When experiencing financial issues, it is common to feel stressed and frustrated. Declaring bankruptcy can allow you to take back control of your situation. Jerry E. Smith has the knowledge and experience as both a CPA and a lawyer to help make the bankruptcy process understandable and accessible to you. Our office offers a free consultation, with weekend and evening hours to suit your schedule.
Federal bankruptcy courts are governed by federal law. States may pass laws regarding property that residents are allowed to keep when they file bankruptcy under the United States Bankruptcy Code. These items are called “exempt property.” The Bankruptcy Code and state law exemptions are both available in some states, but our area requires that you use its rules when filing for bankruptcy with a Greenwood bankruptcy attorney.
Bankruptcy can have a positive impact on your life and financial situation, but as bankruptcy lawyers in Greenwood, IN, we understand it is not for everyone. We know how to ask the right questions and get to know you and your story to give you the best legal advice. When facing the possibility of filing for bankruptcy, it is not uncommon to have many questions. The answers below can start to give you an idea of what you can expect as you gather information to make the best possible decision for yourself.
Certain situations, like health problems, divorce, or unemployment, may leave you unable to pay your debts. When you are no longer able to carry your financial burden, declaring bankruptcy may help. Bankruptcy is a legal process that helps individuals or businesses pursue relief for some or all of their outstanding debts.
To qualify for file for bankruptcy, you must meet certain criteria. These factors can include the amount of your mortgage, the amount of money you earn, and whether you have non-exempt assets to protect. Our Greenwood, IN, attorneys can help determine whether you are qualified to file for bankruptcy.
Chapter 7 bankruptcy discharges all unsecured debts, allowing you to start over financially. A Chapter 13 bankruptcy allows you to repay a portion of your debts over a period of three to five years. If you have a very high income, Chapter 11 bankruptcy may provide you with creditor relief.
While you are not required to have legal representation to file for bankruptcy, you will find the process much less overwhelming with the help of a qualified bankruptcy attorney. A Greenwood bankruptcy lawyer can help maximize the assets you get to keep, hasten your debt relief, and anticipate any issues that could affect your petition to file. A Greenwood, IN, bankruptcy attorney will be your best ally in the pursuit of a favorable outcome.
People who choose to file for bankruptcy on their own tend to have their cases dismissed.
No. While the process may be intimidating and worrisome, do not be concerned that you will be left with nothing. When you choose to utilize property exemptions when filing for bankruptcy, you will likely not lose any assets. In many cases, you can keep your home, your car, your retirement savings, valuables, and personal property. If you have non-exempt assets, you might have to opt for a different chapter for filing or explore alternatives. Ask your Greenwood bankruptcy attorney for more information regarding alternatives.
Yes, your house can be saved. Any foreclosure proceedings will cease once you file for bankruptcy, at least for some time. You must be current with your mortgage to discharge other debts. Mortgage arrears can be included in a repayment plan if you are currently behind on payments.
Certain debts can be discharged, including medical bills and credit card debt. Generally, you are unable to discharge debts secured by collateral, child support or alimony, student loans, criminal fines, recent taxes, or personal injury judgments.
Once your Greenwood, IN, bankruptcy lawyer helps you file your petition, creditors will be subject to an automatic stay. All debt collection and legal actions must cease, including repossession, foreclosure, wage garnishment, and lawsuits. Therefore, creditors will be unable to contact you regarding debt repayment.
You must declare all of your debts when filing for bankruptcy, and you are not allowed to repay friends, family, or any other favors in the months leading to the filing of your bankruptcy. The court will recover any preference payments.
Both spouses are not required to file for bankruptcy, unless the debts are jointly held. If the debts are in one spouse’s name, that person should file for bankruptcy separately to protect the other spouse’s credit and assets.
If you’ve filed for bankruptcy in the past, you are allowed to do so again after the waiting period. The waiting period depends on which chapter you filed under previously and which one you’re looking to file under now.
Bankruptcy cases are available in the public record, so you are unable to keep your bankruptcy a secret. However, consumer bankruptcies are not published in newspapers, so it is unlikely your friends or family will find out.
Bankruptcy has negative consequences, but it provides an excellent opportunity to rebuild your credit if you learn to pay bills on time and live within your means. It is not uncommon for people to receive new offers for credit cards only months after filing for bankruptcy. Note that bankruptcy does stay on your record for seven to ten years; however, the impact lessens more and more over time.
People who choose to file for bankruptcy on their own tend to have their cases dismissed once it gets over their heads.
If you’re considering filing for bankruptcy, it can be incredibly challenging to face on your own. From dealing with complicated documentation to ensuring you are maintaining your legal rights, you need knowledgeable representation from a qualified bankruptcy lawyer.
With his vast skills and experience, Jerry E. Smith can walk you through the bankruptcy process from beginning to end. If you’re searching for affordable bankruptcy lawyers in Greenwood, IN, schedule a free one-hour consultation by contacting us at (317) 917-8680.