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Take Charge Of Your Finances Through Bankruptcy

Individuals across the nation have found themselves struggling with overwhelming debt. Perhaps you are facing foreclosure on your home, repossession of your car, or receiving multiple letters and phone calls from debt collectors. Maybe you’ve realized that your debts have grown far beyond your ability to repay them. You should know that there are options to get a fresh financial start. Bankruptcy may allow you to take charge of your finances and your future.

Adam D. Decker, Attorney at Law, P.C., can help you decide whether filing for bankruptcy is your best option for taking control of your finances. With over 25 years of legal experience, Mr. Decker knows the law and understands what you are going through.

Qualifying For Chapter 7 Bankruptcy

Most people who have a choice traditionally have opted to file for Chapter 7 bankruptcy because it is relatively fast, effective and doesn’t require payments over time. In the typical situation, a case is opened and closed within four to six months, and the filer emerges debt-free except for a mortgage, car payments, and certain types of debts that survive bankruptcy (such as student loans, recent taxes and back child support).

Current bankruptcy law significantly restricts eligibility for Chapter 7 bankruptcy by imposing a “means test” to ensure that only individuals who lack the means to repay their debts can obtain a discharge. If your average monthly income during the six months before you file for bankruptcy is higher than the median income for the state of Indiana, based on the size of your household, you may not be able to use Chapter 7. In that case, you may consider filing for Chapter 13.

Protecting Your Assets Through A Chapter 13 Payment Plan

Chapter 13 may be a good solution for people who need time to pay off certain debts and who have enough income to meet the Chapter 13 requirements. When you file for Chapter 13, you must submit a repayment plan. This plan must demonstrate that you can pay your mandatory debts, such as your mortgage, car loan, taxes and domestic support obligations, and perhaps repay all or a portion of your other debts, within a three- or five-year repayment period.

Chapter 13 may be right for you if:

  • You have a regular source of income, i.e. you are employed or receive Social Security benefits
  • You have fallen behind on your mortgage or car loan payment and want to save your home or car
  • You do not qualify for Chapter 7 because your income exceeds certain minimums under the “means test” or you have filed for bankruptcy within the past 8 years

Once Mr. Decker has a clear understanding of your financial situation, he can make certain you have the legal information necessary to make an informed decision about your situation.

Schedule A Bankruptcy Consultation

Lawyer Adam Decker will sit down with you to discuss your situation and help you decide whether bankruptcy is your best option. Call his Crown Point office at 219-306-4837 or send an online message to schedule your appointment today.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.