NWI Bankruptcy Lawyers
Are you losing sleep over stress about your debts? Do the collection letters and calls keep coming, but you do not have the funds to catch up on payments? Are you facing lawsuits, wage garnishment, or even possible foreclosure of your home?
If you answered yes to any of these questions and you are in northwest Indiana, it is time to consult with an NWI bankruptcy lawyer. Doing so is the first step to gaining financial freedom once again and regaining the ability to sleep at night without overwhelming stress.
How Bankruptcy Can Help
While bankruptcy is not for everyone, the process does help many people get control of their financial situation. This process has several steps that help people like you, including:
- After the initial filing, the court issues an automatic stay. This means you do not have to make payments, and your creditors cannot make any collection efforts against you. This means lawsuits, wage garnishments, and more should come to a halt, which can provide immediate relief.
- At the end of your bankruptcy case, the court should discharge all of your qualified debts, which can include credit cards, personal loans, medical bills, benefit overpayments, and more. You will have no legal obligation to pay these debts anymore, and creditors should stop requesting payment. This can effectively wipe most of your financial slate clean.
If you think you can benefit from the above, do not wait to take action and contact our law firm so we can assess the best option for your situation.
Types of Bankruptcy
The U.S. Code allows for different types of bankruptcy cases, and the one that is right for you will depend on your specific circumstances. The two main types of bankruptcy for consumers are as follows.
Chapter 7 – Under Chapter 7, consumers and businesses can file for what is commonly known as “liquidation bankruptcy.” The filer will give up certain non-exempt property in exchange for the relatively quick discharge of their unsecured debts. The law provides exemptions that we can use to protect as much of your property as possible, so you do not have to lose everything you own in the process.
Chapter 13 – This type of bankruptcy does not take any of your property, but it is a longer process that also requires you to make payments to the court for three to five years before you receive your discharge. This helps you attack some of your debt with a manageable monthly payment amount, and it can help to pay past-due secured debts.
The type of bankruptcy you file will depend on your income, assets, debts, and other factors. We assess your financial situation and advise you on which process will benefit you the most.
Speak with NWI Bankruptcy Lawyers About Your Situation
If you worry about how you will pay your debts, you should not wait any longer to consult with an NWI bankruptcy lawyer at Schmidt Whitten & Whitten. We are here to help, so please contact us 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