Bankruptcy Discharge Lawyer
We all face challenges when it comes to our spending, and sometimes things get out of control. Credit card companies will never tell you that their revolving credit can only make things worse. They attempt to sell you on making the minimum monthly payment, as an affordable option to give you extra cash.
The mortgage and auto lenders talk about easy financing to get the latest and greatest cars and homes. The situation is compounded by the fact that retailers are quick to offer you credit; and if you are not careful, you are soon struggling with a mountain of debt.
Things get more complicated if you have a business that failed. The last few years have been challenging situations for everyone. You took on your debt under the assumption that things would continue as usual, or improve. But the situation became worse when you were not able to operate as planned, thanks to the lockdowns and volatility in the economy.
Despite all of these issues, there is a way to get through this by using bankruptcy discharge. The bankruptcy laws protect you and ensure that you can discharge these debts without having all of the financial burdens following you around.
What is Bankruptcy Discharge?
The process involves what is known as Chapter 7 bankruptcy. A bankruptcy discharge is when you are released from all personal liability over the debt. You are not legally obligated to make the payments after the discharge. A discharge permanently prevents creditors from taking any action to collect, including communications, letters, phone calls, and personal contacts.
This applies to things such as
- Credit cards
- Back rent
- Utility bills
- Personal loans.
This makes it easier for you to start fresh and get control of your finances. A bankruptcy discharge attorney can help. We are professionals who know the bankruptcy laws and what to do to address your debt. Call Jerry E. Smith at (317) 917-8680 and see why we are your go-to bankruptcy discharge attorney. We offer weekend and evening consultations with same-day filings.
Why Choose Us?
Jerry E. Smith is a Certified Public Accountant (CPA) and a bankruptcy attorney. For 13 years he has been helping people just like you to solve their debt issues. This experience means that he can work with you to discharge your debt and make a fresh start.
Jerry is a member of:
- The Indianapolis Bar Association
- The Indiana State Bar
- The American Bankruptcy Institute
- The Morgan County Bar Association
- The National Association of Consumer Bankruptcy Attorneys.
He has the connections and knowledge to help you put your money problems behind you. Bankruptcy is a complex process, and you want to work with someone who understands it from top to bottom. Call our discharge bankruptcy lawyer today at (317) 917-8680 and get your free consultation.
We will put our knowledge and experience to work for you so you can move on with your life. Distressing situations happen to the best of us, and you need someone on your side who will look out for your best interests.
What can Bankruptcy Discharge do for You?
Chapter 7 bankruptcy is designed to protect you. This means that you will receive many different benefits including:
- Immediate relief: The moment the papers are filed, you get relief from your creditors. All garnishments, phone calls, and collection letters must stop. You temporarily stop evictions, foreclosures, and repossessions.
- Permanent relief: Chapter 7 bankruptcy eliminates medical bills, personal loans, and credit card debt. This is unsecured debt, and you can discharge it by following all of the steps required throughout the process.
- You keep most of your stuff: 95% of those who file for bankruptcy discharge get to keep their personal belongings. These include things such as your Social Security check, watch, furniture, major appliances, electronics, and clothing. All of this is protected and no creditor can take it from you.
- Rebuild your credit: After the filing, you will see lenders trying to offer you more credit. This is a chance to improve your credit score and start putting your life back together.
A bankruptcy discharge will give you a fresh start and a brighter future.
Contact our bankruptcy discharge lawyer at (317) 917-8680 and let us show you what this can do for you. You have a chance to start over, and now is the time to take advantage of this opportunity.
How Does the Process Work?
You must show that your financial issues are real and that you are seeking bankruptcy as a way of restarting. The judge will look at several factors, including:
- Assets
- Liabilities
- Spending
- Income
- Tax returns
- Leases
- A statement of financial affairs
- Contracts
- Proof that you got credit counseling within 180 days of filing
- Debt repayment plans.
None of this is designed to embarrass you, but to document that you are facing financial hardship and need to discharge your debt in bankruptcy. You can keep your car and home by working with the courts and listening to our advice.
How does Chapter 7 Bankruptcy Work?
In Chapter 7 bankruptcy, the court will put a stay on your debts. This will stop creditors from . . .
