evansville bankruptcy attorney faq

Frequently Asked Questions

When considering bankruptcy it is important to have a basic understanding of the bankruptcy process. While each and every person’s situation is different, below are a set of frequently asked bankruptcy questions and answers.

The answer to this question can be a bit complicated. Please remember that you are always welcome to schedule a free initial consultation with a Kinkade & Associates attorney.

For Chapter 7, you cannot file a bankruptcy until 8 years have passed since the date of filing of your prior Chapter 7 bankruptcy. For Chapter 13, you must generally wait at least two to four years but there may be reason to consider Chapter 13 bankruptcy before 2-4 years.

Please note that these deadlines only apply if you received a bankruptcy discharge. So, if your case was dismissed, may be eligible to re-file immediately. Also, there are certain circumstances where it is possible to file a Chapter 7 and then a Chapter 13 in a short period of time.

A bankruptcy in which you received a Chapter 7 discharge will stay on your credit report for 10 years.

Strictly speaking, no, there is no requirement that a married spouse must also file for bankruptcy. However, the spouse may want to file for bankruptcy if the spouse is also liable on certain joint debts.

Mostly “Yes”. The bankruptcy discharge is personal; this means that it “wipes out” your obligation to pay debts (except non-dischargeable debts). Also, if someone else owes on the debt, then the creditor can still collect from that other person. In that sense, the debt still exists even after the bankruptcy filing. However, if you are the only person obligated on the debt and you receive a discharge, the debt is effectively wiped out (it technically still exists, but the creditor cannot collect on it).

In the case where a creditor is secured, which means they have a lien on property (such as your house), the bankruptcy discharge will not wipe out the lien. This means the creditor can foreclose on the property to satisfy the debt if the debt is not paid according to the agreement with the creditor.

Bankruptcy is a legal process available to most individuals and married couples that permits a person or married couple to either eliminate most types of consumer debt (Chapter 7) or propose a repayment plan under bankruptcy court supervision (Chapter 13).  Most, but not all, individuals or married couples are eligible for either Chapter 7 or Chapter 13.  Sometimes an individual or married couple have a choice about which type of bankruptcy they can file.  The type of debt you have can be an important factor in determining which type of bankruptcy is most beneficial.   There are important differences between Chapter 7 and Chapter13 bankruptcy.
 
CHAPTER 7 BANKRUPTCY:  Chapter 7 bankruptcy is filed primarily by individuals, married couples (who meet qualification criteria) or small businesses (who cease business) to eliminate debt and achieve a “fresh start.”  When a Chapter 7 bankruptcy is filed you are granted an automatic “stay” on creditor collection.  This means that once a Chapter 7 bankruptcy is filed creditor collections efforts and tactics, including wage garnishment, court hearings, lawsuits, phone calls, letters and other forms of creditor harassment must stop.  If a creditor fails to stop collection efforts after being notified of the filing of a Chapter 7 bankruptcy that creditor may be subject to punishment.  Once the bankruptcy process is concluded most debts are “discharged,” which means eliminated.  Individuals or married couples or receive a discharge in Chapter 7 bankruptcy are no longer legally liable for discharged debts.  Creditors whose debts are discharged cannot legally collect on those debts and in fact may not make any effort to collect on a discharged debt.  A Chapter 7 bankruptcy discharge erects a barrier to any further collection efforts.  Keep in mind that there are some types of debt that cannot be discharged in bankruptcy including most student loans, most tax debt, alimony, child support, debts arising out of a divorce, court fines such as speeding tickets, debts that were a result of auto accidents involving intoxication, debts that are a result of criminal activity and debts incurred through fraud.  Secured debt, such as debt that is tied to a car, home, furniture, appliances or other collateral must be paid if you want to keep the property that is tied to the debt.   Understandably, you may have questions or concerns about potential Chapter 7 bankruptcy.  We have addressed many of the concerns that we frequently hear in additional mini-articles are on our web site.
 
