Find a Bankruptcy Lawyer in Fort Wayne, Indiana
In Fort Wayne, Indiana, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally absolved, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has minimal chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
For that reason, it would be prudent to speak with a good Fort Wayne, Indiana bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your individual situation. This determination is highly dependent on the details of each individual case, so a Fort Wayne attorney's advice is absolutely indispensable.
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Types of Bankruptcy in Fort Wayne, Indiana
In Fort Wayne, Indiana, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Fort Wayne, Indiana will be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of many of the debtor's assets in order to pay off as much of the debt as possible. This sounds harsh, but there is an upside: once the liquidation is complete, the debts are legally viewed as having been paid in full, whether or not the full amount was covered by the liquidation. Liquidation involves selling some personal property, and using the proceeds to pay off debt. Varied types of property are exempt from liqudiation, and therefore may not need to be sold. They include homes, cars, and insurance policies, among others. You should know that some types of debt cannot be discharged in Chapter 7 bankruptcy, including taxes, student loans, and child support.
Under Chapter 13 bankruptcy in Fort Wayne, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over a prolonged period of time, thus theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Chapter 11 bankruptcy is almost exclusively used by businesses, but there is nothing that legally prevents it from being used by individuals, and its use by individuals is very rare. Chapter 11 bankruptcy requires the debtor to come up with a restructuring plan - telling the court how they propose to cut costs, improve their operations, and pay down their debts. The plan has to be approved by a majority vote of participating creditors.
One main advantage of Chapter 11 bankruptcy is that it allows businesses to continue their operations while the process plays out. Additionally, their stock can still be bought and sold.
How Can a Fort Wayne Bankruptcy Lawyer Help?
The decision to file for bankruptcy in Fort Wayne is not one to be made lightly, and it certainly should not be made without first obtaining the advice of an accomplished Fort Wayne bankruptcy attorney.
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Life in Fort WayneFort Wayne, Indiana gives visitors the small-town feel that makes Indiana so great. Along with the small town community-feel, Fort Wayne has a lot of things for visitors to do.
For the nature lovers, they can visit Foellinger-Freimann Botanical Conservatory, which is famous for the display of beautiful plants, shopping, and family outings. Another site great for family outings is the Fort Wayne Children's Zoo, which includes great restaurants and cafes and wonderful exhibits of animals!
Sports lovers will have their sports-loving needs catered to with the Fort Wayne TinCaps Baseball Stadium and Parkview Field. The nature lovers have Rivergreenway Trail, and Headwaters Park.
Other popular attractions include Hoosier Park Racing & Casino for the adventurous risk-takers, Fort Wayne Civic Theatre for those who love shows, and Veterans Memorial National Shrine, which holds over 5,000 artifacts from the Civil War for all the visitors who are history-buffs.
Fort Wayne is also filled with many small to medium sized law firms who practice in all areas of law. Thus, Fort Wayne citizens do not have to travel far to receive personalized and effective legal representation.