Offices in Hobart, Hammond & Michigan City
Over 30 Years of Bankruptcy Experience
We Get People Out of Debt
That's What We Do
Are you ready to be debt free?
Of course you are. That's why you are here.
Stop credit card and medical bill collections.
Stop garnishments, foreclosures and bank levies.
Improve your credit. Improve your life.
Why wait? Start today!
How Can Bankruptcy Help You?
What's the difference between a Chapter 7 and 13?
Let's start with the obvious, a bankruptcy will get rid of all or most of your debt.
As compared to other ways to remove debt such as debt consolidation or debt negotiations,
bankruptcy is a much cheaper and faster way to accomplish the task. Additionally, if any debt is forgiven during a debt consolidation, the amount forgiven will be taxed as income to you. That could cause a tax liability. Debt discharged in bankruptcy is not taxable.A bankruptcy will reduce your debt to income ratio which can improve your credit score stop garnishments, repossession of vehicle and foreclosure on homes gives a fresh start to rebuild credit and relieves the stress and pressure of having debt.
It would take a lot of time to explain the all of the differences between the two but here is a bird's eye view.
Let's start with a Chapter 7. There is an income test to determine whether you can file a 7. If you are over
the median income level for your family size, it is likely that you will not qualify for a 7 and a 13 would be your only option. The income levels are listed here: https://www.bestcase.com/cmicalc/. If you are over the income level, a skilled attorney can sometimes take deductions that may put a client under the level thus qualifying for a 7. Assuming you pass the income test, an analysis of your assets would need to be done.
If you have unexempt assets, this would be a good reason not to do a 7 and look instead at a 13. Other reasons to do a 13 is if your behind on house payments or car payments. We can rectify those issues in a 13 but cannot address them in a Chapter 7. The biggest advantage of doing a 7 is that it takes about 3-4 months to complete.
There are a lot of factors in determine which chapter is best for you. After a careful anaylsis of your situation, we will determine what would be best for you.
Building Credit After Bankruptcy
Getting rid of your debt is important but rebuilding your credit the is equally as important. A bankruptcy will get rid of debt.
The next step is to rebuild to get good credit.
The Basics of Rebuilding Credit
Lose Your Debt
Before you can get good credit, you must get rid of bad debt. Usually the easiest, quickest and cheapest way to get rid of bad debt is to file and complete a bankruptcy.
Get New Credit
After the closing of the bankruptcy, establish new lines of credit. Three credit cards is optimal in addition to an installment loan. Credit union loans are easier to get loans.
Use New Credit
Be careful with this step. Use your credit cards for small purchases such as gas. Pay the cards every month. It is important that your balance is no more than 30% of your limit.
Check Credit Report
Check your credit report to make sure your debts are notated as discharged in bankruptcy. Any other designation may damage your credit score.
Free Credit Rebuilding Program
This is where Fugate Law Firm
is different from other firms.
We saw the need to help clients after bankruptcy.
We gathered and organized information that we
believe will help you rebuild your credit.
Best of all , the information is free.
It's our way of saying thanks for choosing us.
Why should you hire us?
That's easy. We are great at what we do. Equally as important we treat our clients with compassion
and understanding. We understand the stress that debt
causes and its our mission to eliminate that stress.
Read our Google reviews to see what our clients say about us. Be sure to click the "load more" button at the bottom of the following review page to see all reviews.
How Much Does Bankruptcy Cost?
That depends on whether you are best suited for a Chapter 7 or 13.
During your free consultation, we will advise you as to which chapter is best for you.
and the cost for that chapter. We are mindful that our clients are in financial distress and
are cognizant that it may be difficult to pay bankruptcy costs. For that reason, we feel
we have set our prices at a reasonable amount which is usually very affordable.
If we decide that bankruptcy is the best choice for you, we would advise you
to stop paying your credit card and medical payments.
Those funds can be used to pay for the bankruptcy.
File Bankruptcy Improve Your Credit
A common misconception is that bankruptcy will ruin your credit. However, it is likely that your credit is already damaged by bad debt. The truth is that bankruptcy will quickly eliminate your liability for the bad debt and give you a fresh start to rebuild good credit.
Attorney Fugate is a published author and
literally wrote the book on how to
File Bankruptcy and Improve Your Credit
Schedule an appointment and receive a
free copy of his book.