Find a Bankruptcy Lawyer in Lafayette, Indiana

Find the right Bankruptcy attorney in Lafayette, IN

In Lafayette, 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.

Accordingly, it might be a good idea to consult with a Lafayette, Indiana bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often hard to predict the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Lafayette could prove invaluable.

Types of Bankruptcy in Lafayette, Indiana

There are three basic bankruptcy schemes that are most commonly used in Lafayette: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Lafayette, Indiana will be roughly the same as it would be anywhere else in the U.S. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is fulfilled, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and varied classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.

The other popular bankruptcy system in Lafayette is Chapter 13 bankruptcy. Under this system, the debtor's debts are restructured, instead of discharged. This involves creating a new repayment plan that the debtor will find manageable, given his or her income, and that will result in the creditors being paid in a reasonable amount of time. When a repayment plan is approved by a court, creditors are legally barred from attempting to collect under the original terms of their contract with the debtor. Though accessible to individuals, Chapter 11 bankruptcy is generally used by businesses. Like Chapter 13, Chapter 11 requires the restructuring of debts. Under this system, the debtor must come up with a plan to reduce debt, cut costs, and improve operations. Once this plan is presented, it is submitted to the participating creditors, who must approve it by a majority vote before it can be implemented.

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 Lafayette Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Lafayette lightly. Before making any such decision, it would be highly advisable to contact an accomplished Lafayette bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Lafayette

Lafayette is in Tippecanoe County, Indiana. The population of Lafayette is around 67,150. Lafayette is located across the Wabash River.

Lafayette is known because it is home to Purdue University. Alongside Purdue, top employers include Alcoa, Caterpillar, Wabash International, Subaru, Evonik, Tate Lyle, TRW, Landis+Gyr, and Rea Magnet Wire. To support all these companies, Lafayette is home to many attorneys who provide excellent legal services. Additionally, Lafayette residents can travel to nearby Chicago for complex legal matters. Chicago, after all, is home to some of the largest and most well-known firms in the nation.

Three of the most popular attractions include Jerry E. Clegg Botanic Garden, Horticulture Gardens, and Purdue University.

Some famous residents include Karen Black, Jeremy Camp, Shannon Hoon, John Korty, and Izzy Stradlin.

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