Bankruptcy Attorneys - Elkhart, Indiana| Bankruptcy | Chapter 7 Bankruptcy | Chapter 13 Bankruptcy | Foreclosure | Rebuilding Credit |
The bankruptcy process is complex and may seem as overwhelming as the debt that you are facing. Bankruptcy can provide an opportunity for individuals and businesses facing burdensome financial obligations to eliminate or repay some or all of their debt. Bankruptcy can be a financial planning tool that can provide you with the opportunity to rebuild your life.
Understanding when to file is important because decisions made in the months or even years prior to filing a bankruptcy can affect the amount of debt that you are able to bankrupt or the assets you hope to retain. Understanding which debts are dischargeable, which assets are exempt, how your income, marital status, ownership of real estate and the number of people in your household affect your options are all critical factors in the bankruptcy process. Working with the experienced bankruptcy attorneys at Banik & Renner will assure that these and the numerous other rules and exceptions to those rules are all taken into consideration as your bankruptcy options are explained.
You should speak with the experienced bankruptcy attorneys at Banik & Renner:
- Before you ever consider liquidating retirement funds to pay debt (most retirement funds are exempt assets in bankruptcy)
- When you are making only minimum monthly payments on credit cards
- When you are paying credit cards instead of your mortgage or car payment
- When your paycheck does not meet your monthly expenses
- When you lose your job or can no longer work due to illness or accident
- When you are facing mounting medical expenses
- When you are unable to make your mortgage or car payments
- When you first sense that you are losing ground-don’t wait until it falls out from under you
Chapter 7 Bankruptcy is the most common type of bankruptcy for individual. It is typically used when:
- You have little or no equity in your home
- You own minimal personal property other than normal household contents
- You have little or no money left at the end of the month after you pay your basic living expenses
- Your income falls under the median income for your state and family size. Click here for Census Bureau Median Family Income By Family Size
Chapter 13 Bankruptcy is a debt repayment plan. It is typically used when:
- You have more equity than bankruptcy laws allow
- Your income is higher than the bankruptcy laws allow for your state and family size. Click here for Census Bureau Median Family Income By Family Size
- You are behind on your mortgage and want to save your home
- Your second mortgage or home equity loan is behind
- You have debt that you want to repay but need time to do so
Understand the benefits and protections you are entitled to under the law. KNOWLEDGE IS POWER.
Why Choose Banik & Renner?
- Individualized service with no assembly line representation
- The lawyer you meet with is the lawyer who represents you
- We are local attorneys who have practiced in the community since graduation from Notre Dame Law School three decades ago
- We attend seminars and remain current in our areas of practice
- We ask questions and we really listen to your answers to help you
- We will not “hard sell” you on our representation
- We explain your options in words you can understand or keep trying until you do
- We are a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.
What do I need to do before meeting with an Attorney?
- Write down who you owe and how much you owe each creditor
- Write down what your monthly expenses are
- Bring a pay stub to your appointment
- If you own a home, bring your most recent tax assessment and mortgage statement