CHAPTER 13 BANKRUPTCY: Chapter 13 bankruptcy is a court supervised reorganization
and repayment plan that permits individuals and married couples who have a steady and reliable source of income to propose a Plan to their creditors to repay some or all of their debt over time, usually a three to five-year period.  A Chapter 13 bankruptcy requires a monthly payment. The amount of the monthly payment depends upon the household income and expenses as well as the type and amount of debt that needs to be paid through the repayment plan.  Chapter 13 may permit you to propose a plan to cure defaults on car loans, home mortgages, student loans and child support.  Filing a Chapter 13 bankruptcy can stop a Sheriff’s sale of real estate, rescue a home from foreclosure and permit repayment of the missed mortgage payments over time.  You may be able to eliminate second mortgages and combine payments on cars and other secured debt into one affordable monthly payment.  Depending on a person or married couples’ circumstances it is possible that some debt (unsecured debt) can be eliminated without a substantial amount of that debt being repaid.  Like a Chapter 7 bankruptcy, filing a Chapter 13 bankruptcy stops wage garnishments as well as other collection activities.  In the end, for most Chapter 13 bankruptcy candidates, a discharge eliminates unsecured debts not paid during the term of the Chapter 13 bankruptcy.  If you have questions about whether Chapter 13 bankruptcy is an option for you, the experienced bankruptcy attorneys at Kinkade & Associates would be pleased to meet with you and discuss your situation.          
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys.  Please give us a call or contact us by email by filing out the contact form on this page.
Not likely.
 
This is one of the most frequently expressed concerns expressed by individuals or married couples considering Chapter 7 bankruptcy.  The facts are that most individuals or married couples who are eligible for Chapter 7 bankruptcy can keep their home, their vehicles, their furniture, their retirement accounts and their other possessions.  Every person or married couple who files Chapter 7 bankruptcy is entitled to keep property worth up to a certain amount that is set by law.  The vast majority of individuals and married couples who file Chapter 7 bankruptcy keep everything they own.  It is very important to keep in mind that there are limits to the value of property you can keep in a Chapter 7 bankruptcy and not all types of personal property and other assets are protected in a Chapter 7 bankruptcy.  You must consult a knowledgeable bankruptcy attorney to learn the details of what types of assets can be protected and the limits of that protection.  If the total value of your assets exceeds the dollar amount that can be safely protected in Chapter 7 bankruptcy, you may be eligible to consider a Chapter 13 bankruptcy.
It is important to spend the proper amount of time discussing what you own with an experienced bankruptcy attorney.  Often it is important during these discussions to not only discuss what you own but provide some details about your assets.  This is one of the reasons why a thorough, detailed and individualized discussion during the process of preparing your bankruptcy case and prior to filing a bankruptcy is not only important but critical in protecting what you own.  Cutting corners, cutting short a thorough discussion about your assets or taking a “one size fits all approach” may be detrimental to the goal of eliminating your debt and preserving your assets. At Kinkade & Associates we take the necessary time to understand your unique situation and obtain the necessary information to maximize protection of your assets.    
 
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys.  Please give us a call or contact us by email by filing out the contact form on this page.
Yes, the fact is that most individuals and married couples who receive a Chapter 7 bankruptcy discharge are able to re-establish their credit worthiness in a relatively short period of time. 
 
Each individual or married couples’ situation is unique.  Often, what folks do after a bankruptcy is more important than the fact that a bankruptcy was filed.  There are specific steps that can be taken prior to, during and immediately after a bankruptcy is filed that will make it much more likely that you can rebuild your credit after bankruptcy and do so relatively quickly.  Although there are many factors to consider in meeting your goal of rebuilding your financial life, most individuals and married couples who choose to file bankruptcy can begin rebuilding their financial life after the bankruptcy is discharged and troublesome debt is discharged
 
At Kinkade & Associates we discuss your unique situation and develop an appropriate strategy that not only includes managing and eliminating your debt, but provides you information about the right moves that allows you to maximize your opportunity to rebuild your credit after your bankruptcy concludes.  
 
In other words, there is hope.
 
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys.  Please give us a call or contact us by email by filing out the contact form on this page.    

The fact is that most individuals or married couples who qualify for and then file Chapter 7 bankruptcy do have income from working.  Although there are limits to the amount of household income an individual or married couple can earn and still qualify for Chapter 7 bankruptcy, statistically most candidates for bankruptcy do qualify for Chapter 7 bankruptcy.  Each person’s situation is different and the income test used to determine who may qualify for Chapter 7 bankruptcy should be performed by a qualified and experienced bankruptcy attorney.

