Cedar Lake Bankruptcy Attorney
Feeling like you are drowning in bills and debt is never a comfortable feeling. It can cause you to act in ways that you wouldn’t normally act and can also come with embarrassment. Whether it’s medical bills, the recent downturn of the economy, or a series of poor decisions, we know that everyone needs help from time to time. One solution is not perfect for every individual, and it is essential to discuss your options for getting out of debt with an experienced Cedar Lake bankruptcy attorney. Filing for bankruptcy might be a viable option for you.
Your Consultation with a Cedar Lake Bankruptcy Lawyer
It is natural to be slightly nervous and have many questions when you are first meeting with a Cedar Lake bankruptcy attorney. Knowing what to expect can help decrease your anxiety. Your attorney will want to be able to understand the complete state of your finances, your debts, your income, and your assets. Once they have this information, they can determine if filing for bankruptcy is a wise option. They can also tell you whether a Chapter 7 or a Chapter 13 would be a better choice for you. If you decide to pursue a bankruptcy, your attorney can explain what you can expect during the bankruptcy process and if your case has any specific risks or difficulties.
Chapter 7 verses Chapter 13
While both chapters of bankruptcy have the same goal in mind, it is essential to understand that you may only be eligible for one. Depending on your financial goals and what assets you want to keep, sometimes one is a better choice. Hiring a Cedar Lake bankruptcy lawyer to help you determine which type is right for your situation is crucial.
A chapter 7 bankruptcy is also known as liquidation bankruptcy. If you have assets beyond what the law allows you to exempt, your property is sold to pay your creditors. This type of bankruptcy might be for you if you do not have the ability to pay back all of your debt or even portions of your debt. For many chapter 7 filers, all of their assets are legally exempt from being sold. Filers who make more than a certain amount of money based on their location and household size may not qualify to file a chapter 7 bankruptcy.
A chapter 13 bankruptcy is sometimes called a reorganization bankruptcy. You will need to pay back some or all of your debt over three to five years. Your payments go to a trustee who then pays your creditors. You get to keep your property if you successfully finish your repayment plan.
Are You Wondering if You Will Ever be Able to Pay Your Debts? Contact an Experienced Cedar Lake Bankruptcy Attorney Today for Help
Take what could be the first step in what could be your road to financial freedom by contacting Kevin M. Schmidt, Attorney at Law. He has filed countless successful bankruptcies of both types on behalf of clients just like you. Our staff has your best interests in mind and look forward to helping you during this process. Contact us to schedule your case free consultation today.