If you’re experiencing debilitating stress due to your finances, filing for bankruptcy may be the answer. Bankruptcy can help give you freedom from your financial burdens.
Jerry E. Smith is ready to walk you through the bankruptcy process. As an experienced bankruptcy attorney, he has the knowledge and resources to help make your experience as quick and simple as possible.
Our office offers free initial consultations of up to one hour, with evening and weekend appointments available for ease and convenience.
Federal bankruptcy courts are governed by federal law. State laws are allowed to be established regarding property that residents are allowed to keep when they file with a Carmel 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 Carmel bankruptcy attorney.
As bankruptcy lawyers in Noblesville, IN, we know the overwhelming feeling that arises at the thought of filing for bankruptcy. Fortunately, we can discuss it with you in detail and ask the right questions to determine whether this is the right step for you.
There are many commonly asked questions that come up throughout the bankruptcy process. The answers below are a good starting point. Should you have additional questions and concerns, we can address those during your consultation.
Bankruptcy is defined as a legal process administered by the federal government. The purpose of bankruptcy is to provide debt relief to people who are in real financial trouble, typically resulting from factors like health problems, divorce, credit card debt, or unemployment.
To be eligible to file for bankruptcy, there are a few criteria you must meet. Some income criteria can affect your ability to file, including your mortgage, whether you earn too much money, or if you have non-exempt assets to protect. Our bankruptcy lawyers in Noblesville, IN, can help determine your eligibility.
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.
You are not legally required to have the help of an attorney when filing for bankruptcy. However, bankruptcy cases can be challenging to handle on your own. A Noblesville bankruptcy attorney can help ensure your filing is done timely and appropriately.
Not every bankruptcy attorney is the same. Our Noblesville bankruptcy lawyers are trusted, respected, and affordable.
People who choose to file for bankruptcy on their own tend to have their cases dismissed once it gets over their heads.
No. When you utilize property exemptions when filing your bankruptcy, it is not likely you will lose any of your important assets. In many cases, you will have the opportunity to keep your home, car, retirement savings, and other personal property.
Should you have non-exempt assets, you may choose to explore other alternatives. It is best to discuss your situation with a qualified Noblesville bankruptcy attorney to better understand your options.
Yes, you can save your home. If your house is in foreclosure, these proceedings will cease once you file for bankruptcy, at least for a period of time.
If you’re currently behind on your mortgage payments, this can also be included in your repayment plan.
Bankruptcy can cover certain debts, including medical bills, credit card debt, and some back taxes. For the most part, you cannot discharge debts that are secured by collateral, including child support, alimony, or student loans.
Speak to your Noblesville bankruptcy attorney for clarification on what debts your bankruptcy may or may not cover.
In most cases, you do not have to go to court for bankruptcy.
In some instances, you will have to attend a “meeting of creditors,” a short meeting allowing for questions regarding your bankruptcy filing. Additionally, if you choose to dispute a debt, you may have to attend a hearing before a judge.
You can count on your Noblesville bankruptcy lawyer to represent you throughout the entire bankruptcy process.
Once your bankruptcy petition is filed through your Noblesville, IN, bankruptcy lawyer, all creditors will be subject to an automatic stay. All debt collection and legal actions must cease, including repossession, foreclosure, wage garnishment and lawsuits. Creditors can no longer contact you or harass you about your debts.
You must declare all 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.
The only times you and your spouse need to file for bankruptcy together is if your debts are jointly held. Otherwise, if debts are only in one spouse’s name, only that spouse should file for bankruptcy. This way the other spouse’s credit and assets remain protected.
You can file for bankruptcy more than once, but keep in mind that there is a waiting period. The amount of time that must pass depends on which chapter you’ve previously filed under and what you’re seeking now.
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.
Bankruptcy does have negative consequences. Nonetheless, it also provides a wonderful opportunity to help rebuild your credit, learn how to manage your finances, and pay bills on time.
Bankruptcy does stay on your record for seven to ten years, but the impact it has on your credit lessens with the passage of time. Individuals frequently receive credit card offers within months of filing for bankruptcy.
The benefits of bankruptcy far outweigh any negative effects.
The bankruptcy process can seem particularly overwhelming and impossible to face. However, you do not have to go through it alone. Our Noblesville bankruptcy lawyer is ready to guide you through the process from start to finish, giving you major peace of mind.
With extensive experience as a CPA and tax audit lawyer, there is no better attorney to work with you through your bankruptcy than Jerry E. Smith. If you’re considering filing for bankruptcy, contact us today to schedule your free one-hour consultation at (317) 917-8680. We’re looking forward to getting you on the path to financial freedom.