At Jackson & Oglesby Law LLC, we are committed to providing our clients with the highest quality representation available. We know that bankruptcy laws are complex and require legal assistance. For that reason, we provide answers to many frequently asked questions about bankruptcy. Bankruptcy questions must be answered before making a decision on your financial future.
Contact Jackson & Oglesby Law LLC today to let us help you start fresh. We offer free consultations and are available 24/7 for affordable services.
Indianapolis Bankruptcy Lawyers Can Answer Your QuestionsAs you file for bankruptcy in Indiana, we can help you pursue each step of your case. You will likely have many questions and concerns throughout the process. At Jackson & Oglesby Law LLC, we offer personalized service, and you can always meet with an attorney, even during the evening. Every individual has a unique situation, which is why we can discuss all possible debt relief options during a free bankruptcy evaluation.
Can I File for Bankruptcy a Second Time?You may be curious as to whether you can file for bankruptcy a second time to reutilize this financial relief. With certain restrictions, you will be able to file more than once. You can apply for a Chapter 7 bankruptcy twice if a period of eight years has elapsed between bankruptcies. If you previously filed for a Chapter 13 bankruptcy, you can file for a Chapter 7 bankruptcy after 6-year lapse. A Chapter 13 bankruptcy can follow a Chapter 7 bankruptcy if there is at least a 4-year gap. Chapter 13 bankruptcies can be repeated within 2 years of one another.
Should I Hire an Attorney? Can't I File for Bankruptcy on My Own?
Filing for bankruptcy is a difficult legal process. You can hire a bankruptcy attorney from our firm to help you resolve the complex issue and reduce your own stress. By working with an experienced bankruptcy lawyer, we can make sure that you are taking the rights steps.
If you have any questions or concerns, these can be answered in as efficient manner as possible. Furthermore, your Indianapolis bankruptcy lawyer can represent you at the hearing before the bankruptcy trustee or judge. We can also help cease any creditor abuse or harassment actions that are committed against you. Above all, we can pursue for your best interest and help you get your finances resolved.
Can I Keep My Car?
Providing that you are current on the car payments and the vehicle is insured, we can list your intention as "reaffirm," and you will continue to make your regular monthly payments. Doing so may allow you to keep possession of the vehicle.
If you wish to surrender the vehicle because you are not able to afford the payments, this can be accomplished through bankruptcy. Through this process, your car loan lender will retain possession of the vehicle, but you will not be liable for any deficiency.
Will Bankruptcy Stop a Foreclosure?Bankruptcy can stop foreclosure. In a Chapter 13 repayment plan, you can keep your home by paying your arrears in full through a plan payment. In a Chapter 7, the automatic stay will temporarily prevent foreclosure, providing you with time to catch up on your mortgage payments. If you are at risk of losing your home, bankruptcy may be a powerful solution which can prevent that devastating effect of debt.
What Are the Advantages / Disadvantages of Bankruptcy?
Bankruptcy helps debtors who cannot satisfactorily repay loans and are now facing wage garnishment, car repossession, or foreclosure. Bankruptcy can eliminate debts including credit card bills and medical expenses. Debt discharge can dramatically improve their financial state and quality of life. Disadvantages also exist, however. A Chapter 7 bankruptcy will appear on your credit report for 10 years and in a successful Chapter 13, it will remain for 7 years.
Advantages outweigh the disadvantages, however. If your credit score is already severely damaged, bankruptcy may in fact improve your credit score. Many individuals report that they are surprised by the ease of obtaining credit after a successfully completed bankruptcy filing.
When Should Bankruptcy Be Considered?
Bankruptcy can be considered when the following criteria are met:
- The total amount of unpaid bills makes it unlikely for repayment to occur
- A secured creditor is threatening foreclosure or repossession
- An unsecured creditor has commenced or threatened a lawsuit
- Creditors are making harassing calls to collect unpaid debts
- The debtor's credit report is irrevocably damaged
- Wage garnishment or a judgment has been issued
Can I Protect My Home and Personal Property in Bankruptcy?If you owe a large amount of debt, you may still possess the right to protect important assets, including your home, personal property, and money in bank accounts. Property that can be protected is called "exempt property," which means that you will not lose property in your bankruptcy if the total property value is less than the exemption amount. Many clients do not lose their assets.