Munster Bankruptcy Attorneys
Financial issues are common. Many people get themselves into debt through credit cards, student loans, medical bills, job loss, divorce, and other situations. Some are able to bounce back, while others get deeper and deeper into debt.
If this has happened to you, you may be stressing out over your finances. What can you do? One option is bankruptcy.
Bankruptcy has a stigma for many people, but it is the best way to get a fresh start on your money situation. If you do not want to spend the rest of your life dealing with debt, then bankruptcy can help eliminate debt.
Ready to get started? Read on to learn more about the various types of bankruptcy and how a Munster bankruptcy attorney can help you get your life back on track financially.
Types of Bankruptcy
There are actually six types of bankruptcy:
- Chapter 7: Liquidation
- Chapter 9: Municipalities
- Chapter 11: Large reorganization
- Chapter 12: Family farmers
- Chapter 13: Repayment plan
- Chapter 15: Foreign cases
You may be confused now. Which one do you choose? As an individual, your two main options are Chapter 7 and 13. If you own a large business, you would use Chapter 11.
What is the difference between Chapter 7 and 13? Chapter 7 is the most common type of bankruptcy. It is used to liquidate assets. Basically, all your assets are sold so you get money to pay creditors. Credit cards, medical expenses, and other unsecured debts are typically wiped out in this type of bankruptcy.
Chapter 7 bankruptcy happens quickly—usually within three months. While it can wipe out many debts, the downside is that you likely won’t be able to keep your vehicle or home. If you want to keep these assets, you’ll want to see if you qualify for Chapter 13. This type of bankruptcy allows you to keep assets through an extended payment plan.
You will work with a trustee to create a payment plan that lasts three to five years. You will work to pay off your secured debts, such as auto loans, mortgages, and anything else that uses collateral.
Why Hire a Munster Bankruptcy Lawyer
You can absolutely file for bankruptcy on your own. However, the process is not easy. There are forms and deadlines to keep in mind, and one small mistake can cause delays.
That is why hiring a lawyer is a good idea. Bankruptcy lawyers are highly skilled in this area and can help you understand your options. They can also help you with exemptions as well as determining the value of your property. Overall, they make the process go smoothly.
Contact a Munster Bankruptcy Attorney Today
We all struggle with finances from time to time. When you are drowning deeper and deeper in debt with no way out, see how the Munster bankruptcy attorneys at Schmidt Whitten & Whitten can help.
Our lawyers can assess your situation and help you understand the next steps. You don’t have to handle this on your own. Fill out the online form to schedule a free consultation with our team today.
Schedule A Free Consultation
At Schmidt 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