Portage Bankruptcy Attorney

Portage Bankruptcy Attorney

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

Portage Bankruptcy Attorney

While bankruptcy has many negative connotations associated with it, it is a process that can free a person from debt and truly allow that person to begin a new life. The two most common types of bankruptcy are Chapter 7 and Chapter 13. Each can bring relief to those struggling to pay off their debts, but they are also quite different from each other. A Portage bankruptcy attorney can help those trying to reclaim their financial freedom understand which type of bankruptcy is best for them. 

Chapter 7 Bankruptcy in Portage

In Indiana, a Chapter 7 bankruptcy discharges most of a person’s unsecured debts such as credit card bills and medical expenses. It does not discharge all unsecured debts, however, including divorce expenses such as child support and certain tax debts. 

Chapter 7 bankruptcy is a liquidation bankruptcy, meaning that you are also telling the courts you will sell your assets to repay as much of your debt as possible. However, Indiana law provides many exemptions such as up to $10,000 for household items and almost $20,000 in equity in your home. These exemptions are assets you will keep after filing for Chapter 7 bankruptcy. 

Although Chapter 7 bankruptcy is the most popular kind in Portage, approval is also sometimes difficult. There are strict eligibility requirements, including a Means Test, which is an income test that is difficult for some to pass. When that is the case, those trying to grapple with debt may often apply for Chapter 13 bankruptcy. 

Chapter 13 Bankruptcy in Portage

When filing for Chapter 13 bankruptcy, debtors are not asking the courts to discharge their debts. Instead, they are asking to propose a repayment plan over the next three to five years to their creditors. Although this does not eliminate the debt in the same manner as a Chapter 7 bankruptcy, it still holds many benefits. 

Chapter 13 bankruptcies are often used to stop foreclosure on a home because it allows the debtor to keep their assets. Additionally, although Chapter 13 requires some debt repayment, it does not usually require all debt to be repaid. At the end of the repayment plan, more debt is discharged for debtors that have kept to the plan and repaid debts on time. 

Like filing for Chapter 7 bankruptcy, Chapter 13 also has some eligibility requirements. In order to qualify, a debtor must have a steady source of income. He or she must also have some disposable income to use in order to repay debts. Like Chapter 7 bankruptcy, debtors applying for Chapter 13 will undergo a Means Test. 

Call a Portage Bankruptcy Attorney Today

When you are suffering from crushing debt, it is important to remember that there is hope. Bankruptcy has provided relief to thousands in Indiana, and it could do the same for you. You can learn more by calling a bankruptcy attorney in Portage right now. 

If you do not know how you are going to handle your debt any longer, contact the Schmidt Whitten & Whitten We will review all of your options with you, and help you get approved for the type of bankruptcy you think might be right for you. Call us today for your free consultation. 

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

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Our Phone Number219-756-0555
Contact via Emailinfo@kmslawoffice.net
Our Location200 E. 80th Place
Suite 110
Merrillville, IN 46410
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.
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