Bankruptcy Lawyer Porter County
If you are struggling to pay your bills, rest assured that you are not alone. Households throughout the United States find themselves in over their heads and relying on credit cards or debts to cover their expenses. Many factors can result in unmanageable debt, such as unemployment, medical issues, business failures, and other unexpected circumstances. Know that there are options for debt relief that can help you move forward without the weight of your debt on your shoulders.
There are many ways that a bankruptcy lawyer in Porter County can help if you are seeking debt relief strategies. At the Law Office of Kevin M. Schmidt, Attorney at Law, we help clients each day take back control of their finances, and we can help you. Contact us for more information today.
Which Type of Bankruptcy is Right for You?
Consumers in the United States generally file bankruptcy under either Chapter 7 or Chapter 13 of the U.S. Bankruptcy Code. While some people file under Chapter 11, this is rare for consumers. Each type of bankruptcy has its own pros and cons, such as:
- Chapter 7 bankruptcy – This type of bankruptcy is relatively quick and discharges most debts without requiring you to follow a payment plan first. However, you do have to relinquish certain property and assets that cannot be protected by bankruptcy exemptions. You also must pass the means test, and you will not qualify for Chapter 7 if you earn too much income.
- Chapter 13 bankruptcy – This case does not require you to give up any property or assets, and there are no maximum income thresholds. However, Chapter 13 bankruptcy does require you to abide by a payment plan for three to five years before your debts are discharged. This plan involves making a single payment to the court each month, which should be a reasonable amount based on your income.
The right attorney will review your situation and advise whether bankruptcy is a good solution for your situation, as well as which type of bankruptcy is best for you.
The Bankruptcy Process
If you decide to proceed with a bankruptcy case, our lawyers will then navigate every step of the process for you. This includes:
- Preparing your bankruptcy petition and all supporting documents
- Filing the petition with the proper federal bankruptcy court
- Representing you at the meeting of creditors (341 Meeting)
- Applying exemptions to protect maximum property in Chapter 7
- Negotiating for a fair payment plan in Chapter 13
- Addressing any issues raised by the bankruptcy trustee
- Ensuring that you receive a successful discharge
Once your qualified debts are discharged, you will be able to move forward without stress over those payments or collection attempts.
Learn How a Bankruptcy Lawyer in Porter County Can Help
If you would like to learn about the many ways that bankruptcy can help you, contact the Law Office of Kevin M. Schmidt, Attorney at Law. Contact us for a free consultation and to learn the benefits of hiring a bankruptcy lawyer in Porter County.