It is true that there are qualification criteria for each type of bankruptcy, Chapter 7 or Chapter 13.  However, the fact is that most individuals or married couples who need bankruptcy relief can and do qualify for bankruptcy relief, either Chapter 7 or Chapter 13 bankruptcy.  The analysis necessary to determine eligibility for Chapter 7 or Chapter 13 bankruptcy is complicated and depends on each individual or married couple’s situation.  You should consult with an experienced Kinkade & Associates bankruptcy attorney regarding your situation and which bankruptcy is right and available for you.

The potential benefits of bankruptcy depend on a person or married couple’s circumstances.  Filing Chapter 7 or Chapter 13 bankruptcy stops most lawsuits and most other types of creditor collection activities including most garnishments (there are limited exceptions such as on-going child support and court fines) and repossessions of your property.  Chapter 13 bankruptcy permits those who are eligible for Chapter 13 bankruptcy to propose a reorganization and repayment plan that can stop and prevent home foreclosure, cancel sheriff’s sales of real estate, possibly eliminate second mortgages, reduce auto installment payments and provide a way to repay other debt such as taxes and student loans.

Unfortunately, no.  Bankruptcy filing is a part of the public record and as such may and probably will appear in the newspaper.

Yes, Chapter 13 bankruptcy may be an option to stop home foreclosures and permit a homeowner to catch up missed mortgage payments over time.  Filing a Chapter 13 bankruptcy stops a scheduled Sheriff’s sale.

Almost immediately.  Although there are many factors to consider in meeting your goal of rebuilding your financial life, most individuals and married couples who choose to file bankruptcy can begin rebuilding their financial life after the bankruptcy is discharged and troublesome debt is discharged.

One of the potential benefits of Chapter 13 bankruptcy is that it is possible to propose a repayment plan that will protect a vehicle from repossession.  Generally speaking, this benefit is not available when a Chapter 7 bankruptcy is filed.  It is therefore usually advisable that payments on vehicles should be current at the time a Chapter 7 bankruptcy is filed.

Bankruptcy is a legal process available to most individuals and married couples that permits a person or married couple to either eliminate most types of consumer debt (Chapter 7) or propose a repayment plan under bankruptcy court supervision (Chapter 13).  Most, but not all, individuals or married couples are eligible for either Chapter 7 or Chapter 13.  Sometimes an individual or married couple have a choice about which type of bankruptcy they can file.  The type of debt you have can be an important factor in determining which type of bankruptcy is most beneficial.   There are important differences between Chapter 7 and Chapter13 bankruptcy. 
 
 
CHAPTER 7 BANKRUPTCY:  Chapter 7 bankruptcy is filed primarily by individuals, married couples (who meet qualification criteria) or small businesses (who cease business) to eliminate debt and achieve a “fresh start.”  When a Chapter 7 bankruptcy is filed you are granted an automatic “stay” on creditor collection.  This means that once a Chapter 7 bankruptcy is filed creditor collections efforts and tactics, including wage garnishment, court hearings, lawsuits, phone calls, letters and other forms of creditor harassment must stop.  If a creditor fails to stop collection efforts after being notified of the filing of a Chapter 7 bankruptcy that creditor may be subject to punishment.  Once the bankruptcy process is concluded most debts are “discharged,” which means eliminated.  Individuals or married couples or receive a discharge in Chapter 7 bankruptcy are no longer legally liable for discharged debts.  Creditors whose debts are discharged cannot legally collect on those debts and in fact may not make any effort to collect on a discharged debt.  A Chapter 7 bankruptcy discharge erects a barrier to any further collection efforts.  Keep in mind that there are some types of debt that cannot be discharged in bankruptcy including most student loans, most tax debt, alimony, child support, debts arising out of a divorce, court fines such as speeding tickets, debts that were a result of auto accidents involving intoxication, debts that are a result of criminal activity and debts incurred through fraud.  Secured debt, such as debt that is tied to a car, home, furniture, appliances or other collateral must be paid if you want to keep the property that is tied to the debt.   Understandably, you may have questions or concerns about potential Chapter 7 bankruptcy.  We have addressed many of the concerns that we frequently hear in additional mini-articles are on our web site.
 
