Lake County Bankruptcy Lawyer

Lake County Bankruptcy Lawyer

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

Lake County Bankruptcy Lawyer

Financial problems can befall anyone, even those who are very careful with their money. Job loss, medical emergencies, and other crises can strike without warning, sending you into a tailspin.

If bills are piling up, then you might consider filing for bankruptcy. Bankruptcy is often the smart choice for people in Indiana drowning in debt and is a much better option than debt settlement or other debt management strategies.

Bankruptcy and Debt

Bankruptcy is a great way to get rid of unsecured debt like credit cards, medical debt, and personal loans. However, it cannot eliminate secured debts, which are those tied to an asset like your car loan or your home mortgage. The lender still retains a security interest in the asset and can foreclose, taking it back.

Other debts are not dischargeable under the bankruptcy code:

  • Student loans (in most cases)
  • Child support
  • Alimony
  • Any debt related to drunk driving

Nevertheless, wiping out credit cards and other secured debts often frees up money you can spend on these other debts.

Chapter 7 vs. Chapter 13

These are the two most popular bankruptcies for our clients. Chapter 7 is much quicker, allowing you to wipe out unsecured debts in a matter of months. However, there are income limitations, so not everyone will qualify.

Chapter 13 in Indiana takes longer — between three and five years. You enter a payment plan in which you contribute your disposable income to your creditors. If at the end of the payment plan, you have unsecured debts remaining, you can wipe them out.

Exempt and Non-Exempt Property

There is one huge advantage to a Chapter 13 — the bankruptcy trustee will not take your property and use it to pay off your creditors. This is a real possibility in Chapter 7.

Property is either exempt or non-exempt. Each state determines what property is exempt from the trustee, and some states let you exempt the entire value of your house. In Indiana, by contrast, a debtor can only exempt up to $17,600 in equity, double if he or she is married.

If your home is worth $200,000 and you have $100,000 left on the mortgage, then you have $100,000 of equity left in the house. If you are single, only $17,600 is exempt, meaning the trustee can force a sale and use the remaining $82,400 to pay creditors. This is usually a terrible option for homeowners, so many debtors in Indiana choose a Chapter 13.

Meet with a Lake County Bankruptcy Lawyer to Discuss Your Options

Deciding to file for bankruptcy is not an easy decision, and there are many considerations you must juggle. For help deciding whether you want to file, please contact the Law Office of Kevin M. Schmidt today.

Our attorneys have helped many Indiana residents regain their financial footing, and we are here to help you, too. For more information, schedule a free consultation by calling us today.

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 2019. All rights reserved | NUVEW
We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.