Video instructions and help with filling out and completing Where Form 843 Bankruptcy

Instructions and Help about Where Form 843 Bankruptcy

Well hi ladies and gentlemen I'm your host Mike Norris we're going to talk about chapter 13 bankruptcy and I'm an attorney here in Indiana do a lot of that kind of work hoping to assist you with a basic understanding so you don't have to worry too much about what can be complex legal topics I practiced law for 33 years and really enjoy these YouTube videos because frankly as a former full-time college professor I've always thought that knowledge is power the more you know about your personal affairs the less you have to worry and I have suggested for you there my phone number if you have questions you can call me at any time I am a lawyer in Indiana and pretty conversant with the law there other states will have various changes that make it a little bit different I encourage you always to consult with a lawyer who practices in the state where you live to get you the very best advice because I'm an attorney I have to tell you that this is advertising material but let's talk a little bit about the purpose of this video what we're trying to do is discuss chapter 13 bankruptcy how it works the ins and outs the mechanics in the short video we won't get too far what we're going to take a run at it and do the very best we can I want to discuss how to protect in bankruptcy your home your car your wages and other assets that you possess payment plans in bankruptcy are referred to as chapter 13s the reason they're called chapter thirteen is the book for bankruptcy is title eleven in the United States Code and the seventh chapter relates to the liquidation of debt without a payment plan that's chapter seven and the thirteenth chapter relates to the liquidation of debt with a payment plan that's what we're talking about today is the chapter thirteen these payment plans go for 60 months the court will devise a plan for you consulting with you attorney that pays out over 60 months and they're very good for dealing with tax debt there is no interest or penalties involved when there is tax debt in a chapter 13 that of course can be a great advantage we all know how penalties and interest can be a crushing burden over time the chapter 13 czar good for making up in a rage on a home if you owe back due payments they can all be paid out over 60 months and a chapter 13 may be required here in Indiana based on income of approximately 40,000 for an individual approximately fifty thousand for a couple so many times folks are in a chapter 13 simply because the law requires it at the income level which they have there are further advantages to the chapter 13 one advantage is you can often wind up paying less than the debt itself this is a tremendous advantage not only to interest and penalties go away but even the full amount of the debt may not necessarily be paid you might wind up paying 40 50 60 percent of the debt depending on income and other expenses which you have there are no interest there is no interest assessed on any debt and penalties of any sort are not assessed in a chapter 13 not just for tax debt but for all debt interest in penalties are stayed or stopped as of the date of the bankruptcy filing as soon as your case is filed this is one of the primary advantages to chapter 13 the law has what is called an automatic stay or an automatic stop on all state court proceedings other proceedings against you well gosh this protects you from a bank account garnishment a wage garnishment a car repossession and sale a home foreclosure lawsuit or sale these are tremendous advantages to give you a little breathing space a few months to get your head together on a payment plan so that the courts can assist you in keeping your assets when should you consider a chapter 13 bankruptcy if you're an individual if your income is too high for a chapter 7 as discussed earlier the chapter 13 can be an excellent resource for you if you need a payment plan on a house or a car because of the fact you've gotten behind on payments again a chapter 13 can really help the taxman is getting too aggressive that's another reason for a good chapter 13 filing the tax liens and the tax levies will stop they cannot be moving forward on those if a chapter 13 is filed and if you just don't want your assets taken you're trying to reorganize and find some way to hold on to the things you possess again a chapter 13 can be an excellent resource well I'm sorry we can't cover more in the short video as you know these YouTube videos just cut us off a little shorter than we'd like to be but you should stop worrying and get some information today if you're here in Indiana you need some advice on the law right in this state I can certainly help you I can give you some broad brush analysis of legal problems without acting as your counsel outside of Indiana give you a little grounding and how the law works you can email me anytime Mike at Mike Norris law calm I do have a blog on my website Mike Norris law.com please follow the blog we have excellent financial information we post from time to time I have put out other youtubes and those of course are a great advantage the youtubes to give you some clarity on various financial issues and I want you to remember that the journey of a thousand miles starts with a single step if you don't have the