If you are one of many millions of people struggling with debt problems, your life is full of uncertainty and pressure. When your bills start to pile up, you can be left feeling overwhelmed with all of the financial stresses. You may feel that there is no way out of debt and that you will never feel financial freedom. You do not have to face creditors alone. In fact, we discourage you from trying to handle any of your financial difficulties on your own as this can make matters worse. An experienced Indianapolis bankruptcy attorney can help you gain control and take charge of your situation. You don’t have to avoid answering phone calls or going through your mail because you are worried about creditors reaching out. Ignoring your bills will not make them disappear and will likely lead to even bigger problems.
Every day, people get in financial trouble for a wide array of reasons including job loss, downturns in business, divorce, unexpected medical bills, and trying to keep up with the demands of life. At Batesky Law Office, our experienced attorneys understand that life happens and will help you find the best path back to financial stability.
Our law office provides resources for those who are exploring bankruptcy as an option. We help our clients by offering:
In order to have an effective bankruptcy filing, you will need to hire an experienced Indianapolis attorney to help you maneuver and navigate through the complex process. At Batesky Law Office, we will help you find the most favorable option that allows you to discharge your debts and retain the maximum amount of your assets.
Our experienced attorneys will walk you through the bankruptcy process and help you decide which chapter best fits your situation. Contact our office for a complimentary consultation regarding the debt relief options that may be available to you.
Chapter 7 of the Bankruptcy Code is for the discharge of debts for individuals, which is the traditional bankruptcy. Under Chapter 7, you either pay for or give up your property for secured debts. It is also known as “liquidation bankruptcy” because it discharges most of your unsecured debt. It is the quickest, simplest, and most common type of personal bankruptcy that is filed.
There are several signs that indicate that you may qualify for Chapter 7 bankruptcy including:
Once you qualify to file for Chapter 7 bankruptcy, it can take up to four months to complete the entire process. The most important step when filing Chapter 7 bankruptcy in Indianapolis is to hire an experienced attorney such as Batesky Law Office. Contact us today for a complimentary Chapter 7 Bankruptcy consultation.
Chapter 13 Bankruptcy differs from Chapter 7 Bankruptcy in that you are not seeking to get rid of all of your debt entirely, but you would like to:
Chapter 13 Bankruptcy provides an alternative to liquidation for those with enough income to repay all or part of their debts. It is bankruptcy for those whose biggest problem is dealing with creditors’ demands for immediate payment, not a lack of income.
Under Chapter 13 Bankruptcy, the petitioner has three to five years to resolve their debts while applying all of their disposable income to debt reduction. This allows applicants to eliminate unsecured debt while catching up on missed mortgage payments. You will be required to spend years living under the supervision of a court-appointed trustee who will collect and distribute your payments.
Chapter 13 Bankruptcy can be a complicated process and you should never try to navigate it by yourself. An experienced Indianapolis bankruptcy attorney can help you decide the best course for debt relief with Chapter 13 bankruptcy. Contact Batesky Law Office for a complimentary consultation regarding your bankruptcy case.
Many Americans find themselves in financial trouble and begin to fall behind on their mortgage payments. Some lenders or mortgage companies may be willing to work out deals with homeowners such as a short sale or loan modification. Most lenders will not work with homeowners who fall behind on their payments.
The foreclosure process takes time and most creditors will not begin foreclosure procedures until the homeowner is three or more months behind on payments. This gives the homeowner time to consider alternatives to foreclosure such as loan forbearance, short sale, or bankruptcy.
Once you file bankruptcy, either Chapter 7 or Chapter 13, the court automatically issues an order for relief that includes an automatic stay. The automatic stay directs your creditors to cease their collection activities immediately. There are two exceptions to the automatic stay including:
Chapter 13 bankruptcy will allow you to set up a repayment plan to pay off the past due amount. Chapter 7 bankruptcy cancels all debts secured by the home, including mortgages and home equity loans.
If you are facing foreclosure and are concerned about your financial future, filing for bankruptcy may help you keep your home or soften the blow of losing your home. You can learn more about your options by scheduling a complimentary consultation with Batesky Law Office.
Both parents have a legal responsibility to financially care for their child. The courts take this obligation very seriously and generally won’t relieve a parent of this duty. If you are responsible for paying child support and considering filing for bankruptcy, then you may want to learn how bankruptcy will affect your child support responsibilities. If you are currently receiving child support, and the parent who is responsible for paying has filed for bankruptcy, you may wonder how this will affect your child support payments.
