Gary Bankruptcy Lawyers
Bankruptcy is a legal process that offers a fresh start to individuals who are unable to pay their debts. Navigating the complexities of bankruptcy can be overwhelming. This is where the experience of our Gary bankruptcy lawyers comes into play. At Whitten & Whitten, our legal professionals are experienced in providing guidance and representation to individuals facing bankruptcy, helping them understand their options and the implications of their decisions. Contact our office to discuss whether filing for bankruptcy may be the right option for you.
Understanding Different Types of Bankruptcy
In Indiana, individuals can file for two main types of bankruptcy: Chapter 7 and Chapter 13. Chapter 7, often referred to as “liquidation bankruptcy,” involves selling off non-exempt assets to repay creditors. This option is typically for those with limited income who cannot pay back their debts over time. On the other hand, Chapter 13, also known as “wage earner’s plan,” allows individuals with regular income to develop a plan to repay all or part of their debts over three to five years.
Filing for bankruptcy, regardless of the type, will impact your credit score. It’s important to remember, however, that bankruptcy isn’t the end of the road for your financial health. There are strategies for rebuilding credit post-bankruptcy, such as secured credit cards, credit-builder loans, or making timely payments on any remaining debts.
What to Consider Before Filing Bankruptcy
- Assess Your Financial Situation: Understand the scope of your debts, your income, and your ability to repay. This will help you determine whether bankruptcy is the best option.
- Understand the Impact on Credit: Filing for bankruptcy will significantly impact your credit score. It’s important to consider how this could affect future borrowing.
- Know the Types of Debt You Have: Not all debts can be discharged in bankruptcy. For example, student loans, child support, and alimony usually cannot be eliminated.
Navigating Bankruptcy Laws in Indiana
Indiana has specific laws related to bankruptcy that residents of Gary need to be aware of. One notable difference from other states is Indiana’s exemption laws, which determine what property you can keep in a Chapter 7 bankruptcy. Moreover, Indiana law requires individuals to receive credit counseling from an approved agency within 180 days before filing for bankruptcy. This is designed to ensure that individuals fully understand their financial situation and the consequences of filing for bankruptcy.
Bankruptcy laws can be difficult to understand, making it crucial for Gary residents to seek local legal advice before proceeding. A knowledgeable Gary bankruptcy lawyer can provide invaluable guidance, helping you navigate the complexities of bankruptcy laws, protect your rights, and make informed decisions about your financial future.
Contact Our Gary Bankruptcy Lawyers for Insight
Facing bankruptcy can be a challenging and emotionally draining process. However, understanding the different types of bankruptcy, the impact on your credit score, and the specific laws in Indiana can provide some clarity. Remember, you don’t have to face this alone. Our Gary bankruptcy lawyers at Whitten & Whitten are here to guide you every step of the way, providing professional, empathetic, and reassuring support during this difficult time. Contact our firm today to schedule an appointment with our experienced team.
Schedule A Free Consultation
At Whitten & Whitten, we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed