Highland Bankruptcy Lawyers

Bankruptcy Lawyers

“We’ve Been Helping People from Merrillville and Northwest Indiana Get Out of Debt for 20 Years”

Aggressive Highland Bankruptcy Attorneys

Bankruptcy is an unfortunate situation, but many people living in and around Highland have to go through bankruptcy proceedings in order to save themselves financially. The decision is a tough one to make. While there are definitely benefits to filing for bankruptcy, such as discharging all or most of your debt, there are also serious consequences. For instance, filing for bankruptcy will have an impact on your credit score. Careful consideration should be given to the advantages and disadvantages of filing for bankruptcy.

Let Us Help You Make This Tough Decision

Those who are interested in filing for bankruptcy in Highland also need to take into consideration that there are different types of bankruptcy. Some of the most commonly used types of bankruptcy include:


  • Bankruptcy under Chapter 7. Eligible individuals and businesses can file for Chapter 7 bankruptcy, which required the liquidation of all non-exempt assets in order to pay off as much of the debtor’s debts as possible, and the rest of all the debtor’s eligible debts is discharged. Debtors get a clean slate, so to speak. Chapter 7 bankruptcy is one of the most popular bankruptcy options as many people who satisfy the means test are eligible to use Chapter 7 bankruptcy to eliminate their debts.


  • Bankruptcy under Chapter 13. Some individuals do not qualify for Chapter 7 bankruptcy and must resort to Chapter 13 bankruptcy instead. Under Chapter 13 bankruptcy, the debtor’s outstanding debts are restructured to make repayment easier. The term for repayment might be extended, interest rates or penalties might be dropped, or portions of the remaining debt might be forgiven, but the debtor is still on the hook to pay his or her creditors back.

The bankruptcy lawyers at the Law Office of Kevin M. Schmidt, P.C. have helped countless Highland residents work through the tough decision of which form of bankruptcy is best for them. We know that we can help you too.

Helping You Understand Various Aspects of Bankruptcy Eligibility

For each type of bankruptcy, there are certain eligibility requirements that a debtor must satisfy in order to use that type of bankruptcy. For example, debtors seeking to discharge debt through Chapter 7 bankruptcy must satisfy the means test. Debtors cannot have too much income if they want to discharge their debts through Chapter 7 bankruptcy. The means test is a formula that compares the debtor’s income after expenses to Indiana’s median income for a household of comparable size.

A debtor does not necessarily have to be a low income earner to be eligible for Chapter 7 bankruptcy. Expenses such as a high monthly mortgage payment, expensive car payments, high taxes, and other eligible expenses can reduce the debtor’s effective monthly income for the purposes of the means test. If you do not have a lot of disposable income left over after your monthly expenses are deducted from your income, you may be eligible for Chapter 7 bankruptcy.

If you are considering filing for bankruptcy, you should speak to an experienced Highland bankruptcy lawyer, like the professionals at the Law Office of Kevin M. Schmidt, P.C. Reach out to us today for skilled assistance.

Schedule A Free Consultation

At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed

Our Phone Number219-756-0555
Contact via Emailinfo@kmslawoffice.net
Our Location200 E. 80th Place
Suite 110
Merrillville, IN 46410
Copyright 2018. All rights reserved | NUVEW
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This website is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Testimonials are not a guarantee, warranty, or prediction of the outcome of your case.