When you file for a Chapter 7 bankruptcy in Indiana the law provides for bankruptcy exemptions for real and personal property that you can keep. A Chapter 7 bankruptcy is a liquidation. This means that the court is looking for non-exempt stuff that you own that they could sell to make some money to pay your creditors something. This doesn’t mean you should give up on saving your assets when you file for bankruptcy. Indiana’s exemptions can be used to protect your home, insurance benefits, retirement funds, sentimental items, and more. Here’s how bankruptcy exemptions work in the state of Indiana.

How Does A Bankruptcy Exemption Protect My Home?

Indiana’s homestead exemption is $19,300 of equity per filer. The frustrating part is that $19,300 isn’t much home value. If you’ve already paid off the mortgage on a $100,000 home, it would be heartbreaking to lose it. Even the family cabin your grandfather built with his own two hands could be sold at auction. However, don’t let this put you off filing for bankruptcy. Your attorney can help you use exemptions to protect your assets. If you select Chapter 13 bankruptcy, you might have a good shot at saving your home.

Does Indiana Have an Auto Exemption?

The answer to this is both yes and no. Unlike many states, Indiana does not have a specific exemption for motor vehicles of any kind. However, you can use Indiana’s personal property exemption to protect up to $10,250 in personal property, including equity in a vehicle.

What is The Personal Property Exemption?

In Indiana, the personal property exemption can be used to protect personal property up to a value of $10,250 during bankruptcy. This includes equity in non-residential real estate, vehicles, work gear, personal possessions and most other kinds of tangible property. Use this exemption to prevent losing cash and treasured valuables like art, jewelry or a collection of memorabilia.

Are There Other Types of Exemptions in Indiana?

There is an intangible asset exemption that protects up to $400 per filer in cash or cash equivalents such as money in bank accounts at the time of filing. Indiana also has other types of exemptions that protect specific kinds of assets. An Insurance Benefits exemption can protect life and accident insurance policy values. Pension and retirement benefits can usually be protected, too. Workers’ compensation and unemployment benefits are 100% exempt in Indiana. You can usually save 75% of earned but unpaid wages, or 30 times the Federal minimum wage. If you’re concerned about keeping your wages, benefits and other assets, speak to a bankruptcy attorney as quickly as possible.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

The post How Does Indiana’s Bankruptcy Exemption Work? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

When your house is being sold at a sheriff’s sale, you’re at a critical time where you stand to lose your home forever. Here’s what many people don’t realize: Up until a certain point, you can stop a sheriff’s sale from happening and keep your home. The key is to act as quickly as possible. Here’s how a sheriff’s sale works in Indiana and how you can use the power of bankruptcy to stop your home from being sold.

Why is a Sheriff’s Sale Happening?

A sheriff’s sale takes place because a mortgage company has attempted to collect payment from you, but you haven’t paid and the account has gone into default. To satisfy the amount due on the loan, the mortgage company has requested that your local sheriff sell the house at auction and turn over the proceeds to cover the mortgage. The sale typically happens at the sheriff’s office in the local Indiana county where you live after a process involving a foreclosure lawsuit and placing public notices. At the sale, the sheriff will take bids on your home from potential buyers and award your home to the highest bidder.

Will I Have a Chance to Save My Home?

Save your home by acting fast. Take proactive steps as soon as you realize there is a problem with the mortgage payments. During the foreclosure process and up until the sheriff’s sale takes place, there is still time to save your house. However, after the home is sold at the sheriff’s auction, you have missed your opportunity to save it. In Indiana, you must file for bankruptcy before the date of the sheriff’s sale and before it is sold at auction to have an opportunity to cure arrearages and keep your home.

How Does Bankruptcy Stop the Sheriff’s Sale?

When you file for bankruptcy, it creates an automatic stay, or halt, to debt collection actions against you including foreclosures and sheriff’s sales. Everything stops while you work with the bankruptcy court to create a bankruptcy plan and sort out your finances. You can stop the sheriff’s sale of your home only if you file for bankruptcy early enough in the process. This is why it is absolutely critical to contact a bankruptcy attorney as quickly as possible when you realize you’re behind on mortgage payments and foreclosure could be imminent.

Can My Home Be Taken During Bankruptcy?

