Merrillville’s Choice in Counsel for a Fresh Financial Start Through Chapter 7
Wiping the Financial Slate Clean in Indiana and Illinois
Chapter 7 bankruptcy is essentially the simplest form of bankruptcy protection. It is designed to eliminate debts that are unsecured, including credit card bills, personal loans — although not student loans — and medical bills. In effect, filing bankruptcy allows you to be born again as a debt-free person. At Weiss & Schmidgall, P.C. in Merrillville, Indiana, we’ll review your financial situation and determine if Chapter 7 bankruptcy is the best solution to your debt problems. Our lawyers serve clients in Lake and Porter counties of Indiana, including those as far away as South Bend and Lafayette. We also work with clients in the Chicagoland area of Illinois.
Will I Lose My House or Car if I File Chapter 7 Bankruptcy?
In Indiana, you can keep up to $17,600 in equity in your home as an individual and up to $35,200 if you and your spouse file as a couple. Indiana has no specific bankruptcy exemption for motor vehicles. However, you can exempt up to $9,350 of tangible personal property such as a car and household possessions if you are single and up to $18,700 if you are married. If you have any assets you would lose by filing Chapter 7 bankruptcy, our lawyers may advise you to help save them by opting for Chapter 13 bankruptcy instead.
A surprising benefit to filing for bankruptcy is that it may even help you restore your driving privileges. If your license has been suspended following an accident where you were either uninsured or underinsured, bankruptcy might get you back on the road, particularly when an insurance company has successfully filed a subrogation claim against you. Our attorneys can evaluate your unique situation and determine if this option is right for you.
Do I Qualify for Chapter 7 Bankruptcy?
In 2005, bankruptcy laws were significantly revised. Since then, you need to fit certain income guidelines to file Chapter 7 bankruptcy. For example, if you make more than the median income in your area, (roughly $40,000 for single person or 70,000 for a family of four in the Gary area), you are presumed not to be eligible. However, depending on your living expenses and debts, you may still qualify even if you earn more than the median income.
During Chapter 7 proceedings, the Bankruptcy Court will apply an automatic stay against wage garnishments, creditor phone calls and other collections actions including medical debt owed that you may be facing.
Free, Confidential Attorney Consultation
Call 219-293-8988 to discuss Chapter 7 bankruptcy with an experienced lawyer at The Law Office of Weiss, Schmidgall and Hires, P.C. We offer flexible payment plans, and bankruptcy protection can begin with only $100 down to start your case. Day, evening and Saturday appointments are available. Contact us today to schedule your consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.