Answers to Your Bankruptcy Questions
Filing for bankruptcy is a big decision, and before you take any action, you want to know what it means for you, your family, and your business. An experienced lawyer can answer your questions and help you prepare for what's ahead. At the Greenwood and Noblesville locations of the Bankruptcy Law Office of Jonathan Brown, our attorneys are ready to give you bankruptcy answers as we help you get the debt relief you deserve.
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What happens to my house and car?
If you are timely on your house and car payments, you could keep them both in either Chapter 7 or Chapter 13 bankruptcy. If you are behind on your payments, you could still keep them with Chapter 13 bankruptcy, but you will most likely lose them if you choose to file for Chapter 7.
- How will the lawsuits and garnishments be impacted by bankruptcy?
Filing for any type of bankruptcy puts an immediate hold on all impending lawsuits and wage garnishments.
- How long will it take?
Chapter 7 bankruptcy typically takes between four to five months, while Chapter 13 takes three to five years. Chapter 11 bankruptcy for businesses also takes three to five years.
- How will it impact my credit?
Chapter 7 will stay on your credit report for 10 years, while a Chapter 13 bankruptcy will be off your credit report in seven years.
- Which is better: Chapter 7 or 13?
Each plan has its own positives and negatives. The key is to find the bankruptcy plan that best fits your needs.
- If you are married, does your spouse have to file too?
Property that belongs to the non-filing spouse is not impacted by bankruptcy. The non-filing spouse will have no record of bankruptcy on his or her credit report either.
- Can you keep your property?
Under Indiana law, people under bankruptcy are allowed to exempt certain property, which allows them to retain it throughout and after the bankruptcy process. The trustees can only go after non-exempt property.
- What if my driver's license was suspended for failing to pay my insurance?
If your license was suspended because you owe money, you can get your license back through the bankruptcy process. You will, however, be responsible for all reinstatement fees.
These are just a few of the questions you may have if you are considering bankruptcy. With offices in Noblesville and Greenwood, we are prepared to help you find answers to all your bankruptcy questions. Call 317-565-4829 or contact us today for a free initial consultation.