Generally speaking, your home won’t be taken during the bankruptcy period unless you have made it part of your bankruptcy plan to give up your home. If you file for bankruptcy fast enough and stop the sheriff’s sale, you have a chance to determine the best route forward. However, keeping the house will depend on you making payments through a Chapter 13 reorganization bankruptcy. A Chapter 7 case can stop the sale temporarily and buy time for a more orderly surrender of the house. Work with your bankruptcy attorney to decide whether Chapter 7 or Chapter 13 bankruptcy would be the optimal route. Some people opt for Chapter 13 bankruptcy because it typically allows them to stay in their home and catch up on mortgage payments. With the help of your bankruptcy attorney, you’ll be able to make the best choices for your unique situation and get a fresh start on your finances.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

The post How Do I Stop The Sheriff From Selling My Home In Indiana? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

When you file for bankruptcy, one of the first steps is listing your assets and sharing the details of your property and finances. This sometimes makes people feel a bit uncomfortable. They wonder how much access the bankruptcy trustee will have to their home, property and other private spaces. Let’s take a closer look at how this process works and whether you are likely to experience personal intrusions during your bankruptcy.

Will the Trustee Come to My Home or Property?

Your bankruptcy petition, which you will prepare with the help of your bankruptcy attorney, must include details about the property you own and its value. Be up-front about all of your assets, including your home and personal property. If you have questions about the value of anything you own, your attorney can help you with resources to get accurate opinions of value. It is when you are seen as trying to hide or undervalue assets that the bankruptcy trustee assigned to your case can start more intrusive investigations.

Don’t They Want to See Inside My Home?

It is usually not necessary for anyone to visit your home as part of the bankruptcy process. The court doesn’t usually need a detailed inventory of your belongings. If they required this for every person who files for bankruptcy in Indiana, it would be a cumbersome process that would slow down the system. Your asset’s value will be established in other ways, primarily through documentation that satisfies the needs of the bankruptcy trustee. A home visit is very unlikely to be required. A rare exception could be if the court believes you have misrepresented assets or if you are facing a criminal charge like falsifying information.

What If They Disagree About the Value of My Home?

In filing for bankruptcy, it’s very important to be open and honest with the bankruptcy trustee and the court. In fact, you will sign on the dotted line to confirm, under penalty of perjury, that everything in your bankruptcy petition is accurate. Follow the advice of your bankruptcy attorney, who will help ensure you are handling the procedures correctly. As long as you are following the rules and providing any additional documentation the court requests, any questions about the value of your home and assets can be resolved.

How Can I Protect My Home and Belongings From Being Seized?

Indiana bankruptcy laws offer exemptions that help protect your home and personal belongings, up to a certain level. You can usually keep up to $19,300 per debtor in residential real estate value and $10,250 per debtor of personal property through exemptions. The existence of these exemptions is one of the reasons home searches are uncommon. A home inventory is unnecessary if it is obvious that your assets fall below these valuations. If you are facing foreclosure, work with your bankruptcy attorney to select a bankruptcy path that will halt the foreclosure and allow you to remain in your home. We encourage you to learn more about Chapter 13 bankruptcy, which may help you protect your home and its value.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

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The post Will Someone Search My Home During Bankruptcy? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

Are you behind on house payments? Facing foreclosure? Wondering what will happen to your family’s home? You’re facing a very difficult situation, and you may be curious about how bankruptcy might be able to help. While bankruptcy isn’t a cure-all, it can improve your overall financial picture significantly, especially if you are falling behind on mortgage payments.

Will Bankruptcy Lower My House Payment?

Bankruptcy can do many things to stabilize your finances, but, in most cases, it can’t modify the terms of a primary residential mortgage. Although bankruptcy modification of mortgages has been discussed in the U.S. Congress and many legal experts are in favor of it, so far, no changes have been made to the bankruptcy code in this regard. This means generally that Chapter 13 bankruptcy cannot change your monthly payment or reduce your total mortgage debt. However, bankruptcy can buy you some time to contact your mortgage lender and negotiate a modified payment plan, which can be just what you need to get your finances under control.

Can Bankruptcy Stop a Foreclosure?

