An Indianapolis Bankruptcy Lawyer Who Can Help

We know you do not want to file bankruptcy. It was not your goal. You did not set out with a plan not to be able to pay your or your company’s debt.  Circumstances happened and now you feel stuck. Wischmeyer law office can help!  We do not judge you! We with help you or your company get your financial freedom back!

Our office can help you develop a bankruptcy plan that avoids common pitfalls that result in you losing money or your stuff.

Basics of Bankruptcy

  • CHAPTER 7 BANKRUPTCY –  This is the most recognized type of Bankruptcy.  With a Chapter 7 Bankruptcy filing the Trustee will determine whether you have any assets above the exemptions for where you live and at the conclusion of the Chapter 7 Bankruptcy Proceeding you receive a complete discharge (elimination) of your debts.  In most cases, you WILL KEEP YOUR CAR, YOUR HO– USE AND YOUR PERSONAL BELONGINGS.  For secured debts, such as a mortgage and auto loan, your payments must be current and you must continue to make payments to keep these items.  Some debts such as certain tax obligations, student loan debts and child support arrearages cannot be discharged; however the bankruptcy proceeding can still grant you some relief from these creditors while the case is pending.
  • CHAPTER 13 BANKRUPTCY – This bankruptcy allows you to catch up on your mortgage or car payments and keep these and other secured assets in your possession. You may be able to file a Chapter 13 Bankruptcy in less than the 8 year waiting time required for a second Chapter 7 filing to get things under control even after a bankruptcy. With a Chapter 13 Bankruptcy, you make a proposal to the U.S. Trustee to make payments for a period of 36- 60 months, depending on your situation, at the conclusion of which you have satisfied your unsecured priority debts, caught up on your mortgage and/or auto loans and paid only a small portion of your unsecured debts. Your Plan is ultimately approved by the U.S. Trustee and the Bankruptcy Court and so long as you make your payments according to the Plan you will receive your discharge.
  • CHATER 11 BANKRUPTCY – Often considered as business bankruptcy (although individuals can pursue this Chapter in some circumstances), Chapter 11 is designed to grant relief to you where you pay your debts but you do so in a way that is designed to establish your profitability and ability to get away from the strain of overwhelming unsecured debts and monthly expenses. Attorney Fees are difficult to project in Chapter 11 Bankruptcy filings as there is significant attorney involvement during the course of your Chapter 11 Plan and fees are reviewed by and sometimes questioned by the Court and your creditors and ultimately, to be paid, must be approved by the Court as the case proceeds through its process.  There will be Plans and Creditor Committees and a range of filings on the first day of filing a Chapter 11 proceeding and any business or individual contemplating a Chapter 11 proceedings should contact the Indiana Bankruptcy lawyer early so that the necessary planning can occur prior to filing that will help keep your business operational.

If you’re considering bankruptcy and want to learn more about your options and the best way to handle your debt-related issues, contact an Indiana Bankruptcy lawyer who can assist you today  at: (317) 429-0210

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