Law Offices of Rosalind G. Parr & Associates

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Merrillville Indiana Bankruptcy Firm

Law Offices of Rosalind G. Parr & Associates


105 W. 86th Avenue
Merrillville, IN 46410

Phone: 877-381-0018
Fax: 219-756-2613

Law Offices of Rosalind G. Parr & Associates's Websites:
www.nwibankruptcy.com

Counties Served:

Jasper, INLa Porte, IN
Lake, INPorter, IN

Areas of Practice:
Bankruptcy

 What is Bankruptcy?

Bankruptcy is a legal proceeding in which a person or business who cannot pay his, her or its bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out according to the law.

What Can Bankruptcy Do for Me?

Bankruptcy may make it possible for you to:

* Eliminate the legal obligation to pay most or all of your debts. This is called a “discharge”of debts. It is designed to give you a fresh financial start.

* Stop foreclosure on your house or mobile home and allow you an opportunity to catch up on missed payments. (Bankruptcy does not, however, automatically eliminate mortgages and other liens on your property without payment.)

* Prevent repossession of a car or other property, or force the creditor to return property even after it has been repossessed.

* Stop wage garnishment, debt collection harassment, and similar creditor actions to collect a debt.

* Restore or prevent termination of utility service.

* Allow small businesses to reorganize.

* Allow you to challenge the claims of creditors who have committed fraud or who are otherwise trying to collect more than you really owe.

What Bankruptcy Cannot Do

 

Bankruptcy cannot, however, cure every financial problem. Nor is it the right step for every individual. In bankruptcy, it is usually not possible to:

 

* Eliminate certain rights of “secured” creditors. A “secured” creditor has taken a mortgage or other lien on property as collateral for the loan. Common examples are car loans and home mortgages.You can force secured creditors to take payments over time in the bankruptcy process and bankruptcy can eliminate your obligation to pay any additional money if your property is taken. Nevertheless, you generally cannot keep the collateral unless you continue to pay the debt.

* Discharge types of debts singled out by the bankruptcy law for special treatment, such as child support, alimony, certain other debts related to divorce, most student loans, court restitution orders, criminal fines, and some taxes.

* Protect cosigners on your debts. When a relative or friend has co-signed a loan, and the consumer discharges the loan in bankruptcy, the cosigner may still have to repay all or part of the loan.

* Discharge debts that arise after bankruptcy has been filed.

 

 

 


Creditors are subject to state law provisions incorporated into bankruptcy cases. If a bankruptcy court lifts the automatic stay and permits a specific creditor to seize and liquidate property subject to a lien, creditors must obey all state law limitations on collection practices. For more information, see legal assistance for debtors. Also, all statutory provisions depend on conformity with the prohibition against fraudulent conversions creating exempt property.