Bankruptcy is very effective at stopping foreclosure by implementing court ordered protection called the automatic stay. When you file for bankruptcy, the automatic stay halts attempts to seize your home and other assets. As long as the home has not yet been sold, you can use bankruptcy to interrupt the foreclosure process and take time to sort through your financial situation. Chapter 13 allows three to five years for your repayment plan. This plan can catch you up on mortgage payments, modify car loans, and force unsecured creditors like medical bills and credit cards to take what the law says you have to pay before an ultimate discharge of most unsecured debt balances.

Will I Lose My House?

Whether you lose your house depends largely on timing and how far into the foreclosure process you are before filing for bankruptcy. Chapter 13 can help you and your family stay in your house and can either reorganize the mortgage arrears or buy you time to apply for a modification. It prevents losing your home – unless your home has already been sold at a sheriff’s sale. Timing is extremely important in this situation. Act quickly if you are facing foreclosure.

Should I Go Ahead and File for Chapter 13 Bankruptcy?

We strongly advise you to contact a bankruptcy attorney before filing for Chapter 13 bankruptcy. Your attorney will help you make choices that are 100% in your best financial interest. During this challenging time, you may get bad advice from well-meaning friends and family members, and your creditors may try to trick you into making bad decisions. But your bankruptcy attorney is always on your side, using the power of the law to protect your home, your family and your financial future.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

The post Can Filing for Chapter 13 Change My Mortgage? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

Are you wondering if bankruptcy could be a good idea for you? Maybe you’re curious about whether it will be worth it and whether it will really improve your financial outlook. These are common concerns. Sometimes people hesitate before filing because they’re not sure about how a bankruptcy filing can help them. Doing nothing can also have certain consequences because it could cause you to lose your car, home or even part of your paycheck. Read on to understand how the choice between filing and not filing for bankruptcy could affect your financial situation.

What Happens During Bankruptcy?

The ultimate goal of bankruptcy is to protect you from people or businesses who are demanding money from you. During bankruptcy, you work with a bankruptcy attorney to file a petition with the bankruptcy court either discharge most debts outright in a Chapter 7 or reorganize debts in a Chapter 13. The goal of both types of bankruptcy is to give you a fresh start and brighter financial future. Depending on the type of bankruptcy you select, it may take anywhere from three or four months to five years for the process to conclude.

Is Bankruptcy Right for Me?

It’s important to consider a variety of factors in deciding whether to file for bankruptcy. First, look at the range of financial issues involved. If you are facing a home foreclosure, car repossession, wage garnishment or lawsuit, bankruptcy can help halt these processes from moving forward. Another consideration is whether you have debts that are far too large for you to pay in a reasonable manner. For instance, almost half of all filers have medical bills they can’t afford. In addition, a large proportion of filers are also facing a health crisis or recovery from illness or injury, imminent loss of income, massive credit card debt, divorce or other kinds of unexpected expenses that make bankruptcy the best choice for them.

Can I Wipe Out All My Debt Through Bankruptcy?

Bankruptcy can reduce or eliminate most of your debt, but not all. Some debts are considered non-dischargeable in bankruptcy: some back taxes, alimony, child support and student loans. However, it can still a good idea to file for bankruptcy even if it won’t wipe out 100% of your debt. Bankruptcy reduces your expenses significantly, so you can get back on your feet. It makes your finances much more manageable over the long term.

Can Bankruptcy Save Me From Losing My House, Car or Paycheck?

Consider bankruptcy if you are facing an urgent loss, like a home foreclosure or car repossession. In these situations, you must act fast to keep your property. The same goes for a wage garnishment or a lawsuit. By filing for bankruptcy, you can intervene before things go too far and minimize the damage. Work with a bankruptcy attorney to discuss your options. Your attorney will help you use the power of the law to retain as many assets as possible, while paving the way for a fresh financial future.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

One of the questions we get asked quite often is: Do I really need to file a bankruptcy? That’s an individual question for each individual person. We do offer a free consultation to talk about it, but there are some bad things that can continue to happen if you do nothing.

If you’re having problems with creditors, debt collections, lawsuits, and garnishments, all those things will continue without bankruptcy. We can use either a Chapter 7 or a Chapter 13 to stop those. We can stop foreclosures. We can stop car repossessions. Those things will not stop without a bankruptcy.

Bankruptcy also can help people get back on track with their credit. A common misconception is that bankruptcy will cause significant harm to your credit. In fact, most of my clients who already have damaged credit due to collection efforts in the past, their credit score actually goes up after filing a bankruptcy. It is a way that you can get your credit life back on track.

