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Various Types of Bankruptcy Programs Exist to Meet Specific Needs

Bankruptcy is a longstanding method by which debtors can halt collection efforts and get legal assistance to tackle their financial challenges. However, you might not be aware that different bankruptcy programs exist under federal law to provide protection that is tailored to the specific needs of individuals, businesses and government bodies.

If you’re unsure about what path is best for you, an experienced attorney can outline the different types of bankruptcy, such as:

  • Chapter 7 debt discharge — People who have no feasible way of paying back their creditors frequently file under Chapter 7 so that their nonexempt debts can be discharged. However, this method of bankruptcy is not available to everyone. Your financial situation must be such that you can qualify under the means test, and you might not be eligible for this relief if you’ve previously sought bankruptcy protection.
  • Chapter 9 municipality bankruptcy — Pension obligations, drops in tax payments due to COVID-19 and other factors have caused serious financial stress for many municipalities throughout the country. By filing for relief under Chapter 9, insolvent towns and cities are able to revise arrangements with creditors without having to liquidate critical assets.
  • Chapter 11 business restructuring — The best way for businesses to climb back from serious debt is to keep revenue coming in while making changes that reduce expenses. Chapter 11 bankruptcy is designed so that large and small enterprises can reorganize their debt load and make internal changes while maintaining operations with as little disruption as possible.
  • Chapter 12 for family-owned farms and fisheries — Families that rely on their farm or fishery might have an inconsistent income stream and a major investment in their land or boat. Chapter 12 bankruptcy accounts for the unique needs of these families when they’re facing debt problems.
  • Chapter 13 repayment plans for income earners — You don’t have to be out of work to require assistance managing your debt burden. So many people rely on each paycheck to cover basic expenses that even a temporary setback could trigger lasting problems. A Chapter 13 repayment plan gives people the chance to pay off their obligations over a period of time under terms based on their income and necessary expenses.

No matter what type of debt trouble you’re having, an experienced attorney can explain the potential benefits and pitfalls of different debt relief options and guide you through each step of the bankruptcy process.

Weiss, Schmidgall and Hires, P.C. in Merrillville advocates on behalf of Indiana clients in all types of bankruptcy matters. Please call 219-293-8988 or contact us online to make an appointment for a free initial consultation.

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Victoria Bain

About Victoria Bain joined Weiss, Schmidgall & Hires as an associate attorney in 2023. She is a graduate of The University of Illinois Chicago School of Law. Victoria received her Bachelor of Arts in Political Science from Valparaiso University. During her time in college, she taught classes to incarcerated men at the Westville Correctional Facility,…

Christopher R. Schmidgall Attorney Photo
Christopher R. Schmidgall

For more than ten years, Christopher Schmidgall has protected the lives of people who find themselves caught in the tangled machinery of criminal prosecution. With the skill and determination he’s demonstrated throughout his life, Chris offers them the help they need to get their lives back in order. Not long after graduating from Valparaiso...

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Amanda C. Hires

Following a remarkably accomplished academic career, Amanda Hires applied her record of success to servicing good people facing difficult situations. She served as a volunteer at the New Orleans Public Defender’s Office and worked intensively with prosecutors and defense attorneys while under the guidance of Judge Sheila Moss at the Lake County Superior Court...

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Jessica McPheeters

Jessica McPheeters is an associate attorney with her primary focus being in Estate Planning, Probate, Business Formation and Planning, and other general practice matters. Jessica received her Bachelor of Science in Business Administration with a concentration in Economics from Ball State University in 2014. Jessica then received her Juris Doctor from Valparaiso University School of Law...

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