Financial stress can weigh heavily on you, affecting other parts of your life. Fortunately, you don’t have to continue to struggle. Filing for bankruptcy can help you regain control of your life and finances.
Jamestown bankruptcy attorney Jerry E. Smith can guide you through the bankruptcy process. Our office offers free hour consultations, with evening and weekend hours available for your accessibility and convenience.
Federal bankruptcy courts are governed by federal law. There are established state laws regarding property that residents are allowed to keep when they file with a Jamestown bankruptcy attorney 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 Jamestown bankruptcy attorney.
We fully understand the overwhelming feelings that often arise when deciding whether filing for bankruptcy is the right choice for you. Along the way, it is common to have many questions about the bankruptcy process. The answers below can serve as a starting point. Additionally, our Jamestown bankruptcy attorneys are happy to address any questions or concerns during your consultation.
Bankruptcy is a legal process administered by the federal government. The process helps provide debt relief to people who are in deep financial trouble, usually resulting from factors like health problems, divorce, or unemployment.
There are a few criteria you must meet to qualify for bankruptcy. Certain income details that may affect your ability to file include your mortgage, whether you earn too much money, or if you have non-exempt assets to protect. Bankruptcy lawyers in Jamestown, IN, can help determine whether you are eligible to file for bankruptcy.
If you’re considering filing for bankruptcy, you might consider consulting with an attorney first. While you do not technically need a bankruptcy lawyer, it is truly in your best interests to have one. The bankruptcy process can be complex, and you may face obstacles along the way. A Jamestown bankruptcy attorney knows how to handle and eliminate any complications, working with you to get a more favorable outcome.
People who choose to file for bankruptcy on their own tend to have their cases dismissed once it gets over their heads.
Definitely not. When you utilize property exemptions when filing for bankruptcy, you are not likely to lose your important assets, including your home, car, retirement savings, and personal property.
If you have non-exempt assets, you may consider alternatives to filing. It is best to discuss your situation with a Jamestown bankruptcy attorney to determine the best course of action.
Yes, you can save your home. If your house is in foreclosure, any proceedings will temporarily stop after you file for bankruptcy. If you’re behind on your mortgage payments, this can be included in a repayment plan.
Once you file for bankruptcy, your creditors will be subject to an automatic stay. Legal actions, including foreclosure and repossession, will cease. Additionally, creditors are no longer allowed to contact you.
You must declare all of your debts, 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.
Even if you are married, this does not necessarily mean you and your spouse must file for bankruptcy together. The only instance where you would both need to file would be if your debts are jointly held. Otherwise, only the spouse in whose name the debts are held must file. This helps protect the credit and assets of the other spouse.
If you have a co-signer, they may be responsible for helping you repay your debts. Discuss your situation with your bankruptcy lawyer for further clarification.
Yes, you are allowed to file for bankruptcy more than once. However, there are certain waiting periods you must respect in order to do so. Waiting periods depend on what chapter bankruptcy you’ve filed under in the past and what chapter you’re looking to file under this time around.
For specific details, talk to a qualified Jamestown bankruptcy lawyer.
While bankruptcy is a part of public record and there is no method to keep your filing a secret, consumer bankruptcies aren’t published in newspapers; therefore, it’s unlikely that people you know will find out inadvertently.
It is no secret that bankruptcy does have negative consequences on your credit. Nonetheless, the benefits far outweigh the detriment.
You can expect to have credit after filing for bankruptcy. In many cases, plenty of individuals receive new offers for credit cards within several months of filing for bankruptcy.
While bankruptcy does stay on your credit report for seven to ten years, you can expect the impact to lessen over time.
The thought of filing for bankruptcy is often enough to have most individuals running the other way. While the process can seem challenging and too much to handle, it is doable with the right bankruptcy attorney on your side.
With extensive experience as a CPA and tax audit lawyer, Jerry E. Smith will be your best ally during the bankruptcy process. Our firm will do everything possible to provide support and guidance from start to finish.
If you’re ready to begin discussing your bankruptcy journey, schedule your free one-hour consultation by contacting us at (317) 917-8680.