Filing for bankruptcy is a big decision, and before you take any action, you want to know what it means for you, your family and your business. An experienced lawyer can answer your questions and help you prepare for what's ahead.
At the Greenwood and Noblesville locations of The Law Offices of Brian Schellenberg, our attorney is ready to give you bankruptcy answers as we help you get the debt relief you deserve.
- What happens to my house and car? If you are timely on your house and car payments, you could keep them both in either Chapter 7 or Chapter 13 bankruptcy. If you are behind on your payments, you could still keep them with Chapter 13 bankruptcy, but you will most likely lose them if you choose to file for Chapter 7.
- How will lawsuits and garnishments be impacted by bankruptcy? Filing for any type of bankruptcy puts an immediate hold on all impending lawsuits and wage garnishments.
- How long will it take? Chapter 7 bankruptcy typically takes four to five months, while Chapter 13 takes three to five years. Chapter 11 bankruptcy for businesses also takes three to five years.
- How will it impact my credit? Chapter 7 will stay on your credit report for 10 years, while a Chapter 13 bankruptcy will be off your credit report in seven years.
- Which is better: Chapter 7 or 13? Each plan has its own positives and negatives. The key is to find the bankruptcy plan that best fits your needs.
- If I am married, does my spouse have to file, too? Property that belongs to a nonfiling spouse is not impacted by bankruptcy. The nonfiling spouse will have no record of bankruptcy on his or her credit report either.
- Can you keep your property? Under Indiana law, people under bankruptcy are allowed to exempt certain property throughout and after the bankruptcy process. The trustees can only go after nonexempt property.
- What if my driver's license was suspended for failing to pay my insurance? If your license was suspended because you owe money, you can get your license back through the bankruptcy process. You will, however, be responsible for all reinstatement fees.
Contact Us For More Information
These are just a few of the questions you may have if you are considering bankruptcy. We will help you find answers to all your bankruptcy questions. Call 317-773-4300 in Noblesville or 317-884-5080 in Greenwood, or contact us today for a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.