Bankruptcy Lawyers Ft Wayne

Bankruptcy Lawyers Ft Wayne

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Bankruptcy Lawyers Ft WayneYou feel like you can’t breathe by the financial chaos engulfing you. Maybe you should call bankruptcy lawyers Ft Wayne.

At your first meeting with bankruptcy lawyers Ft Wayne, they will tell you owing an unpayable amount of debt are what bankruptcy laws are designed for. The laws’ intent is to help you get assistance to make a clean break, a “fresh start” in life. A fresh start rather than your lives crushed by the burden of unpayable debt.

You may not want to admit your situation is so dire. Unpayable means no matter how hard you try, you are in a hopeless situation. Many don’t want to admit it’s hopeless. Many find it morally or ethically wrong to walk away from debts. The law, however, doesn’t judge you, fault you for your mistakes, or throw you in debtor prison. It gives you another chance.

Bankruptcy Lawyers Ft Wayne

At your first meeting with bankruptcy lawyers Ft Wayne, you are required to provide a list your assets and liabilities. Your lawyer will want to know your income, the market value of your house, and the amount of the mortgage. The lawyer will want to know if you owe taxes, have student loans or owe child support. Some debts can be discharged in a bankruptcy, taxes, student loans, and child support cannot be.

Your big fear is probably losing the house or the car to get to work.  People in Indiana have exemptions that save some assets from bankruptcy. A few of the exemptions are:

  • Real property, including mobile or manufactured home up to $17,600 ($35.200 with your spouse)
  • Implements, books & tools of trade to $2,800
  • Health or disability benefits
  • Appliances, food, clothing, furniture, and bedding needed
  • Burial plot
  • Motor vehicle or property $4,000; vehicle’s market ($8,000 with spouse)

The 2005 Bankruptcy Act

The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

Under the 2005 Bankruptcy Act, your income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13. To apply the means test, the courts will look at your average income for the 6 months prior to filing and compare it to the median income for Indiana. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13. (See Indiana Means Test)

Remember: When it comes to bankruptcy, only bankruptcy lawyers Ft Wayne are qualified to give you legal advice and by his or her training, knows what is best for your situation.

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