What Can Bankruptcy Do For You? What Bankruptcy Cannot Do.

What Bankruptcy Can and Cannot Do For You.


I am an Affordable Bankruptcy lawyer at Schlyer & Associates in Merrillville, Indiana and help people file an Affordable Bankruptcy in Lake County and Porter County, Indiana.  We are a debt relief agency.  There are some very real benefits to filing for Bankruptcy relief under Chapter 7 or Chapter 13 of the bankruptcy code.
However, there are also drawbacks to filing bankruptcy.  Let’s talk about bankruptcy like it was a Clint Eastwood movie:   the good, the bad and the ugly.


The Good. Bankruptcy can eliminate most debts and make it so that you do not have to pay them.  Some debt you just cannot get rid of, mostly debts owed to the government and debts relating to family law.  However, in a Chapter 7 bankruptcy, most debt is discharged, such as medical bills, credit cards and pay day loans.  In a Chapter 13, debt is paid through a repayment plan proposed by you and debt not paid in full is discharged at the end.  Bankruptcy will stop all creditor harassment, telephone calls, collection, lawsuits, garnishments, foreclosures and other actions by creditors.  In some instances in a Chapter 13 bankruptcy, interest rate on car loans can be lowered, allowing you to pay back less than what is owed on your vehicle.  Bankruptcy can help eliminate stress over past due or old debts.

The Bad. Bankruptcy is not something most people enter into lightly.  It is very emotional for some, stressful and embarrassing for others.  Some people feel like is a failure to have to file for bankruptcy relief.  Some people feel guilty for not paying their debts.  Bankruptcy is damaging to your credit.  Do not let anybody tell you different.  Bankruptcy stays on your credit report for up to seven years.  Bankruptcy does not wipe out the debt listed on your credit reports.  Bankruptcy can cause you to have to pay a higher interest rate for loans long after your bankruptcy is over.  A collection or lawsuit on your credit will cause these same “bad” things as well.

The Ugly? Well, we are not scary here at Schlyer & Associates, located in Northwest Indiana, so I am not sure where the ugly fits in to this blog, except it relates to the good and the bad.

The lawyers at Schlyer & Associates can help you file an Affordable Bankruptcy in Northwest Indiana.  We can help you file a Chapter 7 or Chapter 13 bankruptcy, if you live in Lake County or Porter County, Indiana.  Please feel free to contact us today at (219) 757-0225 if you or your loved one was injured or needs to file bankruptcy.

We can help you file Chapter 7 or Chapter 13 bankruptcy if you live in the Lake County or Porter County communities of East Chicago, Gary, Hammond, Munster, Griffith, Highland, Dyer, St. John, Schererville, Cedar Lake, Lake Station, Whiting, Crown Point, Merrillville, Hobart, New Chicago, Winfield, Lowell, Lake Dalecarlia, Miller, Lake Village, Valparaiso, Hebron, Chesterton, Dune Acres, Kouts, Odgen Dunes, Town of Pines, Portage, Beverly Shores, Porter, Wheeler or South Haven.

If you need to file an Affordable Bankruptcy, please feel free to contact Schlyer & Associates today at (219) 757-0225 and schedule an appointment with one of ourAffordable Bankruptcy lawyers.

Our main office is located at 200 West 80th Place, Merrillville, Indiana   46410.  We are located across the street from the Merrillville Post Office, Cafe Fondue and the Crossroads Regional Chamber of Commerce office.

Posted by Bankruptcy Attorney Jennifer Eversole Schlyer & Associates - Aggressive Trial Lawyers 
 200 West 80th Place, Merrillville