Merrillville Bankruptcy Lawyers Help You Find Financial Relief
Solutions for anyone facing money crises in Lake County and Porter County
Bankruptcy allows honest but unfortunate debtors to discharge debt, so they can get a fresh start, rather than living under crushing debt they have no hope of ever fully repaying. At the Law Office of Weiss, Schmidgall and Hires, P.C. in Merrillville, our Indiana bankruptcy attorneys offer protection from creditors, collection agencies, repossession and poor choices that could lead to even worse consequences. Going through bankruptcy might seem intimidating, but over time you’ll rebuild your credit and be able to plan for a financially secure future.
Options for Indiana residents considering bankruptcy
In Indiana, you have several bankruptcy options, including:
- Chapter 7 — Many people with money troubles use Chapter 7 to discharge debt and make a fresh start. This might require you to turn over assets to the bankruptcy trustee, which sells the property to partially repay your creditors. However, state and federal laws provide significant exemptions that might allow you to retain necessary items. With Chapter 7, you can be free of your nonexempt debts within a few short months.
- Chapter 13 — Under a Chapter 13 bankruptcy repayment plan, you can pay back what you owe over three to five years and eliminate your remaining eligible debt. Chapter 13 is often the better option for homeowners and is also recommended for individuals who earn too much to qualify for Chapter 7 discharge.
- Chapter 11 — This chapter of the Bankruptcy Code allows businesses to restructure debt so they can continue to operate. Chapter 11 used to be more expensive for small businesses, but recent revisions to the law have made it easier for smaller operations to pursue a Chapter 11 reorganization.
Our firm provides individualized guidance so you can choose the most appropriate option for your circumstances. We prepare your filings and counsel you throughout the bankruptcy process, so you can get the protection you’re entitled to under the law.
How to know if you are ready for bankruptcy
Although bankruptcy is a positive step for most debtors, it’s not a step to be taken lightly. Here are a few signs that it’s time to consider bankruptcy:
- Creditor calls — If you are being harassed by creditors who constantly call asking for payment, you’ll be happy to know that bankruptcy puts an end to harassment with an automatic stay that prohibits creditors from contacting you as part of their collection efforts.
- Creditors threatening legal action — If one or more creditors are threatening to sue, prompt action might be necessary to avoid litigation. In a lawsuit, you could get stuck with a judgment for debt that exceeds what you really owe. Moreover, once creditors obtain a judgment, they can petition the court for enforcement actions, such as wage garnishment. Filing for bankruptcy stops legal action in its tracks.
- Medical debt — One of the major reasons debtors file for bankruptcy is medical debt, especially after a long illness or severe injury has left them unable to work. Medical debt is unsecured and is dischargeable through Chapter 7 bankruptcy.
- Divorce — Another leading cause of bankruptcy is divorce. Legal fees and living apart from an ex-spouse can cause harsh financial strain.
- Debt consolidation — If you owe several creditors, it is sometimes possible to roll all your debts into one at a lower interest rate and a combined lower monthly payment. But if you’ve tried consolidating your debts and are still having trouble making ends meet, it may be time to consider bankruptcy.
- Loan workouts — If you’re concerned about the effects of falling behind on secured loans, including foreclosure and auto repossession, it’s sometimes possible to work out new terms with your lender. When this strategy fails, bankruptcy may be the only way to avoid losing important assets.
Other issues may be weighing on your mind. Our firm is ready to listen and suggest a debt resolution strategy that’s best for you.
Contact our Indiana bankruptcy attorneys today
The Law Office of Weiss, Schmidgall and Hires, P.C. in Merrillville, Indiana provides bankruptcy representation for consumers and small businesses in Lake, Porter, Laporte, Starke and Jasper counties. Contact us online today or call our office at 219-293-8988. Don’t delay — get the new start you deserve.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.