CHAPTER 13 BANKRUPTCY: Chapter 13 bankruptcy is a court supervised reorganization
and repayment plan that permits individuals and married couples who have a steady and reliable source of income to propose a Plan to their creditors to repay some or all of their debt over time, usually a three to five-year period.  A Chapter 13 bankruptcy requires a monthly payment. The amount of the monthly payment depends upon the household income and expenses as well as the type and amount of debt that needs to be paid through the repayment plan.  Chapter 13 may permit you to propose a plan to cure defaults on car loans, home mortgages, student loans and child support.  Filing a Chapter 13 bankruptcy can stop a Sheriff’s sale of real estate, rescue a home from foreclosure and permit repayment of the missed mortgage payments over time.  You may be able to eliminate second mortgages and combine payments on cars and other secured debt into one affordable monthly payment.  Depending on a person or married couples’s circumstances it is possible that some debt (unsecured debt) can be eliminated without a substantial amount of that debt being repaid.  Like a Chapter 7 bankruptcy, filing a Chapter 13 bankruptcy stops wage garnishments as well as other collection activities.  In the end, for most Chapter 13 bankruptcy candidates, a discharge eliminates unsecured debts not paid during the term of the Chapter 13 bankruptcy.  If you have questions about whether Chapter 13 bankruptcy is an option for you, the experienced bankruptcy attorneys at Kinkade & Associates would be pleased to meet with you and discuss your situation.
This is one of the most frequently expressed concerns expressed by individuals or married couples considering Chapter 7 bankruptcy.  The facts are that most individuals or married couples who are eligible for Chapter 7 bankruptcy can keep their home, their vehicles, their furniture, their retirement accounts and their other possessions.  Every person or married couple who files Chapter 7 bankruptcy is entitled to keep property worth up to a certain amount that is set by law.  The vast majority of individuals and married couples who file Chapter 7 bankruptcy keep everything they own.  It is very important to keep in mind that there are limits to the value of property you can keep in a Chapter 7 bankruptcy and not all types of personal property and other assets are protected in a Chapter 7 bankruptcy.  You must consult a knowledgeable bankruptcy attorney to learn the details of what types of assets can be protected and the limits of that protection.  If the total value of your assets exceeds the dollar amount that can be safely protected in Chapter 7 bankruptcy, you may be eligible to consider a Chapter 13 bankruptcy.
It is important to spend the proper amount of time discussing what you own with an experienced bankruptcy attorney.  Often it is important during these discussions to not only discuss what you own but provide some details about your assets.  This is one of the reasons why a thorough, detailed and individualized discussion during the process of preparing your bankruptcy case and prior to filing a bankruptcy is not only important but critical in protecting what you own.  Cutting corners, cutting short a thorough discussion about your assets or taking a “one size fits all approach” may be detrimental to the goal of eliminating your debt and preserving your assets. At Kinkade & Associates we take the necessary time to understand your unique situation and obtain the necessary information to maximize protection of your assets.
The fact is that most individuals and married couples who receive a Chapter 7 bankruptcy discharge are able to re-establish their credit worthiness in a relatively short period of time.  Each individual or married couples’ situation is unique.  Often, what folks do after a bankruptcy is more important than the fact that a bankruptcy was filed.  There are specific steps that can be taken prior to, during and immediately after a bankruptcy is filed that will make it much more likely that you can rebuild your credit after bankruptcy and do so relatively quickly.  Although there are many factors to consider in meeting your goal of rebuilding your financial life, most individuals and married couples who choose to file bankruptcy can begin rebuilding their financial life after the bankruptcy is discharged and troublesome debt is discharged
 
At Kinkade & Associates we discuss your unique situation and develop an appropriate strategy that not only includes managing and eliminating your debt, but provides you information about the right moves that allows you to maximize your opportunity to rebuild your credit after your bankruptcy concludes.  
 
In other words, there is hope.
There are qualification criteria for each type of bankruptcy, Chapter 7 or Chapter 13.  However, the fact is that most individuals or married couples who need bankruptcy relief can and do qualify for bankruptcy relief, either Chapter 7 or Chapter 13 bankruptcy.  The analysis necessary to determine eligibility for Chapter 7 or Chapter 13 bankruptcy is complicated and depends on each individual or married couple’s situation.  Although the amount of household income is an important factor, most individuals or married couples who qualify for and then file Chapter 7 bankruptcy do have income from working.  Although there are limits to the amount of household income an individual or married couple can earn and still qualify for Chapter 7 bankruptcy, statistically most candidates for bankruptcy do qualify for Chapter 7 bankruptcy.  Each person or couple’s situation is different and the income test used to determine who may qualify for Chapter 7 bankruptcy should be performed by a qualified and experienced bankruptcy attorney.
 
