How long does someone need to wait to file bankruptcy again?
Adolf Law Office Blog
by On Behalf of Adolf Law Office
5M ago
Filing for personal bankruptcy is a difficult decision to make. Many people prefer to take responsibility for their financial circumstances whenever possible. They also typically prefer to avoid the complications that can arise after a bankruptcy, such as difficulty obtaining favorable credit terms. A successful bankruptcy filing allows someone to discharge some of their eligible unsecured debts. This process can lead to a better household budget and less pressure on someone's income. However, difficulty accessing new lines of credit and other lingering financial challenges may leave people st ..read more
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What essential assets must I list for Chapter 7 bankruptcy?
Adolf Law Office Blog
by On Behalf of Adolf Law Office
8M ago
When filing for Chapter 7 bankruptcy in Indiana, those in debt must list their assets that the courts will consider for potential liquidation. Real estate, vehicles and business-related property are commonly listed, but sometimes debtors become confused about what other items they must list. Bankruptcy experts indicate it is better to over- list than accidentally leave out something, so you're not accused of hiding anything. Assets fall into three categories Assets at stake for Chapter 7 liquidation fall into three categories: Personal property - like clothing, furniture and vehicles Real pro ..read more
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Bankruptcy myths versus reality
Adolf Law Office Blog
by On Behalf of Adolf Law Office
11M ago
You may find yourself overwhelmed by debts for any number of reasons. Financial hardships occur frequently across all segments of Indiana society. Do not let preconceived ideas about bankruptcy keep you from exploring how it could reset your life. People spread bankruptcy myths in day-to-day conversations without knowing it. In reality, filing for bankruptcy produces mostly positive results for people. Not all debts qualify for discharge An appealing myth that you may have heard about bankruptcy promotes the idea that filing erases all debts and gives you a total fresh start. A court cannot di ..read more
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Managing credit card debt
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
Credit card debt can make you feel like you're underwater. Intellectually, everyone in Indiana knows that way to stay out of debt is to spend only moderately and pay off your balance at the end of the month. However, sometimes there are emergencies in life that need to be attended to. It's easier than people like to admit for credit card debt to get out of control. Luckily, there are simple steps you can take to get back to financial health. Clearing your credit card debt The first thing to do is make a repayment plan that works for you and your credit card company. It's crucial that you commu ..read more
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How to put an end to debt collection calls
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
If you stop making payments on an unsecured debt balance, there is a chance that it will be sold to a debt collector. An Indiana debt collector has the right to contact you by phone or mail in an effort to obtain the money it is owed. However, there are strategies that can be employed to put a stop to annoying debt collection phone calls or letters. You can put a stop to collection calls by asking nicely The Fair Debt Collection Practices Act (FDCPA) allows you to prohibit debt collectors from making calls to a personal number. Typically, such a request must be made in writing, and it's import ..read more
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Medical debts can be eliminated through bankruptcy
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
If you are struggling to pay a medical debt, it might be in your best interest to file for Chapter 7 bankruptcy. In many cases, you can discharge medical bills that were originally paid with a credit card or with a personal loan. Let's take a closer look at some of the potential benefits of seeking a liquidation bankruptcy in Indiana. Close your case in a timely manner It generally takes about three to four months to get through a liquidation bankruptcy proceeding. In comparison, it takes at least three years to complete a Chapter 13 proceeding. Generally speaking, you can begin the process of ..read more
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A trustee’s powers under Chapter 7 bankruptcy
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
Chapter 7 bankruptcy in Fort Wayne, Indiana, provides many individuals with a legal way to get out of debt. The process involves several parties, but the trustee plays the most vital role. The person who assumes this position is in a fiduciary position to handle the matter correctly and fairly. Trustee responsibilities When debtors file Chapter 7 bankruptcy, the court assigns trustees to sell their assets to pay their creditors. The United States Bankruptcy Code Section 704 outlines trustee duties. The trustee must liquidate assets in a way that benefits the debtor and be accountable for all p ..read more
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Taxes and filing for Chapter 7 bankruptcy
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
When money troubles hit, many things are racing through your mind. How will I pay my mortgage next month? What bills can I pay right now? What if I get ill? Even though you spent much of you life putting away a portion of your income in a savings account, you never anticipated your income being impacted this much by the current conditions. As a single mom, you have constantly lived a scheduled and routine life to keep everything in order for your children. And in order to regain this order, you are evaluating how you could use your tax return to address your debt situation and how tax filings ..read more
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Hanging up on debt collectors
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
Dealing with debt is difficult enough without having to getting calls from debt collectors. A bankruptcy filing provides some protection against debt collectors and collection agencies. But every consumer has other rights to prevent debt collector calls without undergoing this serious legal step. The law The Fair Debt Collection Practices Act is a federal law that governs debt collection. FDCPA   sets forth what debt collectors can do and prohibited acts. Collectors cannot call consumers about debts they do not owe. When they first call, you can ask then to verify that the debt is yo ..read more
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Managing credit card debt
Adolf Law Office Blog
by On Behalf of Adolf Law Office
3y ago
Credit card debt can make you feel like you're underwater. Intellectually, everyone in Indiana knows that way to stay out of debt is to spend only moderately and pay off your balance at the end of the month. However, sometimes there are emergencies in life that need to be attended to. It's easier than people like to admit for credit card debt to get out of control. Luckily, there are simple steps you can take to get back to financial health. Clearing your credit card debt The first thing to do is make a repayment plan that works for you and your credit card company. It's crucial that you commu ..read more
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