Bankruptcy Attorneys in Crawfordsville, Indiana
When you’re in a precarious financial situation and have a large debt you can’t pay, declaring bankruptcy might be your best option. Our bankruptcy lawyers in Crawfordsville, IN will make the process as easy as possible.
Speak to one of our lawyers by calling us at 765-362-4440. You can also email us at firstname.lastname@example.org
Get Advice and Assistance for Filing Bankruptcy
At Henthorn, Harris & Weliever Law, we’ve encountered various people in financial trouble due to job loss, business downturns, divorce, medical bills, family needs, and more. For people with large debts or those behind on mortgage payments, declaring bankruptcy might help.
Declaring bankruptcy can reduce or eliminate unsecured debts and stop a foreclosure, wage garnishments, utility shut-offs, and debt collections. However, it may also require you to give up possessions to repay creditors and cause long-term damage to your credit.
You need to consider all your options before filing for bankruptcy. Our bankruptcy attorneys in Crawfordsville are here to help you make the best decision possible.
Personal and Business Bankruptcy
Among the 6 types of bankruptcy, Chapter 7 and Chapter 13 are the most commonly filed. Individuals can file either Chapter 7 or Chapter 13 bankruptcy while businesses can file Chapter 7 bankruptcy.
Chapter 7 Bankruptcy
Filing under Chapter 7 of the bankruptcy code allows you to have a fresh start, and it is a common option for those struggling with debts, medical bills, and wage garnishment.
Eligibility for Chapter 7 bankruptcy requires that you haven’t filed for bankruptcy in the last 8 years and you are determined to pay your debts. The latter requirement is determined via the means test.
The means test determines whether your income is sufficient to pay at least a portion of your debt or not. This is to prevent people from abusing the bankruptcy system by filing for it even when they have the means to pay their debts.
Chapter 7 involves liquidating your properties to pay unsecured creditors. In return, it eliminates your unsecured debts, giving you a fresh start. Fortunately for individuals and married couples, the majority of personal bankruptcy cases result in no lost assets.
This is because personal belongings are exempt from liquidation, allowing our bankruptcy lawyers to protect your home, car, furniture, jewelry, and other belongings.
For corporations going out of business, Chapter 7 provides an orderly liquidation of assets, allowing them to close the business and pay their obligations in a transparent manner.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy is often called a “wage earners plan” or “plan of reorganization.” It’s a useful tool that allows you to stop foreclosures and cure delinquent mortgage payments.
It involves a repayment plan that lasts over a 3 – 5 year period, and you pay only a portion of your total debt. Rather than your creditors creating a repayment plan, you propose a repayment plan yourself.
You create a plan based on your monthly income, living expenses, and how much you can afford to pay each month. This plan is presented to the bankruptcy court and trustee who will review it for approval.
Once approved, any remaining debt is wiped out. You pay your disposable income to the trustee and send in your tax return once a year until you complete your payment plan.
Here are a few reasons we might recommend you file a Chapter 13 bankruptcy instead of a Chapter 7:
- Your income is too high to qualify for Chapter 7 bankruptcy
- You own more assets than can be exempted from Chapter 7 bankruptcy
- Chapter 13 gives you up to five years to catch up on mortgage payments if you are behind
- Secured debts can be restructured through Chapter 13 bankruptcy
- Bankruptcy can’t eliminate taxes and student loans, but Chapter 13 allows you to restructure payments
Which Should You File?
The form of bankruptcy that will benefit you the most depends on your financial situation. One of our bankruptcy attorneys will help you determine which best fits your needs and guide you through the process.
Guidance for Your Financial Problems
Henthorn, Harris & Weliever Law will help you make the best decisions. Our bankruptcy lawyers in Crawfordsville, IN will advise you on filing for bankruptcy and alternatives to it.
Set up a consultation with one of our experts by calling us at 765-362-4440 or by emailing us at email@example.com.
Bankruptcy Isn’t Giving Up
Bankruptcy and even just the consideration of it are often accompanied by feelings of sadness, loss, shame, and anger. However, bankruptcy doesn’t mean you can’t recover.
It can be the first step to making a positive change. With our bankruptcy attorneys to guide you, filing for bankruptcy could help you stabilize your financial situation so you can start anew and recover what you’ve lost.
Discuss Your Options with Us Today
Henthorn, Harris & Weliever Law has an extensive history serving a broad scope of clients. Regardless of your financial situation, we’ll be able to help.
Call us at 765-362-4440 or email us at firstname.lastname@example.org to discuss your needs with one of our bankruptcy lawyers.