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Questions to Ask a Chapter 7 Bankruptcy Lawyer Before Filing for Bankruptcy

Sawin & Shea

If you’re struggling with debt and considering bankruptcy, speaking with a bankruptcy lawyer can help you determine your best options and give you some clarity on how the process works. At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas.

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Will a Bankruptcy Trustee Contact My Employer?

Sawin & Shea

Firstly, if your employer is also one of your creditors, they will receive a notification when you file. When filing for Chapter 7 or Chapter 13 bankruptcy, you are required to disclose all of your creditors, and your creditors will receive the official Notice of Bankruptcy Filing from the bankruptcy court clerk.

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What is an Emergency Bankruptcy Filing?

Sawin & Shea

An emergency bankruptcy is a bankruptcy filing method that expedites the filing process to stop creditors and bill collectors from seeking debts from borrowers. An automatic stay is an injunction prohibiting creditors from collecting debts. Additionally, businesses can file an emergency bankruptcy under Chapter 11, but this is rare.

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What Is a Judgment?

Credit Corp

That means judgment creditors can seek debt payment from more than your wages and bank accounts. Creditors must follow the law when applying a judgment to take, or seize, your property. Your creditor can take or leverage these possessions in the following ways: Wage attachments. This is known as wage garnishment.

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What is a Judgment?

Credit Corp

The company, creditor or collection agency has legal ways to pursue payment. The court enters a judgment against you if your creditor wins their claim or you fail to show up to court. The judgment creditor can then use that court judgment to try to collect money from you. This is known as wage garnishment. Property liens.

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Will I Lose My Retirement If I File for Bankruptcy?

Sawin & Shea

You can keep your home and car and will receive automatic court protection from creditors. Chapter 7 bankruptcy also stops lawsuits and garnishments. It also stops lawsuits and garnishments. All of the “defined contribution plans” are safe from creditors under the Employee Retirement Income Security Act (ERISA).

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Bankruptcy and Tax Refund Strategies

Sawin & Shea

Chapter 7 bankruptcies are liquidation bankruptcies, meaning non-exempt assets can be liquidated to pay your creditors back something. Talk to Your Lawyer About Your Expenditures. Garnishments, Credits, and Exemptions Impact Your Strategy. For someone who’s pursuing Chapter 7 bankruptcy , this is especially important.