Bankruptcy is immediately associated with negative implications. Most people feel ashamed and scared of its consequences. However, even responsible citizens get overwhelmed with debt for various reasons: unemployment, divorce, unexpected medical bills. They often do not realize that bankruptcy laws were put into place to protect consumers who have endured a hardship such as loss of income in today’s economy and the accumulation of consumer debt by giving them the chance to have a fresh start with a bankruptcy.
We, the attorneys at Schiller Law Offices know that filing a bankruptcy is often a very difficult decision. But if you are dealing with the potential loss of your home, garnishments from your wages, constant harassment by creditors and collection activities, Schiller Law Offices can offer help toyou through bankruptcy protection.
Depending on your financial troubles, bankruptcy may be a solution for a lot or all of them. Filing bankruptcy usually enables you to:
Eliminate the legal obligation to pay most or all of your debts. This outcome is known as a ”discharge” of debts. It is designed to give you a fresh financial start. Bankrupcty can also aid in stopping foreclosure on your home and give you an opportunity to catch up on missed payments. Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment. For more information on lowering your mortgage payment, please see our section on Loan Modifications.
Bankruptcy may also prevent repossession of your car or other property, or obligate the creditor to return property even after it has been repossessed. It can often stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt. Moreover, by filing bankruptcy you may be able to restore or prevent termination of utility service.
There are different types of bankruptcies available to consumers which our experienced staff at Schiller Law Offices handles. They are mostly referred to as Chapter 7 Bankruptcyand Chapter 13 Bankruptcy. We will advise you which one to choose depending on your debt, disposable income and family situation. If neither of them shall be suitable for you, we will consider other options for you such as loan modification or credit card debt negotiation.
Chapter 7 Bankruptcy or straight bankruptcy offers consumers a new start by allowing them to discharge or eliminate all of their debts including personal loans, credit cards, old utilities, medical bills, and repossessed property. This type of bankruptcy is a liquidation proceeding, in which the debtor turns over all his/her non-exempt property to the bankruptcy trustee. The bankruptcy trustee will then convert all this property to cash and distribute it among the creditors.
In the vast majority of cases the debtor who files Chapter 7 Bankruptcy has no assets that would lose, so this type of bankruptcy will be a relatively quick “fresh start” for that person. If your case is approved for a Chapter 7 Bankruptcy, you will have all your debts wiped out within a couple of months. Remember that Chapter 7 bankruptcy allows consumers to often keep their homes, real estate and personal property.
Call Schiller Law Offices now and we will give you a free evaluation whether Chapter 7 is right for you and discuss other options as well (Chapter 13 Bankruptcy, Loan Modification, Credit Card Debt Negotiation.)
A very important consequence of filing a Chapter 7 Bankruptcy is that the creditor activity stops. We will help you file your credit report and put an end to harassing phone calls. Once your case is filed, federal law prohibits your creditors from any of the following activities:
Everyone wants to work out their debt on their own, but when the threat of foreclosure is real, it is time for a helping hand. At Schiller Law Offices, we will analyze your financial situation and make sure you will make use of all the exemptions in the Bankruptcy Code. Our approach to bankruptcy is practical, efficient and highly individualized. We will protect your property from your creditors, so you can keep your home, real estate and movables after your bankruptcy case has been approved.
If your financial burden has reached the point where you are thinking about giving up the home and savings you have worked so hard for, it might be time to file Chapter 13 Bankruptcy.
If you want to keep your home but are behind or are in jeopardy of losing your home to sheriff sale or foreclosure, a chapter 13 bankruptcy can help. This wage earner plan allows the homeowner up to five years to catch up any arrearage or late payments on their mortgage. It also allows the consumer to pay back a portion or all of their unsecured debt over a five year period through a Chapter 13 plan.
You do everything you can to make timely payments, but after a while you may face the possibility of losing your home, car, and other assets. By filing for chapter 13 Bankruptcy, you can stop foreclosure, wage garnishment, and creditor harassment. As you go through the process, we will be by your side, helping you make sound financial decisions and rebuilding your credit from the ground up.
People find themselves in difficult financial circumstance for all types of reasons, from credit card debt and mounting medical bills, to losing your job or a recent divorce. What is important to know is that there is a way out. At Schiller Law Offices, we want to help you get the best possible results. If Chapter 13 is not right for you, we will discuss other solutions such as loan modification or Chapter 7. We will help you understand your options and the potential consequences of the decisions you make regarding your financial future.
As soon as you file for chapter 13 bankruptcy, you can stop the foreclosure of your home and put an end to creditor harassment. Upon approval, we will work with the court to create a debt payment plan you can afford. This plan will allow you to keep your home and other important assets. After three to five years of making regular payments and rebuilding your credit, your remaining debt will be completely forgiven.
At Schiller Law Offices, we can help you decide if Chapter 7 or Chapter 13 Bankruptcy is right for you. We will answer all your bankruptcy questions. Please contact our office as we will make sure you receive every benefit and protection available to you under the law. Contact our experienced bankruptcy lawyers to schedule an appointment with a bankruptcy lawyer. By filing bankruptcy, you can stop foreclosure and get the debt relief you deserve.
We are a debt relief agency, aiding clients in filing for bankruptcy relief under the Bankruptcy Code throughout Central Indiana.
Our Indiana bankruptcy lawyers serve clients who need help in filing bankruptcy in Indianapolis, Carmel, Fishers, Noblesville, Anderson, Westfield, Greenfield, Shelbyville, Greenwood, Plainfield, Avon, Danville, Zionsville, Lebanon, Franklin, Kokomo, Frankfort, Muncie, Columbus, Greencastle, Crawfordsville, and Bloomington.