Please call us for a free consultation. We’d be happy to talk to you about how bankruptcy can work for you.

The post [Video] Do I Really Need to File for Bankruptcy? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

Each year, about 30 to 38 percent of all bankruptcy filings are for Chapter 13 bankruptcy. Chapter 13 provides welcome relief to people who are overwhelmed with debt and need help satisfying their creditors. If you’re in this situation, you’re probably wondering whether you’ll have to repay all your debts. It’s time to contact an experienced bankruptcy attorney. Your attorney will help you understand the two primary paths of Chapter 13 bankruptcy: repay what you can afford to repay or repay what you have to repay.

Is Chapter 13 Bankruptcy the Right Choice for Me?

Chapter 13, also known as a reorganization bankruptcy, helps you develop a budget with a detailed repayment plan to satisfy your creditors. A couple of factors, including your income and the value of your assets determine how much you have to pay back to unsecured creditors. A bankruptcy trustee, assigned by the court will establish what assets you hold, like a house, car and other property, and they will also look at your income and the total amount of your debt. Chapter 13 bankruptcy is a good choice for homeowners who are behind on house payments, because bankruptcy can halt a foreclosure and increase your chances of keeping your home. It’s also a good choice if you want to keep your car so you can get to work. Chapter 13 bankruptcy can help protect valuable assets and preserve your peace of mind.

In Chapter 13, Will I Have to Pay All My Creditors Back?

A very small percentage of debtors in Chapter 13 bankruptcies pay all of their creditors back. Most Chapter 13 repayment plans pay a small percentage of their unsecured debt. Chapter 13 bankruptcy allows you to use only discretionary income as payment, which is the amount above your basic living expenses, in your bankruptcy plan. Your debts will be prioritized according to type. Some unsecured debts that are low priority, like medical bills or credit cards usually receive cents on the dollar over the life of a plan. Balances of most unsecured debts not paid during the plan life are discharged. Debts like child support orders, student loans, and some tax debts usually can’t be cleared in bankruptcy.

What if My Income is High, But I Still Can’t Afford to Repay My Debt?

Chapter 13 bankruptcy is a great choice for someone who has a high income but is still so deeply buried in debt they can’t afford to repay it. Maybe you have extraordinarily high medical bills from a health emergency. Perhaps you have huge credit card bills that you can’t afford, even with a fairly large paycheck. Because Chapter 13 is a reorganization plan, it could help you pay down or forgive these bills while protecting your home, car and perhaps other assets.

What if I Have Very Low Income?

Chapter 13 bankruptcy can also be a good choice for people with low incomes, although you may want to explore Chapter 7 bankruptcy, too. For a low income earner, it’s difficult to have any discretionary income left after paying basic expenses. In this situation it can still be good to select Chapter 13 if you have a house or car you want to protect from a foreclosure. The automatic stay prevents further actions against you while you pursue your bankruptcy plan. Your creditors and government entities will have to wait, and this means you may be able to remain in your home and continue using your car. Consult a bankruptcy attorney to be sure of the best path forward.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

Another common question that we see on a regular basis is, “Do I have to repay all my debts if I file for Chapter 13 bankruptcy?” Well, in a Chapter 13 bankruptcy generally speaking, there two different approaches. You either a) pay what you can afford to repay, or b) pay what you have to repay.

And those two differ depending upon your income and what you’re trying to accomplish in your Chapter 13 bankruptcy. What you can afford to repay is based primarily on your income vs. your expenses. So individuals that have a high income level usually end up paying more of their debts simply because they have the ability to repay their debts.

Now, sometimes that means they repay all their creditors, but in most cases that is not the case. In a Chapter 13 bankruptcy where you’re paying what you have to repay, that’s designed for individuals that are trying to stop a house that’s in foreclosure, if you’re in mortgage arrears, to pay for a vehicle at a reduced interest rate, to pay certain types of taxes. And in those types of cases, their income isn’t as important as how much debt they have to repay to resolve those issues that they want to take care of.

So if they are attempting to stop the foreclosure and to catch up the mortgage payments, we have to have enough money in the Chapter 13 bankruptcy to accomplish that goal. So when we look at plans, in most cases we’re trying to minimize or reduce the amount of money that you are repaying to unsecured creditors, creditors such as credit cards, medical bills, personal loans.

