Our Attorneys Answer Your Questions About Bankruptcy in the Northern District of Indiana
We help you understand how filing bankruptcy affects your finances, property and assets
Properly handled, bankruptcy is a powerful tool for eliminating overwhelming debt. When you file for bankruptcy, our attorneys work with you to determine which approaches are best for your situation and to discuss available options for ensuring that your home, car, wages and other property are protected. The Indiana bankruptcy attorneys of Gouveia & Associates stand by your case from beginning to end to offer experienced legal guidance and to help protect your interests.
The process of filing for bankruptcy relieves you of most of your debts, including:
- Credit cards
- Medical bills
- Personal loans
- Repossession debt
- Most court judgments
- Payday loans
Be aware though that bankruptcy does not relieve you of all types of debt. Bankruptcy will not relieve you of money owed from:
- Student loans
- Child support
- Personal injury payments
- Taxes owed
Choosing between Chapter 7 and Chapter 13 bankruptcy in Indiana
When financial difficulties lead you to file for bankruptcy as a way of controlling your debt, in most instances you will file using either Chapter 7 or Chapter 13 bankruptcy. While the former approach uses the possible liquidation of your assets to settle your debt, the latter is a reorganization of your finances that enables you to make long-term payments toward your goal. Which form of bankruptcy you file depends on your individual financial history and assets as well as your interests and needs. Our bankruptcy attorneys located in Merrillville, Indiana review your circumstances and advise you on which form of bankruptcy provides you with the best outcome in your case:
- Chapter 7 — When you file a Chapter 7 bankruptcy, your non-exempt property is liquidated in an effort to pay off as large a sum of your debt as possible.
- Chapter 13 — A Chapter 13 bankruptcy involves the reorganization of your finances to enable you to pay back a portion of your debts over a three to five year time period.
- Comparison: Chapter 7 vs. 13 — When deciding between Chapter 7 vs. 13, your main considerations involve property and payment timing. A Chapter 7 bankruptcy avoids long-term payments, but many consumers who wish to prevent repossession of certain property or foreclosure of a home opt for a Chapter 13 bankruptcy as an alternative.
Whichever form of bankruptcy you choose, by filing for bankruptcy in Indiana you are taking an action that immediately puts a stay in effect that stops any lawsuits or collection attempts and protects you from wage garnishment.
Our skilled attorneys offer businesses assistance during bankruptcy
For businesses, especially a small business, bankruptcy brings an extra set of challenges because property matters and creditor relations can be extremely complicated. Our bankruptcy attorneys work with businesses and business creditors to assist in restructuring assets or arranging an agreement to work out creditor solutions. If you are considering a business bankruptcy, have questions about bankruptcy alternatives or are a creditor to someone who is, contact our attorneys for trusted legal counsel.
Call us if you are facing bankruptcy in the Northern District of Indiana
We review your case for free during a thorough one-on-one initial consultation. To schedule an appointment, email or call us at 219-576-6192. Our office is open every weekday from 8 a.m. to 4:30 p.m. and is conveniently located near the intersection of Route 30 and Interstate 65 in Merrillville, Indiana.