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Bankruptcy

Michigan City Bankruptcy Attorney

A bankruptcy attorney can help you manage personal or professional debts you are unable to pay. Bankruptcy laws allow people and businesses to (1) get a “fresh start” by relieving most debts; and (2) repay the money owed to all creditors as fairly as possible. When you file for bankruptcy protection, all other legal actions against you are put on hold. Creditors cannot sue you, garnish your wages, repossess your car or home entertainment system, or start or continue with a foreclosure action against your home. There are different types of bankruptcy filings and each has its own advantages. Since bankruptcy can significantly impact your future purchasing power and credit rating, you should see a bankruptcy attorney to make sure the benefits of filling bankruptcy outweigh the consequences.

If you are struggling with debt issues, a member of our firm can discuss your legal options. One option may be to file a bankruptcy petition. Individuals or consumers may be eligible to file for relief under the U.S. Bankruptcy Code, either Chapter 7 or Chapter 13, and in some cases, Chapter 11. Not all individuals are eligible to file.

Upon the filing of a bankruptcy petition, the law imposes the benefit of the automatic stay in most cases. The automatic stay stops most collection efforts against you, including foreclosure proceedings/sheriff’s sale, garnishments, and attachments.

If you qualify to file a Chapter 7 bankruptcy, you will likely be able to discharge most (if not all) unsecured credit card balances and medical bills. To qualify for Chapter 7 bankruptcy protection, you must pass an income threshold and meet other criteria. In addition, if you have previously received a discharge under Chapter 7, you cannot file another Chapter 7 bankruptcy petition for eight years although you may eligible to file a Chapter 13 petition. You may lose ownership of certain “non-exempt” assets.

In a Chapter 13 bankruptcy, consumers enter into a debt repayment plan with creditors. Debt is repaid over a three to five year time frame, and any remaining unsecured debt is discharged after completion of the repayment plan. In a Chapter 13, the Bankruptcy Court must approve any payback plan.

We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.