Porter County Bankruptcy Attorney
Financial struggles are certainly nothing new, but after the COVID-19 pandemic took its toll on families and businesses around the world, many people who have responsibly paid their bills for years are now finding themselves in serious economic trouble. The good news is that state and federal laws exist to help those who are overwhelmed by debt get back on their feet. If you’re feeling crushed by debt and harassed by creditors, you don’t have to face it alone. Contact Porter County bankruptcy attorney Kevin M. Schmidt today to schedule a free consultation and learn more about your options.
How Can a Chapter 7 Bankruptcy Help Me?
Chapter 7 bankruptcy allows a person to discharge debts they can no longer pay. This may include:
- Personal loans
- Medical bills
- Credit card debt
- Overdue utility bills
- Benefit overpayments
In some cases, civil court judgments and certain tax debts can also be discharged in Chapter 7 bankruptcy. Debts that cannot be discharged include student loan debt, child support payments, criminal fines or restitution, and any debts the filer chooses to leave out of the bankruptcy.
Chapter 7 is sometimes referred to as “straight bankruptcy” because of the two types available, it offers the most straightforward process and is relatively simple. The process can be completed by most people in about three to four months. However, Chapter 7 bankruptcy is not the best choice for everyone. Filers must show that they fit certain criteria through something known as a Means Test, and even those who qualify need to carefully consider the impacts to their future credit and financial options before choosing Chapter 7 bankruptcy. Also, filers may be required to liquidate or sell any non-exempt assets available to repay the debts.
Is Chapter 13 Bankruptcy a Good Option?
Chapter 13 bankruptcy does not discharge debt the way that Chapter 7 does, and it requires the filer to make a repayment plan to pay some or all of their past-due bills. This option may be available to those who do not pass the Means Test for Chapter 7 and those who are looking for a way to protect their home from foreclosure during the bankruptcy process.
Contact an Experienced Bankruptcy Lawyer Today
At the Law Office of Kevin M. Schmidt, P.C., we’ve spent more than 20 years helping Northwest Indiana families get out of debt and move toward a brighter future. We know that most people who find themselves in debt are honest and hardworking, and looking for a way to make good on their financial obligations. We work hard to use the bankruptcy laws to the full advantage of our clients, and we may be able to help you too. Contact our office today to schedule a free consultation and get started putting your financial troubles behind you.
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