The goal in these cases is not to repay those types of creditors, but to minimize the amount you pay. I hate to say it, but in Chapter 13 bankruptcy, nobody gives you a thank you or an atta boy for paying more of your debt. Bankruptcy is bankruptcy. So if you are going to file a bankruptcy, the goal is to minimize what you repay, and to repay as little debt as possible, but still holding onto the assets you wish to maintain and keep.

The post [Video] Do I Have to Repay All My Debts If I File For Chapter 13 Bankruptcy? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

When you can’t afford to make your car payment and get months behind, it’s a tough situation. The car financing company may threaten to repossess your car or send a collection agency after you. You might wonder if you’ll wake up one day and find your car missing from the driveway. Don’t panic. You have the option of filing for bankruptcy, stopping debt collection calls and protecting your car. Get the help of a bankruptcy attorney as soon as possible.

How Do I Save My Car if I’m Behind on Car Payments?

Chapter 13 bankruptcy, also known as a reorganization bankruptcy, organizes your debts and reduces your payments down to a manageable level. You and your bankruptcy attorney can use Chapter 13 bankruptcy to sort through all of your debts and find ways to protect your assets. This means you may be able to prevent your car from repossession and stop the finance company from pestering you in the meantime. It gives you a chance to catch up on your car payments and get your finances in order.

How Do I Stop the Debt Collectors From Calling Me?

Here’s some great news about Chapter 13 bankruptcy: It makes creditors leave you alone. When you file, you gain the protection of an automatic stay, which tells your creditors to halt calls, letters, and other communications intended to collect money from you. The car financing company will have to stop contacting you during your bankruptcy window and give you time to complete the repayment plan successfully. It’s a breath of fresh air for anyone who has been struggling to make car payments.

What is the Fair Debt Collection Practices Act?

The Fair Debt Collection Practices Act (FDCPA) is the federal law that protects people from certain practices by creditors and collection agents. The FDCPA is always in effect, but it is especially relevant during your bankruptcy case or after its discharge. It means debt collectors can’t contact you after you have retained a bankruptcy lawyer or do any of the following: harass you, use profane language, make threats, contact your family members, make misrepresentations, claim to be an attorney or law enforcement officer or make false promises about resolving your debt. If a debt collector is engaging in these practices, discuss it with your bankruptcy attorney immediately and be sure to document it thoroughly. If you sue one of these companies and win the case, you may receive statutory damages up to $1,000 plus attorney fees.

Will the Chapter 13 Bankruptcy Payments Be Affordable?

Chapter 13 bankruptcy is intended to be an affordable process that allows you to get caught up on your debt and still have enough money to cover your basic expenses. It will take into consideration your specific needs and finances. If you’re worried about being able to pay pack all of your debts, talk to a bankruptcy attorney about your options. In Chapter 13, you do not pay all of your creditors back. In most cases, the bankruptcy process will help you reduce the interest rate you pay on your car, stretch out your payments, reduce your monthly payment amount and manage your finances more easily overall. It’s a fresh start that will help you get back on track.

Sawin & Shea LLC – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea LLC can help you get rid of the overwhelming debt and advise you on life after bankruptcy. We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

The post [Video] Can Bankruptcy Bring Debt Relief If My Car Payments Are Behind? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

You’re facing one of the most feared situations any taxpayer can face: a tax levy. The IRS has far-reaching powers to enforce a tax levy, including seizing your assets and property. If you receive notification of a tax levy, delaying your response can add to the penalties you owe and may cause the IRS to take further action. Contact an experienced bankruptcy attorney as soon as possible about tax levies and how you may be able to use Chapter 13 bankruptcy to protect yourself when the IRS is acting against you.

What is a Tax Levy?

A tax levy is essentially a claim on your assets by the IRS. When you owe money to the IRS and fail to pay it off for a long period of time, they are permitted to seize your personal property, garnish your wages, drain your bank accounts, sell vehicles you own, and pursue the seizure of your real estate – including your home. They can even contact your employer, employees, vendors, customers and other parties in an attempt to establish your financial status and gain control of your assets. For you, it can be a scary situation, worthy of your concern.

How Do I Get a Levy Released?