Generally, if Chapter 7 bankruptcy is not available as an option for an individual or couple, either because of income or some other reason, that same individual or couple can explore the option of a Chapter 13 bankruptcy. You should consult with an experienced Kinkade & Associates bankruptcy attorney regarding your situation and which bankruptcy is right and available for you.  Only after a thorough discussion, including an analysis of your unique situation, can a determination be made regarding eligibility for Chapter 7 versus Chapter 13. This is one reason why at Kinkade & Associates we take the time to get to know you and your circumstances. We take the time to discuss and develop the appropriate strategy to provide you with relief from your debt.
 

Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys.  Please give us a call or contact us by email by filing out the contact form on this page. 

Yes, filing a bankruptcy will stop a Sheriff’s Sale on your home.
 
The specific potential benefits of a bankruptcy will depend on a person or married couple’s circumstances.  Filing Chapter 7 or Chapter 13 bankruptcy stops most lawsuits and most other types of creditor collection activities including mortgage foreclosure.  
 
Chapter 13 bankruptcy permits those who are eligible for Chapter 13 bankruptcy to propose a reorganization and repayment plan that can stop and prevent home foreclosure, stop a sheriff’s sales of real estate, possibly eliminate second mortgages, reduce auto installment payments and provide a way to repay other debt such as taxes and student loans.  Chapter 13 bankruptcy may be an option to stop home foreclosures and permit a homeowner to catch up missed mortgage payments over time.  
 
Only after a thorough discussion, including an analysis of your unique situation, can the possible benefits of a bankruptcy, and the specific benefits of Chapter 7 versus Chapter 13, be determined.  This is one reason why at Kinkade & Associates we take the time to get to know you and your circumstances. We take the time to discuss and develop the appropriate strategy to provide you with relief from your debt and meet your specific need, such as stopping a Sheriff’s Sale on your home or potentially rescuing your home from foreclosure.  
 
Your opportunity for debt relief begins with a phone call to set an appointment with one of our experienced debt relief attorneys.  Please give us a call or contact us by email by filing out the contact form on this page.
The potential benefits of bankruptcy depend on a person or married couple’s circumstances.  Filing Chapter 7 or Chapter 13 bankruptcy stops most lawsuits and most other types of creditor collection activities including most garnishments (there are limited exceptions such as on-going child support and court fines) and repossessions of your property.  
 
Chapter 13 bankruptcy permits those who are eligible for Chapter 13 bankruptcy to propose a reorganization and repayment plan that can stop and prevent home foreclosure, cancel sheriff’s sales of real estate, possibly eliminate second mortgages, reduce auto installment payments and provide a way to repay other debt such as taxes and student loans.  Chapter 13 bankruptcy may be an option to stop home foreclosures and permit a homeowner to catch up missed mortgage payments over time.  Filing a Chapter 13 bankruptcy stops a scheduled Sheriff’s sale.      
 
In a Chapter 13 it is possible to propose a repayment plan that will protect a vehicle from repossession.  Generally speaking, this benefit is not available when a Chapter 7 bankruptcy is filed.  It is therefore usually advisable that payments on vehicles should be current at the time a Chapter 7 bankruptcy is filed.        
 
Filing a bankruptcy, either a Chapter 7 or 13 bankruptcy case halts creditor collection efforts, including a pending lawsuit, which is simply a step in the debt collection process.  Debts in court or even debts that have already gone to judgment can be resolved/eliminated through bankruptcy.
 
In most instances filing bankruptcy will stop a wage garnishment.  The exception limited exceptions include child support, some payments on tax debt, which may only be delayed or temporarily halted by filing Chapter 7 bankruptcy or orders of restitution.    
                   
The benefits of bankruptcy, and specifically the potential benefits of Chapter 7 versus the potential benefits of Chapter 13, are unique to each individual or married couple’s circumstances.  Only after a thorough discussion, including an analysis of your unique situation, can the possible benefits of a bankruptcy and the specific benefits of Chapter 7 versus Chapter 13 be determined.  This is one reason why at Kinkade & Associates we take the time to get to know you and your circumstances. We take the time to discuss and develop the appropriate strategy to provide you with relief from your debt.  

Kinkade & Associates, PC, 123 NW 4th Street Suite 201, Evansville, IN  47708   812-434-4909 PHONE 812-434-4831 FAX