Need A Fresh Start?
We can help you with Chapter 7 & 13 Bankruptcy.
Bankruptcy Lawyer - Merrillville, IN
Our Bankruptcy law practice dedicated to representing individuals and families in need of financial restructuring through Chapters 7 and 13 under the Federal Bankruptcy Code. We do not represent creditors. Our mission is to help you and your family get to that place in life where you are free to prioritize your children, your significant other and saving for the future without the stress and hardship of overwhelming and relationship destroying debt.
This firm is a Federally designated Debt Relief Agency under the Bankruptcy Reform Act. We help people file for Bankruptcy relief under the Bankruptcy Code.
Chapter 7 Bankruptcy Attorney
A Chapter 7 bankruptcy can be thought of as the “classic” or “traditional” form of bankruptcy where an individual or a married couple filing jointly, asks the federal bankruptcy court to issue a final court order permanently enjoining his/her/their creditors from attempting to collect the debt that is owed. The “Order of Discharge” is the ultimate goal in both a Chapter 7 and a Chapter 13 bankruptcy case; terminating lawsuits, wage garnishments, accruing interest, late fees and over limit fees. In just ninety days after filing a petition in bankruptcy, the net result is a DISCHARGE of your unsecured debt, allowing you to move forward without the pressure and disruption of collection efforts, permitting you to save for the future and EARN A FRESH START.
A Chapter 7 bankruptcy is usually completed in 90 to 100 days. A series of documents collectively referred to as a “petition” that contain sworn statements and schedules of assets, income, expenses and debt is filed with the court. You are allowed to keep a generous but limited amount of your assets in order to facilitate your “fresh start.” In most cases, you can keep your home, your cars, your personal belongings, your retirement accounts, the clothes on your back and the food in your refrigerator. If the value of your assets exceed the statutory limit you may be required to surrender some of those assets to earn a discharge of your debt, or at your option, pay an equivalent value into a Chapter 13 bankruptcy Plan.
Chapter 13 Bankruptcy Attorney
A Chapter 13 bankruptcy can be thought of as an adjustment of debts - in a Chapter 13 bankruptcy, a plan is proposed to pay money into a general pot over 36-60 months to be distributed by a managing Trustee. The Trustee is charged with the responsibility of distributing money from the general pot to priority creditors in full (past due income taxes, property taxes, past-due house payments, etc.) and the remainder, on a pro-rata basis, to one’s unsecured creditors. When all the payments have been made and all the money is distributed according to the plan, the bankruptcy court issues a final court order permanently enjoining the unsecured creditors who received less than 100% of what they were owed from attempting to collect the difference.
While making payments into the Plan, the unsecured creditors are prohibited from charging interest, late fees and over limit fees. The payments they receive through the Trustee’s distribution are applied 100% toward principal.
In a very real and legal sense, Chapter 7 and Chapter 13 bankruptcies are identical in their net result: a DISCHARGE of your unsecured debt, allowing you to move forward without the pressure and disruption of collection efforts - permitting you to EARN A FRESH START. The two chapters of bankruptcy available to consumers are identical because the net result is that each of your unsecured creditors end up being treated the same way in either instance.
We help people from all over Northwest Indiana, including Lake County, Porter County and the surrounding towns, areas and counties.
Contact us today for a FREE CONSULTATION - our attorneys have the experience and knowledge to help you!