There are some circumstances that would cause the IRS to release your levy quickly. You may be able to prove that you don’t owe it in the first place or that you already paid the money. If you can prove that it is causing you an undue economic hardship that severely impacts your basic living expenses, they may release the levy. Setting up an installment agreement or making special arrangements with the IRS is another route. However, tax levies are sometimes in place for long periods of time, causing ongoing headaches while the IRS pursues its action against you.

How Does Chapter 13 Bankruptcy Protect My Assets?

When you work with a bankruptcy attorney, they can help you protect your assets and prevent the IRS from taking them away. Under Chapter 13 bankruptcy, your wages, property and belongings are shielded from the IRS for a period of time while you work through a payment plan. This keeps your assets out of reach of the IRS and gives you more time – usually a five-year period – to clear up your financial picture. This can be a huge relief at a difficult time when the IRS is putting pressure on you to pay.

Will the Plan Be Affordable for Me?

Chapter 13 bankruptcy is designed to be affordable for you, so you can get your finances back on track. Under Chapter 13, you will create a detailed repayment plan that allows room for your basic living expenses. You may be able to protect your home, car, tools you need to work, and other personal property. Work with a bankruptcy attorney to understand this option and put it to use for you. It’s a powerful way to protect yourself from IRS tax levies and pursue a fresh financial future.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

Tax levy. Probably one of the most fearsome things that consumers face. The Internal Revenue Service can seize your bank accounts, can seize your assets, and can pursue and garnish your wages, and even sell your property. If you have received a tax levy, you cannot delay.

One option for you is to look at bankruptcy, specifically a Chapter 13 bankruptcy, to help you resolve your tax situation. In a Chapter 13 bankruptcy, we can prevent the Internal Revenue Service from seizing or pursuing your assets through the court’s protection. In a Chapter 13 bankruptcy, we can help you structure a plan to repay these tax debts over a five year time period. And that prevents the Internal Revenue Service from garnishing your wages.

If you need a plan that you can potentially afford and prevent the Internal Revenue Service from seizing the things that you need, your wages, property, and belongings, please give us a call, we’d like to help you.

The post Can Chapter 13 Bankruptcy Help With An IRS Tax Levy? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

Will I Ever Get My Car Back If It’s Repossessed?

Has your vehicle been repossessed? Before you panic, take a deep breath – and know your rights.

The United States is currently experiencing the highest rate of automobile loan defaults this century – and that includes the rate of defaults during the recent financial crisis. At any given time, four and 10 percent of all U.S. car payments are at least 90 days late. That means repossessions are becoming increasingly widespread as creditors try to limit their losses. A repossession happens when a financing company believes you have gone too long without making full payments on the vehicle. They usually take back the vehicle without warning, sending someone to tow it right out of your driveway. Their next move will be to sell the vehicle as fast as possible. If this has happened to you, move quickly to get your car back with the help of a bankruptcy attorney.

Can I Fight A Vehicle Repossession?

Even if your car has suddenly disappeared from your driveway, that doesn’t mean it’s gone forever. This could turn out better than you’re expecting because you still have rights in this situation. If you need your car to get to work, there are options you can pursue. A bankruptcy attorney can help you get your car back – and keep it – by filing for a Chapter 13 bankruptcy. Plus, your financial outlook for your car payments will be better after filing. In a bankruptcy, you are generally allowed to reduce interest rates on a vehicle down to prime plus one to two percentage points. In some cases we can reduce the principal balance owed on the vehicle to the value of the car and adjust the interest rate.

How Does Bankruptcy Help Me Get My Car Back?

When you pursue Chapter 13 bankruptcy, you are agreeing to a financial plan that will help clear your debts, repay pay some debts, or a combination of both. Bankruptcy immediately stops your creditors, including car financing companies, from taking your belongings while the bankruptcy process is in place. Seize your chance to step in and demand the return of the car, as long as it hasn’t been sold at auction. Act fast. You’re within your rights, so work with a lawyer to make it happen swiftly.

Can the Financer Refuse to Return My Vehicle?

