Bankruptcy
Bankruptcy is a legal, useful, and sometimes necessary tool for individuals in financial distress. Matt Foster has deep experience helping clients through bankruptcies in Indiana. He will provide skilled and strong yet compassionate representation through this stressful and difficult time.
Chapter 7 and Chapter 13 are the two primary forms of bankruptcy for individuals. Chapter 7, or “liquidation bankruptcy,” is typically available to individuals with little or no disposable income. Chapter 7 aims to provide a fresh start by discharging most (though sometimes not all) unsecured debts, such as credit cards and medical bills. However, only applicants whose income is low enough according to a “means test” can use Chapter 7 bankruptcy, and they may have to surrender some non-exempt assets.
If they qualify, debtors can discharge all their eligible debts under Chapter 7, usually within a few months.
Chapter 13 bankruptcy, sometimes called the “wage earner’s plan,” is different from Chapter 7. Chapter 13 is available for individuals with a steady income who are deemed able to repay a portion of their debts over a three to five-year period, including Chapter 7 applicants who have failed the “means test.” Chapter 13 debtors follow a court-approved repayment plan under which they can catch up on missed mortgage or car payments while also paying a portion of their unsecured debts. Chapter 13 provides a path to retain assets like homes and cars but requires a long-term commitment to making regular payments under the plan.
Choosing the Right Bankruptcy Attorney
Choosing the right bankruptcy lawyer is a critical decision that can significantly impact your financial future. Bankruptcy is a complex legal process with serious implications, and having an experienced and skilled lawyer by your side can make all the difference. Here are some reasons why selecting the right bankruptcy lawyer is crucial.
Expertise and Experience
Bankruptcy law is specialized, intricate, and constantly evolving. A skilled bankruptcy lawyer will have the expertise to lead you through the complexities of your bankruptcy case. The skilled lawyer will understand the nuances of bankruptcy law, including the different chapters (e.g., Chapter 7 and Chapter 13), exemptions, and eligibility requirements. The right attorney’s knowledge will help you understand the bankruptcy process, make informed decisions, and maximize your benefits with bankruptcy protection.
Customized Assistance with a Listening Ear
Every person facing bankruptcy has unique circumstances. The right bankruptcy lawyer will listen to your concerns, answer your questions respectfully and thoughtfully, and provide personalized advice and strategy tailored to your specific situation. Whether you’re seeking debt relief or asset protection, the right bankruptcy lawyer will take time to understand your situation and offer guidance that aligns with your stated objectives.
Legal Advocacy and Explanation
Bankruptcy proceedings entail many legal requirements, paperwork, and court appearances. The right bankruptcy lawyer will handle all aspects of your case, from filing the necessary documents to representing you in court hearings, and will also make sure you understand everything that is happening. Having the right lawyer will ensure your rights are protected and increase the likelihood of a favorable outcome.
Negotiation Skills
Negotiations with creditors, trustees, and other parties are essential in many bankruptcy cases. The right bankruptcy lawyer will have strong negotiation skills and a commitment to working out the best possible results. In many cases, the right lawyer can negotiate with creditors to reduce debt, modify repayment plans, or reach settlements that are beneficial to you. Effective negotiation by the right attorney can result in better terms and expedite the resolution of your bankruptcy case.
Reduced Mistakes and Delays
Mistakes or oversights in a bankruptcy can have serious consequences, including dismissal of your case or loss of assets. Lawyers are not perfect, but the right bankruptcy lawyer will greatly reduce the risk of serious errors and work diligently to protect your interests. The right lawyer can also anticipate potential challenges and proactively address them, helping to minimize delays and move you more rapidly toward your fresh start.
Future Planning
Bankruptcy is about not only resolving immediate financial issues but also preparing for the future after your fresh start. The right bankruptcy attorney can provide valuable insights and guidance on rebuilding your credit, managing finances post-bankruptcy, and avoiding problems that could create new financial difficulties in the future. The right lawyer’s advice can empower you to make informed decisions to protect and maximize your post-bankruptcy financial status.
