Expert Legal Guidance in Westfield Indiana
Call Today for Your Free Consultation 317.720.3334
Experience. Skill. Success. Over 60 Years Of Experience On Your Side

Bankruptcy FAQs

Answered by Our Westfield Bankruptcy Lawyers

If you have any questions about bankruptcy or if it’s right for you, feel free to contact Stoesz & Stoesz, LLC today. Our bankruptcy attorneys in Westfield have over 60 years of combined experience in addition to an in-depth understanding of this practice area. In a free consultation, we can sit down with you and answer all your questions. Below, we provided answers to some of our clients’ most commonly asked questions.

What Do the Numbers Mean?

Chapter 7: This is a type of personal bankruptcy where your possessions are seized and liquidated. The money is then given to your creditors. This type of bankruptcy is used by people or businesses who have little ability to pay off their debts. They give up their assets, and some types of debts are forgiven. Some debts, like child support or taxes, are not forgiven.

Chapter 13: This is a type of personal debt restructuring where you work out a three- to five-year repayment plan and have it approved by the court. If you keep up with the payments until the end of the payment plan, you can keep your property. If the amount of the debt is too high, Chapter 11 is used.

Chapter 11: This is a type of debt restructuring bankruptcy where you create a repayment plan and have it approved by the court. This is different than Chapter 13 because it involves a larger debt, and it is often used by companies. Companies can keep running while they file for this type of bankruptcy.

While the bankruptcy process is underway, the court prevents lawsuits and some other actions. This is called an “automatic stay.” The creditors should then stop creditors from contacting you.

Do I Need a Lawyer to File Bankruptcy?

A 2011 study in a U.S. Bankruptcy Court in Central California showed that the rate for getting Chapter 13 plans approved when a person did not have an attorney prepare the documents was less than 1 percent.

Some people have succeeded in successfully filing a Chapter 7 case, but accurate and current knowledge of federal and state exemptions is necessary to protect assets from seizure and liquidation, so a competent attorney can help defend your assets from being seized and liquidated.

Chapter 11 is complex due to the large amount of money involved. Having a knowledgeable bankruptcy attorney in Westfield on your side is a good idea.

Do All States Handle Bankruptcy the Same?

State laws vary on what assets are exempt from liquidation to pay debts. Some states combine state laws regarding exemption with federal laws. Our firm can work with you to find out what is the best course of action for your unique situation.

Contact our firm at (317) 720-3334 to schedule a free consultation with our Westfield bankruptcy lawyers to see what is the best option to protect you, your home, and your assets.

We are Committed to Protecting Your Rights

Take Your First Step Towards Freedom Today!
  1. Free Case Evaluations
  2. Over 60 Years of Combined Experience
  3. Excellent Courtroom Success
  4. Personal Legal Excellence
  5. Well Respected in the Legal Community
Call today for your free consultation.
  • Please enter your name.
  • This isn't a valid email address.
    Please enter your email address.
  • This isn't a valid phone number.
    Please enter your phone number.
    You entered an invalid number.
  • Please select an option.
  • Please enter a message.