Griffith Bankruptcy Lawyers

People in Griffith work hard every day to pay their bills. Sometimes, unfortunately, hard work is not enough. The financial storms in life, such as divorce, serious illness, and job loss, affect almost everyone at some point. Since most people in Griffith have very little savings, these storms are usually overwhelming. If, for some reason, you have more debts than you can comfortably repay, you basically have two choices. You can hope things get better, or you can do something about it.

The compassionate Griffith bankruptcy lawyers at Whitten & Whitten understand what you are going through. As mentioned, financial difficulties affect almost everyone at some point. That includes the people on our professional team. The Bankruptcy Code states that honest yet unfortunate debtors deserve a fresh start. Our Griffith bankruptcy lawyers help families just like yours make the most out of their fresh starts, so they can face the future with added confidence.

Benefits of Bankruptcy

The Automatic Stay, asset protection, and debt discharge are the three biggest benefits of bankruptcy.

Bankruptcy starts with breathing room. Section 362 of the Bankruptcy Code usually kicks in as soon as debtors file their voluntary petitions. This provision blocks creditor adverse actions like:

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

Creditors can only bypass the Stay if they receive special permission from the bankruptcy judge. It’s almost impossible to obtain such permission, especially if the debtor has a determined Griffith bankruptcy lawyer.

Bankruptcy does more than give debtors a chance to catch their breaths. It also protects their most important financial assets, such as:

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

Sometimes, the formal, written exemptions are limited. For example, the home equity exemption only protects $19,300 in equity. Our Griffith bankruptcy lawyers use little-known legal provisions to expand this exemption, as well as other ones.

Finally, consumer bankruptcy discharges most unsecured debt, such as medical bills and credit cards. As mentioned, high medical and consumer debt often cause financial problems. Bankruptcy eliminates these problems at their roots.

Your Legal Options

Most people qualify for both Chapter 7 and Chapter 13 bankruptcy. The right chapter for you typically depends on the type of debt you owe.

Chapter 7 is usually ideal for individuals and families with significant medical bills and other unsecured debts. Chapter 7 discharges these debts, often in as little as six months. “Discharge” means a judge wipes away the legal obligation to pay an unsecured debt. But the collateral effects of that debt, if any, remain. If Bill has tax problems, the IRS files a lien, and he files Chapter 7, that lien remains, even if the judge discharges the taxes.

Past due taxes, like student loans and a few other obligations, are priority unsecured debts that are only dischargeable in some cases. Chapter 13 gives debtors up to five years to make catch-up payments on their home loans, auto loans, and other secured debts.

The aforementioned Automatic Stay usually remains in effect throughout Chapter 13. So, while the debtor makes income-based repayments, creditors cannot harass the debtor and demand faster repayment.

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 Griffith, contact Whitten & Whitten. Convenient payment plans are available.