If the financing company refuses to release your car after you have filed for bankruptcy, call your attorney at once. Under a ruling by the Seventh Circuit Court of Appeals called In re Thompson, a creditor cannot maintain control of your vehicle after you file for bankruptcy or they are failing to comply with the automatic stay. The automatic stay is the bankruptcy rule that says creditors must stop pursuing collections against you for a specified period of time. Use the power of the law. Get the legal help that you need to get your car back now.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

Has your car just been repossessed? It seems like almost everyday I turn around, I’m getting that phone call with that panic in the voice, the person upset on the other line. “How am I gonna get to and from work, now that they’ve taken my car?”

First thing, take a breath. There are steps that we can take to help you, not only get your car back, but help you keep it. In a bankruptcy proceeding, Chapter 7 or Chapter 13, we can look at forcing the vehicle to be returned.

Specifically, in a Ch. 13, if you wish to keep the collateral, we have the right to not only step in and force the return of the vehicle, pursuant to a set of circuit opinions called Henry Thompson. We can make them return the car to you as long as that car has not been sold at auction.

We can then look at changing that contract down to potentially just the fair market value of the vehicle, and look at reducing the interest factor. In a bankruptcy, we are allowed to reduce interests rates on a vehicle, down to prime plus 1 to 2 percentage points based upon what’s considered the risk factor of the loan.

So, if you wish to keep your vehicle, and it’s important to you, and you need that transportation to and from work, please give us a call. We’d like to help you, and get that vehicle back, so you can maintain your job, and get to and from work.

The post How Does Bankruptcy Help with Vehicle Repossessions? appeared first on Indianapolis Bankruptcy Attorneys of Sawin & Shea.

Chapter 20 bankruptcy isn’t actually an official part of the bankruptcy code. It’s more of a bankruptcy strategy you can use to clear your debts. The number twenty in the name comes from the combination of a Chapter 7 and a Chapter 13 bankruptcy. Choosing this approach can cause a positive effect on your financial future, but it’s tricky to accomplish. You should proceed carefully with the advice of an experienced bankruptcy attorney, who can explain common questions and concerns that arise using a Chapter 20 bankruptcy strategy – or figure a way to simplify your bankruptcy strategy to fit into either a Chapter 7 or Chapter 13 bankruptcy plan.

Why Would I Choose Chapter 20 Bankruptcy?

A Chapter 20 bankruptcy combines the benefits of Chapter 7 and Chapter 13 bankruptcy plans. It allows you to discharge more of your debts in the long run. You pursue Chapter 7 first, reducing unsecured debts and lowering the amount of your overall debt. This may bring you into the range allowable under Chapter 13. After the entire process is complete, you’re left with as little debt as possible and can move forward more easily. People who opt for Chapter 20 bankruptcy usually end up with less debt remaining than those who choose either Chapter 7 or Chapter 13 alone, but every situation is unique. Consult a bankruptcy attorney to be sure.

What are the Drawbacks of Chapter 20 Bankruptcy?

If you’re an impatient person, Chapter 20 might be a frustrating process for you. It takes time. After you have discharged your debts through Chapter 7 bankruptcy, you must wait four years before you can receive a discharge under Chapter 13. Another drawback is that you might need to bend over backwards to prove to the bankruptcy court that you are not trying to act in bad faith, abusing the system. You’ll need to follow the letter of the law and provide extensive documentation through both bankruptcy processes. For this reason, an experienced bankruptcy attorney can be your greatest asset. They know all the ins-and-outs of the law.

Will Chapter 20 Eliminate All My Debts?

Certain debts can’t be cleared through any bankruptcy – Chapter 7, Chapter 13 or Chapter 20. If you owe back taxes, some may remain despite the bankruptcy process you choose. The same goes for alimony and child support, which you must continue to pay. Student loan debts usually can’t be discharged by bankruptcy, although there are some exceptions. Chapter 7 doesn’t help you catch up on mortgage or car payments, so you’ll need to wait until the Chapter 13 part of the process to make headway on those. The bottom line is that you can’t expect to eliminate all debts with any bankruptcy, but you’ll make a huge dent in them so you can get back on your feet.

How Long Will Chapter 20 Take?

The time frame for a Chapter 20 strategy to evolve varies. In a best case scenario it will take about three to four months for Chapter 7 bankruptcy, then the Chapter 13 bankruptcy takes three to five years to complete. If you are still fairly young and made debt mistakes early on, if you are buried under a pile of expensive medical bills, then Chapter 20 can help you start making progress toward a fresh financial future. Consult a bankruptcy attorney to get started as soon as possible.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

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