How do I know if I qualify for a repayment plan?

To know if you qualify for a repayment plan for bankruptcy in Indiana, you must meet certain requirements. Generally, there are two types of repayment plans. They are Chapter 13 and Chapter 11. Chapter 13 bankruptcy is available to individuals with a regular income and small amounts of debt and allows them to keep their assets while repaying all or part of their debts. Chapter 11 bankruptcy is available to businesses and individuals with large amounts of debt and allows them to restructure their debts while keeping their assets. To qualify for either type, you must pass the Chapter 13 Means Test, which is designed to determine if you will be able to make payments over a three- to five-year period. This test considers your income, expenses, and the total amount of debt. You must also prove that you can make payments on your debts. In addition, you must complete credit counseling to qualify for a repayment plan. This includes a financial management course given by an approved agency. The course will help you create a budget, manage your finances, and understand the bankruptcy process. Finally, you must file a petition for Bankruptcy in Indiana with the United States Bankruptcy Court. The court will evaluate your petition and determine if you qualify for a repayment plan. If you qualify, the court will assign a trustee to manage the bankruptcy process. Being approved for a repayment plan will make it easier to repay your debts and keep your assets. It is important to consider all of your options before filing for bankruptcy and to make sure you meet the requirements for a repayment plan.

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How do I know if I qualify for a repayment plan?

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