Fort Wayne Indiana Bankruptcy Law Blog

If you file for bankruptcy, will you have to give up your stuff?

If you are considering filing for bankruptcy, it is probably because you feel like you have no other viable options by which you can secure a better financial future. This process allows you an organized way through which you can discharge certain balances and reclaim your financial future. However, you may also have serious concerns about how this choice could affect your everyday life.

For example, will filing for bankruptcy cause you to lose your home? Will you have to give up certain assets in order to complete this process? It's normal to have concerns about what this process could mean for you, but thankfully, there are protections in place that could be helpful to you. Bankruptcy law provides exemptions that will likely allow you to keep most of the things that are important to you.

Which bankruptcy option is right for you?

Are you getting phone calls from creditors at all hours of the day and night? Are you behind on your bills with no hope of catching up? Are you facing the possibility of losing your home? If you answered yes to any of these questions, you could be a candidate for bankruptcy. For many in Indiana, this is a smart move for their financial future.

Consumer bankruptcy is an option for individuals who are overwhelmed by certain types of debt. If you find yourself in a precarious financial situation, either Chapter 7 or Chapter 13 may offer you the opportunity to get a fresh start. Before you move forward, you will want to take the time to learn more about these two options and determine which may be optimal for your unique situation.

Health care costs force many families to declare bankruptcy

A new study finds that two out of every three American families that file for bankruptcy do so because of high health care costs. The American Public Health Association (AJPH) survey shows 66.5% of all bankruptcies can be tied to medical issues.

The group estimates that an average of 530,000 families files for bankruptcy each year due to high medical costs and bills as well as missing time at work due to medical issues.

How to avoid getting into debt after a divorce

A divorce is difficult time in anyone’s life. You are splitting from your spouse and starting a new life on your own. There are many decisions to make, and you want to make sure you are getting started off the right way.

One of your biggest concerns is likely your finances. It is not uncommon for people to struggle financially after a divorce. But if you plan carefully, you may be able to avoid financial struggles and falling into debt.

How to use your tax refund responsibly

You work hard for your money, so giving too much of it up to taxes can be frustrating. Thankfully, millions of Americans are going to get that money back in tax returns this year.

If you're feeling desperate for your tax return, keep these tips in mind after you get it to take advantage of the money.

How to go on a Valentine’s date when you’re deep in debt

If you’re struggling to afford basic necessities, you may be scratching your head wondering how to spend Valentine’s Day this year without making your financial situation worse.

Here are a few ways you can go on a cheap date that will still be special.

Can I discharge student loans through bankruptcy?

Millennials, Generation Xers and Baby Boomers alike are plagued with debt, as monetary success continues to mount on the procurement of higher education degrees. In fact, the total student loan debt in the United States is 1.48 trillion dollars.

If paying student loans has become more than you can handle, bankruptcy may be a viable option for wiping the slate clean. However, you'll have to fit eligibility requirements under Indiana’s interpretation of the Brunner test.

Common myths about bankruptcy

Bankruptcy has an undeserved bad reputation. Some consider it the worst financial result for an individual. Something to avoid at all costs.

Unfortunately, this reputation means many people who could benefit from bankruptcy won't even consider it.

The differences between Chapter 7 and Chapter 13 bankruptcy

Filing for bankruptcy can help you get back on track, but it can also be a little confusing to know how to go about it.

Many people file for chapter 7 or chapter 13 bankruptcy, because both chapters can immediately prevent creditor’s collection efforts and wage garnishment.

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