addition, a Chapter 13 bankruptcy works for small businessmen in financial trouble as well.

When Should You Consider a Chapter 13 Bankruptcy?

You should probably consider a Chapter 13 bankruptcy if you:

  • If you have debts that are not dischargeable in a Chapter 7 bankruptcy.
  • If you have any liens that are larger than their asset value. In this case the court may reduce the secured loan to the market value of the property.
  • If you are behind on making your vehicle or mortgage payments.
  • If your assets are worth more than their potential exemptions.
  • If your income is high enough that it subjects you to an abuse objection.

Who is Eligible for a Chapter 13 Bankruptcy?

If you are an individual, have a regular income that is larger than what is considered reasonable living expenses and you have liquidated or unsecured debts that fall within the preset Chapter 13 bankruptcy limits, then you might qualify for this type of bankruptcy.

Advantages of Filing a Chapter 13 Bankruptcy

A Chapter 13 bankruptcy is an effective way to help you avoid foreclosure and it will only show on your credit report for seven years while a Chapter 7 bankruptcy shows for 10 years. Additionally, it helps you reschedule your secured debts (except for a primary residence mortgage), which will help lower your monthly payments. Additionally, it also has a provision that protects co-signers and other third parties who are liable for your debts as well.


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Why Should You Hire Welke Law Firm?

Your finances are not something to play around with; therefore, you don't want to hire just anyone and trust they will handle them properly. It pays to hire the best. And that's Belke Law Firm. Why?

  • Welke has over 30 years of experience in the bankruptcy field.
  • Welke has successfully represented 1000's of clients and helped them get back on track.
  • Welke Law Firm has served the great people of Indianapolis since 1992.
  •  Brent Welke also has extensive experience in the business arena as the CEO of a publicly traded company. Therefore, he knows what it's like to be on the other side of the desk. 
  • Welke Law Firm lives by the Golden Rule principle. "Do Unto Others As You Would Have Others Do Unto You."
  • Our firm has attitude. Too many bankruptcy lawyers are "filers" and leave many of your rights on the table. Our aggressive style includes countersuits and attacks on the existence of mortgage and student loans. Because many people are told these are non-dischargeable, which is a myth the lenders want you held hostage to. 

Welke Law Firm - Fair, Honest, Trustworthy and Knowledgeable

A law firm who will treat you with all the care, respect and compassion you deserve and is dedicated to helping you through any situation, hand in hand, from start to finish and beyond. 

Contact US today and let us show you how we can help you get past today's pain and through to tomorrow's joy.