- Making harassing phone calls
- Sending you letters
- Collecting payments
- Repossessing items
- Evicting you
- Turning off your utilities
- Foreclosing on your home.
The court takes legal possession of your property and appoints a trustee to oversee the case.
The trustee will review all of your finances. They will arrange a meeting between you and your creditors. You and your bankruptcy attorney will go to the courthouse to review your filing and answer questions about your financial situation.
You will retain the exempt property that can’t be sold, such as your personal possessions. Creditors cannot attach a lien on this property and it is yours to keep. Nonexempt property can be sold and the money will be used to pay back your creditors.
Once the process is over, the court will discharge (or eliminate) those debts that don’t have to be paid. There are some debts that can’t be discharged in bankruptcy, including:
- Federally backed student loans
- Alimony
- Child support
- Back taxes
- Court fees
- Unsecured debts you omitted from the filing
- DUIs
- Loans owed to retirement plans
- Penalties, fines, and criminal restitution
- HOA, condo, and cooperative housing fees
- Secured loans that are attached to things such as your home.
You will have to pay these debts, but the most pressing ones that are not secured to any real property are discharged. This process will take from four to six months to complete after the initial filing.
Contact us today at (317) 917-8680 about discharging debt in Indianapolis. We offer a free consultation and will go over your options. Chapter 7 is one possible avenue that can help you to make a fresh start.
Bankruptcy Dismissal vs. Discharge
A bankruptcy dismissal occurs with a Chapter 13 filing. This is when you get an order protecting you against your creditors. It is often used pending the sale of an asset (such as your home) that will pay everyone off.
The court grants the order of protection and the trustee oversees the creation of a plan. Once everything is completed, the dismissal occurs and you no longer have to worry about the threat from outstanding creditors. Noting is discharged in these proceedings and you can move on with your life after everything is finished.
Another option is to negotiate with your creditors about how you can repay them over a period of three to five years. You can lower your monthly payments and you may not be forced to sell your home.
If you are still facing financial challenges, you can convert from a Chapter 13 to a Chapter 7 bankruptcy. You can apply to discharge your debt and get another court-ordered stay against your creditors. You get more flexibility in negotiating with your creditors and can figure out the best direction moving forward.
We recommend visiting with Jerry E. Smith to explore your options moving forward. He is a CPA and a bankruptcy attorney who can help you to find the right solutions.
Contact Jerry Smith at (317) 917-8680 for help today. He will go over your options and help you to find the right solution.
FAQs to Ask a Bankruptcy Discharge Attorney
The biggest drawbacks are that you could see your credit score decline and you may need a secured deposit to get credit. This will last for a little while, but over time you can start to rebuild your credit score and get on the right track.
You should reduce your spending, limit your borrowing, pay everything on time, and set a clear plan of action.
Creditors can’t call you, send you letters, garnish your wages, or contact you in any way.
There is no minimum amount of debt to file for bankruptcy. The key is comparing your income to the total amounts of debt you owe. This helps to create a plan that lets you start over.
Get the Answers You Need Today from Our Bankruptcy Discharge Attorney
Bankruptcy is an option that can get you out of the mountain of debt. If you are having sleepless nights or worrying about how to pay your bills, contact Jerry E. Smith, CPA and bankruptcy attorney, at (317) 917-8680.
Attorney Jerry E. Smith
Attorney & CPA Jerry E. Smith practices bankruptcy law and tax resolution. Smith’s practice focuses on representing consumer debtors and assisting them in getting a fresh start by reorganizing or eliminating their debt and attempting to put them in the best financial position possible. Mr. Smith has been practicing law since March 1, 2009. Before that, he was and still is a real estate investor. He also previously worked as a Cost Accountant, Financial Analyst, and Internal Auditor for two large multi-billion-dollar international consumer product companies. [ Attorney Bio ]
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If You’re Heavily in Debt, Jerry E. Smith is the Attorney You Can Trust
If your financial situation is terrible and you’re looking for a way to improve your life, debt settlement may be the right choice. Attorney Jerry E. Smith helps people like you get debts settled and discharged through bankruptcy so they can have a better financial foundation. To discuss whether debt settlement is right for you, call us for a free initial one-hour consultation at (317) 917-8680.