Bankruptcy

Trusted Bankruptcy Attorney with offices in Valparaiso and Hebron Serving individuals in Indiana, Illinois & Michigan.

Considering the changes in the economy our country has experienced these past few years, bankruptcy lawyers are in more demand than ever. Incomes for families and businesses have both been severely impacted due to this financial crisis. For these individuals who are either dealing with diminishing income or a struggle for clients, a bankruptcy lawyer will help you protect your assets and financial debts. 

At Joe May Law, you can be rest assured that you will be accurately represented. Our attorney, Joe May, is an experienced bankruptcy attorney who knows at his craft. 

Financial distress is detrimental to everyday life. If you have ignored warning signs in the past, it might be too late to try and recover. Here are some telltale signs that you may need to file for bankruptcy.

  • You are only able to have to pay only minimum monthly payments 
  • You are consistently using credit cards to pay off expenses
  • You have consistent overdraft fees 
  • The debt you have is only growing 
  • Creditors are threatening to sue you

 

Trust Joe May Law when handling your case with ease and empathy. If you are looking forward to making the next steps in filing for bankruptcy, do not hesitate to contact us at (219) 286-2583 so we can get started.

bankruptcy filing

How can filing bankruptcy help?

  • Stop harassing phone calls from debt collection companies.
  • Eliminate the burden of a high debt to income ratio
  • Stop foreclosure
  • Avoid repossession
  • Stop wage garnishments
  • Get a fresh start to rebuild your credit score

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Chapter 7 Bankruptcy involves a temporary hold on the collection of debt. This action stops creditors from collecting payments, garnishing your wages and foreclosing or repossessing your property. It can also help stave off an eviction or the action to turn off your utilities. It can allow an individual to stop the collection process while a court evaluates the situation. A good candidate for Chapter 7 bankruptcy is someone who recently had a decrease in income causing them to be unable to pay their debt. 

In a Chapter 7 bankruptcy a trustee is appointed to oversee the case. The bankruptcy trustee will evaluate your finances and situation and serve as an intermediary between you and your creditors. Debt and assets are evaluated to see what, if anything, can be paid to the creditors invovled.

At the end of the bankruptcy, usually about 6 months, the court will discharge the remaining debt.

Chapter 13 bankruptcy is a payment plan that is set up in a way that allows an individual to keep their assets with a more affordable plan. Debt and income is considered in this type of bankruptcy filing. Usually a 3 to 5 year payment plan is set up allowing for an individual to pay down their debt without losing their assets. At the end of the repayment period the remaining debt is discharged. Throughout the bankruptcy process an individual is protected from creditors starting or continuing collection efforts. 

Every person’s situation is different and bankruptcy options can be confusing. The best option is to have a consultation with an experienced bankruptcy lawyer to explore your options. At Joe May Law we are experienced in bankruptcy filing. We will advise you on the appropriate course of action based on your individual case.