Bankruptcy Lawyer in Indianapolis Helping you Create a Blank Slate
The federal bankruptcy law’s primary goal is to provide a fresh start to everyday people overwhelmed by debt and facing a financial crisis despite their best efforts to repay their financial obligations.
There are many good, hardworking, and honest families. Because of life-changing circumstances, such as divorce, separation, job loss, or mounting medical bills, they don’t have enough income to pay their bills and continue sinking deeper into debt with no way out.
For this reason, the federal bankruptcy code provides several provisions that are available to everyday people to relieve the harassment, stress, and worry that typically accompany being in debt, including chapter 7 and chapter 13 bankruptcy. With bankruptcy, you get immediate relief and:
- STOP all harassing calls and letters from bill collectors.
- STOP garnishments and wage deductions.
- STOP all lawsuits, including foreclosure.
- STOP repossession of your car or truck.
- STOP tax garnishments.
- STOP payday loans.
- ELIMINATE unsecured debts.
- REDUCE the total amount you owe on certain debts.
- REDUCE monthly payments.
Bankruptcy is a second chance at a better life, and it will give you and your family peace of mind, renewed hope, and financial confidence. Book a free consultation and discuss your bankruptcy case: (317) 623-4546.
When is it Time to Consider Bankruptcy?
There are many circumstances in life, generally out of our control, that create the perfect financial storm. Sometimes income isn’t enough to fix the debilitating debt, and bankruptcy isn’t a choice but the last resort. If you are faced with a wage garnishment, late mortgage and vehicle payments, unpaid utility bills, and mounting medical or credit card debt, it’s likely time to consider filing for bankruptcy.
There are two types of consumer bankruptcy, including chapter 7 bankruptcy and chapter 13 bankruptcy. Chapter 7 bankruptcy is also known as “liquidation,” as it wipes your debt and credit clean. Chapter 13 bankruptcy, or “wage earner’s plan,” allows you to use your income to restructure and pay off your debts with a repayment plan.
You might also be tempted to consider a debt relief agency. consumerfinance.gov explains it well. Using a debt settlement company may lead to a creditor filing a debt collection lawsuit against you unless the debt relief company settles all or most of your debts. There’s also no guarantee when you pay them to help you that they can legally settle with credit card companies, health systems, and more. As a result, you could have built up penalties, fines, and additional lawsuits to deal with.
After you’ve exhausted all potential avenues for resolving your debt, our Indianapolis bankruptcy attorneys can protect your financial future and determine the best avenue. Book a free consultation with an Indiana bankruptcy law attorney at the Law Office of Corey L. Scott LLC today: (317) 623-4546.
What is Chapter 7 Bankruptcy?
Filing for chapter 7 bankruptcy allows you to wipe the slate clean, literally. This type of consumer bankruptcy protection does not include a repayment plan. A bankruptcy trustee essentially sells all of a person’s nonexempt assets and uses the proceeds to pay creditors back the money owed in exchange for financial relief.
In filing for bankruptcy, chapter 7 protection will discharge unsecured debt, including:
- Credit card debt
- Medical bills
- Unsecured personal loans
- Phone bills
- Unpaid utilities
- Deficiency balances after a foreclosure or vehicle repossession
- Personal liability related to certain secured debts, such as car loans
Your home, primary vehicle, personal items, retirement accounts, pensions and 401(k) plans, household goods, burial plots, and more are protected.
To qualify for chapter 7 bankruptcy, a debtor’s monthly income must be more than the state median, per the bankruptcy code. A “means test” is used to determine whether a chapter 7 filing is appropriate.
After a chapter 7 bankruptcy, we can arm you with resources to rebuild your credit and provide proactive strategies to manage your finances and avoid future issues. An Indiana bankruptcy lawyer with the Law Office of Corey L. Scott LLC can help you understand consumer bankruptcy law and your options. Call us today: (317) 623-4546.
What is Chapter 13 Bankruptcy?
Missed payments, defaults, car repossessions, and lawsuits will hurt your credit and impact your financial future in more ways than one. Wage garnishment can be a harrowing experience, as is regular harassment from creditors.
Not everyone is eligible for chapter 7 bankruptcy, and if this is the case, our bankruptcy attorneys can help you explore other relief options to determine the most suitable option.
Another consumer bankruptcy option is chapter 13 bankruptcy. Filing for chapter 13 bankruptcy allows a person or family with enough income to repay all or some of their debts. This form of relief essentially allows you to restructure your secured debt and unsecured debt and pay via an installment plan or repayment arrangement.
With a chapter 13 filing, priority claims and administrative expenses must be paid in full, including taxes, child support, alimony, attorney’s fees, and court costs. Similar to chapter 7 protection, filing for chapter 13 bankruptcy protects your home from foreclosure and your vehicle from repossession.
After all, is said and done, chapter 13 payments can be as low as $500 to $600 per month, depending on your income and debt level.
Book a free consultation with our consumer bankruptcy attorneys to change your situation today. Call (317) 623-4546.
Can a Bankruptcy Attorney Help me Start Fresh?
Bankruptcy lawyers experienced in the nuances of bankruptcy law and the various types of debt-relief options, including bankruptcy alternatives, can change the course of your challenging financial situation in bankruptcy court.
The Law Office of Corey L. Scott LLC and our group of consumer bankruptcy attorneys can be that valuable resource for you in your bankruptcy case.
Our team of consumer bankruptcy attorneys does our due diligence to exhaust all potential relief options that make the best financial sense for you and your family, from chapter 7 to chapter 13 to other bankruptcy alternatives, such as:
- Debt settlement
- Debt consolidation
- Potential asset sale
- Credit counseling
- Ways to earn extra income and offset some of your debt
- Restructure or refinance your mortgage
- Revamping your budget
As a true legal partner, we work with you before and after your bankruptcy filing to ensure you have the information, knowledge, and resources to recover from bankruptcy. This includes credit counseling recommendations, budgeting assistance, tips for monitoring your credit report, credit card companies to work with, and more.
Bankruptcy is a life-changing financial decision, and we treat it as a process, not a transaction. You’ll see this in the legal guidance and counsel we offer, from filing the paperwork to representing you in court to post-bankruptcy support.
Your financial situation doesn’t have to impact your life anymore. Book a free consultation with our bankruptcy lawyers and call (317) 623-4546, and get immediate solutions for your bankruptcy