Dyer Chapter 7 Bankruptcy Attorneys

A financial slide that leads to bankruptcy usually begins with a temporary income disruption, like a job loss or a divorce. During such emergencies, many people over-rely on credit cards. The average credit card interest rate is about 22 percent. So, this approach is not sustainable for more than a few weeks. After the emergency passes, the credit card bills keep piling up. Families in this situation can usually do one of two things. They can wait and hope things get better, or they can file for bankruptcy and take control of their own financial situations.

The compassionate Dyer Chapter 7 bankruptcy attorneys at Whitten & Whitten understand that filing bankruptcy is difficult. Most of the people on our legal team have been in similar situations. So, we make things as easy as possible, starting with a thorough consultation that lays out the pros and cons of bankruptcy. Next, we take care of all the paperwork and run interference with your creditors. Then, when the case goes to court, we never stop fighting for you.

Benefits of Bankruptcy

The Automatic Stay, asset protection, and perhaps most importantly, in Chapter 7, debt discharge are probably the biggest benefits of bankruptcy.

Credit card bill collectors are more aggressive than ever, thanks to a string of recent Supreme Court decisions that have whittled away at debtors’ rights. The Automatic Stay is usually the only way to stop:

• Creditor lawsuits,
• Repossession,
• Harassing phone calls,
• Foreclosure, and
• Wage garnishment.

A Dyer Chapter 7 bankruptcy attorney can usually stop these adverse actions with a single court filing or phone call.

Furthermore, Indiana has very generous bankruptcy property exemptions. Your most important assets, like your house, motor vehicle, and retirement account, are usually untouchable during bankruptcy.

When the case ends, the judge discharges most unsecured debts, such as credit cards and medical bills. Imagine what your family can do with the hundreds of dollars a month that once went to these bills and now remains in your pocket.

The Legal Process

Most people qualify for Chapter 7. Their income must be well below statewide averages. Quite frankly, if your income is higher, you probably do not need to file Chapter 7. Other options are available.

Filing a bankruptcy petition, even in a no-asset Chapter 7, is extremely difficult. It’s like filing a corporate tax return without consulting the instructions. Even an innocent mistake could lead to serious problems later, like a refusal to discharge debt or bankruptcy fraud charges. Only a fully-qualified lawyer prevents these problems. More on that below.

About six weeks after debtors file their petitions, they meet with bankruptcy trustees. These individuals verify the debtor’s identity and review financial documents, like recent tax returns, looking for red flags of bankruptcy fraud and other issues.

Assuming this meeting goes smoothly, and it almost always does, the judge typically signs a discharge order without holding a hearing.

How a Dyer Chapter 7 Bankruptcy Attorney Can Help

Attorneys do more than fill out forms. They strategically file bankruptcy paperwork. This strategy usually involves the proper valuation of certain assets, like a home. There is usually a big difference between a home’s tax appraisal value and its value in an as-is cash sale.

On a similar note, attorneys also unlock advanced exemption options, like a tenancy of the entirety, which protects more of your assets.

Finally, only an attorney gives families peace of mind in a very difficult period. Debtors with attorneys know that if things go sideways, their lawyers will stand up for them in court in a way that no other petition preparer can do.

Rely on a Dedicated Lake County Attorney

No matter what financial emergency you face, bankruptcy could be a way out. For a free consultation with an experienced Chapter 7 bankruptcy attorney in Dyer, contact Whitten & Whitten. Convenient payment plans are available.