Child support is a priority debt that cannot be discharged through bankruptcy. If you were behind on your payments prior to filing your case, you are still required to pay back all amounts that are due. In addition to be non-dischargeable, priority debts receive special treatment in bankruptcy.
In chapter 7 bankruptcy, priority debts get paid before other debts. Child support gets paid even before all other priority debts.
In chapter 13 bankruptcy, all child support payments you were behind on prior to filing your case must be paid back in full through your repayment plan. Chapter 13 repayment plans cannot exceed five years, so high child support arrearages can lead to a high monthly payment plan.
It is important to note that an automatic stay does not prohibit collection of child support payments. An experienced Indianapolis bankruptcy attorney can help you determine the best plan for helping relieve child support arrearages. Contact Batesky Law Office for a complimentary consultation regarding your finances and bankruptcy proceedings.
Filing for bankruptcy is a huge decision. Sometimes that decision is helped along by issues that are beyond our control such as an accident or development of an illness that leads to growing medical bills.
Medical bankruptcy does not have a strict definition. Most people think of a medical bankruptcy as one that is filed to discharge hospital or doctor bills. Even if the debtor’s medical bills are covered, he or she could experience a medical bankruptcy because of loss of income when he has to take off work after an accident or illness.
If you qualify for chapter 7 bankruptcy, your discharge will eliminate your medical bills along with your other general unsecured debts. There is no limit on the amount of medical debt that you can discharge in chapter 7 bankruptcy. Any medical bills that you paid with your credit card will also be discharged when your chapter 7 bankruptcy is final.
In chapter 13 bankruptcy, medical bills are lumped in with your other general unsecured debts in your repayment plan. The amount that you are required to pay depends on your income, expenses, and other non-exempt assets. It is important to keep in mind that you may not qualify for chapter 13 bankruptcy if your medical bills and other debts exceed the debt limits.
To learn more about your options after an illness or accident that results in growing medical bills, contact an experienced Indianapolis bankruptcy attorney today! At Batesky Law Office, we will look at your finances and help you determine the best option for debt relief from medical bills.
Before filing for bankruptcy, it is important to compile all of your financial records such as debts, assets, income, and expenses. This will give you a better understanding of your financial situation. This will help your lawyer better understand your financial situation and determine the best debt relief option for you.
In order to file for bankruptcy, you must receive credit counseling within 180 days before filing your case. You must obtain counseling from an approved provider listed on the United States Courts website. Most approved counseling agencies offer their services online and over the phone. It is important to note that credit counseling is a required component of filing bankruptcy.
Before you file a petition for bankruptcy, you will want to obtain an experienced bankruptcy lawyer. It is not a requirement for individuals, but an attorney can help you understand which laws apply to your case and the best course of action for your financial situation.
When your petition is accepted, your case is assigned to a court trustee. The trustee will set up a meeting with your creditors. You are required to attend the meeting, but your creditors are not. This is an opportunity for them to ask you or the court trustee questions about your case.
A bankruptcy discharge releases the debtor from personal liability for certain types of debts. The debtor is no longer legally responsible to pay any of the debts included in the discharge. The discharge is a permanent order prohibiting the creditors from taking any form of collected action on the discharged debts.
If you owe a large amount of debt, you may be able to protect your home, personal property, and money in your bank accounts. Property that can be protected is called exempt property. This is protected if the total property value is less than the exemption amount.
Chapter 7 is known as liquidation bankruptcy because filers may lose some of their property and assets. Chapter 13 is known as reorganization bankruptcy because it allows consumers to reorganize their debts and payment schedules.
For those with a steady income but unmanageable debt, Chapter 13 bankruptcy may be the best option. One major benefit of filing Chapter 13 bankruptcy is that the debtor often retains much of their property.
If you meet the eligibility requirements for both Chapter 7 and Chapter 13 bankruptcy, then you may choose which type to file. An experienced Indiana bankruptcy attorney can help you determine eligibility and which type may be right for you.
No. If you can pay your bills when they are due, then it is a good idea to do so. If your debts are significantly more than your assets and income, bankruptcy might be the best option.
No. You and your spouse are not required to file for bankruptcy together. You may both want to file for bankruptcy jointly if you and your spouse share responsibility for the debt.
Like most court records, bankruptcy filings are public. Direct notice of your bankruptcy will be sent to your creditors and co-debtors. Most employers are not told of your bankruptcy; however, your trustee may request a wage withholding order to your employer if you fall behind on your payments.
No. There are certain debts that cannot be discharged such as child support, alimony, student loans, and tax debts.