Dyer Bankruptcy Attorney

Most people in Dyer like to live modestly and work hard. But working hard and saving money is not enough to weather the financial storms of life, such as divorce, high medical bills, and a sudden death in the family. Since many families have little or no savings, they often quickly sink beneath the waves in these situations. Usually, these families feel like there is no way out.

At Whitten & Whitten, our Dyer bankruptcy attorneys offer these families a way out. Bankruptcy discharges credit cards, medical bills, and other unsecured debts. Additionally, bankruptcy gives these families up to five years to catch up on past-due mortgage payments and other secured obligations. Moreover, creditors cannot take adverse actions against these debtors while their cases are pending. So, families get the breathing room they need to rebuild their lives.

Starting Your Claim

Most people qualify for bankruptcy. All debtors must take two brief and inexpensive debt counseling courses. Additionally, Chapter 13 debtors must not owe more than $2.5 million in combined secured and unsecured debts. Chapter 7 debtors must have incomes below the statewide average for that family size. Quite frankly, if your family’s annual income is substantially above the minimum, you probably do not need to file for bankruptcy.

As soon as debtors file their voluntary petitions, Section 362 of the Bankruptcy Code prohibits adverse creditor actions, such as:

• Foreclosure,
• Wage garnishment,
• Repossession,
• Creditor harassment, and
• Eviction.

Generally, the Automatic Stay remains in full force and effect until the judge closes the bankruptcy.

Asset protection is another key bankruptcy benefit. Indiana has a very long list of asset exemptions which include:

• House,
• Motor vehicle,
• Personal property,
• Retirement account, and
• Government benefits.

These are only the formal exemptions. A Dyer bankruptcy lawyer unlocks some advanced bankruptcy options, such as lien stripping and fair market value cram downs, that protect even more of your valuable property.

The 341 Meeting

About six weeks after debtors fuel their petitions, they meet with a bankruptcy trustee, who oversees the case for the judge. Other than petition filing, the 341 meeting is often the most critical part of a bankruptcy case. If everything goes well, judges usually close cases without holding hearings.

Chapter 7 trustee duties are relatively straightforward. Generally, the trustee reviews identification documents, like a Social Security card and a driver’s license. The trustee also reviews tax returns and other financial documents, looking for red flags.

Laying the groundwork is usually the key to a successful outcome. Attorneys anticipate document requests and trustee questions. So, there is no need to scramble for documents at the last minute, and attorneys explain away possible trouble spots.

Chapter 13 trustee meetings are a little more involved. In addition to reviewing identification and financial documents, the trustee must approve the debtor’s repayment plan.

Once again, laying the groundwork is essential. If debtors have draft repayment plans, and those repayment plans meet minimum legal requirements, trustees almost always approve these plans, usually without asking any questions.

So, our attorneys help debtors through every step of this complex process. Otherwise, debtors must feel their way in the dark.

Contact a Tough-Minded Lake County Attorney

No matter what financial problems you are experiencing, bankruptcy could help sort out your financial future. For a free consultation with an experienced bankruptcy attorney in Dyer, contact Whitten & Whitten. Convenient payment plans are available.