South Bend Bankruptcy Lawyers

If you’re thinking of filing for bankruptcy, you’re likely feeling apprehensive about the future. While it’s understandable to worry about its impacts, bankruptcy is a process designed to provide relief to individuals grappling with unmanageable debt. It is not a sign of failure but rather a strategic step towards regaining control of one’s financial health. At Whitten & Whitten, we are committed to guiding clients through this challenging period. Rely on our South Bend bankruptcy lawyers for support every step of the way.

Understanding the Types of Bankruptcy

Chapter 7 and Chapter 13 are the two main types of bankruptcy that our attorneys assist with. Each serves a distinct purpose and is suited to different circumstances.

Chapter 7 Bankruptcy

Often referred to as liquidation bankruptcy, Chapter 7 involves the selling of non-exempt assets to repay creditors. This type is a viable option for those with limited income and substantial debt. Our attorneys consider your specific circumstances when deciding whether Chapter 7 is a suitable route for you.

Chapter 13 Bankruptcy

Chapter 13, or a wage earner’s plan, offers individuals with regular income a method to repay their debts over three to five years, while retaining their assets. It is an ideal solution for those wishing to avoid asset liquidation. At Whitten & Whitten, assess your financial circumstances to determine if Chapter 13 is the most beneficial choice.

Frequently Asked Questions about Bankruptcy

Understanding bankruptcy involves navigating numerous questions. Here are some commonly asked queries:

1. What property can I retain after bankruptcy? In Chapter 7 bankruptcies, certain properties like primary residences and retirement accounts may be exempt from liquidation. Conversely, Chapter 13 allows individuals to maintain assets while adhering to a court-approved repayment plan.
2. How does bankruptcy impact credit scores? While bankruptcy initially affects credit scores, it presents an opportunity to rebuild credit over time by demonstrating responsible financial behavior.

Step-by-Step Guide to Filing for Bankruptcy

Embarking on the bankruptcy journey involves several steps:

1. Consultation with Whitten & Whitten: A free consultation allows for an evaluation of your financial situation and advice on the best course of action.
2. Preparation of essential documents: Guidance is provided in gathering vital documents such as income statements, tax returns, and a list of assets and liabilities.
3. Filing the bankruptcy petition: The bankruptcy petition is prepared and filed on your behalf, ensuring all required information is accurately included.
4. Meeting of creditors: A meeting of creditors is conducted, where they can inquire about your financial situation. Support is provided throughout this process.
5. Completion of bankruptcy requirements: Depending on the type of bankruptcy filed, additional requirements, like financial management courses, may need completion.

How Whitten & Whitten Can Help

With extensive experience in handling both Chapter 7 and Chapter 13 bankruptcies, Whitten & Whitten provides guidance tailored to each unique situation. Understanding the bankruptcy process, addressing concerns, and providing comprehensive support from start to finish is the commitment we make to every client.

Our South Bend Bankruptcy Lawyers Are Ready to Assist You

Filing for bankruptcy is a complex process that necessitates professional guidance. If overwhelming debt and financial difficulties are realities for you, seeking the assistance of an experienced bankruptcy attorney is crucial. At Whitten & Whitten, the goal is to help navigate the bankruptcy process and attain a fresh start. Contact us today for a free consultation with our South Bend bankruptcy lawyers.