Put Debt Behind You

Last updated on February 12, 2025

Debt can make life miserable. The phone is ringing all the time with people telling you to pay up. You could lose your car. You could lose your house. You’re already losing sleep. And your debt isn’t going away.

The good news? There is a way out. It’s called bankruptcy. So what can bankruptcy do?

It can stop:

• Wage garnishment
• Foreclosure
• Creditor harassment
• Collection hearings
• Court cases
• Credit card debt
• Medical debt collections

Why File Now?

As soon as you file for bankruptcy, the phone calls stop. Your creditors have to back off. Bankruptcy can significantly reduce or even eliminate your debt.

At Adolf Law Office, we have extensive experience handling bankruptcy law matters for people in Fort Wayne and throughout surrounding Indiana communities. Anthony T. Adolf is a trusted and respected bankruptcy attorney. He is committed to guiding you to a life free from debt.

The Bankruptcy Process Explained

Chapter 7, or “liquidation bankruptcy,” involves the sale of nonexempt assets to pay off creditors. It is suited for individuals with limited income who cannot repay their debts.

On the other hand, Chapter 13, known as a “wage earner’s plan,” allows individuals with regular income to develop a repayment plan to pay back all or part of their debts over three to five years.

Here is a step-by-step guide to filing for bankruptcy:

• Initial consultation: We will begin with a comprehensive discussion to assess your financial situation and determine if bankruptcy is appropriate.
• Documentation collection: You will need to gather essential documents, including a list of all creditors with the amounts and nature of their claims, sources of income, a detailed list of monthly living expenses and a comprehensive list of assets and liabilities.
• Credit counseling: Before filing, you must complete a credit counseling session from an approved agency.
• Filing the petition: We will prepare and file the bankruptcy petition along with the necessary schedules and statements with the court.
• Automatic stay: Once filed, an automatic stay goes into effect, halting most collection actions against you.
• Meeting of creditors (341 Meeting): You will attend a meeting with the bankruptcy trustee and creditors to review your case.
• Debt discharge or repayment plan: Depending on the bankruptcy chapter, debts will either be discharged or a repayment plan will be established.

Chapter 7 bankruptcy remains on your credit report for ten years, while Chapter 13 bankruptcy stays for seven years. This can affect your ability to obtain credit in the future, but many find that they can begin rebuilding their credit over time with responsible financial behavior.

In Chapter 13 bankruptcy, you can keep your house and car if you continue making payments under the repayment plan. In Chapter 7, retaining secured assets like your home or vehicle depends on your ability to continue making payments and the equity you have in the property.

To proceed with filing, you will need to provide:

• A list of all creditors and the amounts and nature of their claims
• The source, amount and frequency of your income
• A detailed list of your monthly living expenses
• A comprehensive list of all your assets and liabilities

Gathering these documents helps ensure we have a clear picture of your financial situation, allowing us to provide the best possible guidance.

Finding A Debt Relief Solution That Is Right For You

We will work with you closely to help you find the debt relief solution that best suits your circumstances and overall financial goals.

• For many people, Chapter 7 bankruptcy is the best solution. In a Chapter 7, most if not all of your debt is wiped out completely.
• For people who do not qualify for Chapter 7, Chapter 13 may be the best solution. In a Chapter 13, you pay a portion of your debt off over a three- to five-year period.

The goal is to help you get out of debt so you can look forward to a brighter tomorrow. We will help you explore all the options.

The Road To Debt Relief Starts Here

To schedule a consultation with an experienced bankruptcy lawyer in Fort Wayne, contact our law firm online or by telephone at 260-208-4112.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.