Experience. Skill. Success. Over 60 Years Of Experience On Your Side

Experience. Skill. Success. Over 60 Years Of Experience On Your Side

Bankruptcy FAQs

Answered by Our Hamilton County Bankruptcy Lawyers

If you have any questions about bankruptcy or if it’s right for you, feel free to contact Stoesz & Stoesz, LLC today. Our bankruptcy attorneys in Hamilton County have over 60 years of combined experience in addition to an in-depth understanding of this practice area. In a free consultation, we can sit down with you and answer all your questions. Below, we provided answers to some of our clients’ most commonly asked questions.

What Do the Numbers Mean?

Chapter 7: This is a type of personal bankruptcy where your possessions are seized and liquidated. The money is then given to your creditors. This type of bankruptcy is used by people or businesses who have little ability to pay off their debts. They give up their assets, and some types of debts are forgiven. Some debts, like child support or taxes, are not forgiven.

Chapter 13: This is a type of personal debt restructuring where you work out a three- to a five-year repayment plan and have it approved by the court. If you keep up with the payments until the end of the payment plan, you can keep your property.

While the bankruptcy process is underway, the court prevents lawsuits and some other actions. This is called an “automatic stay.” The creditors should then stop creditors from contacting you.

Do I Need a Lawyer to File Bankruptcy?

A 2011 study in a U.S. Bankruptcy Court in Central California showed that the rate for getting Chapter 13 plans approved when a person did not have an attorney prepare the documents was less than 1 percent.

Some people have succeeded in successfully filing a Chapter 7 case, but accurate and current knowledge of federal and state exemptions is necessary to protect assets from seizure and liquidation, so a competent attorney can help defend your assets from being seized and liquidated.

Chapter 11 is complex due to a large amount of money involved. Having a knowledgeable bankruptcy attorney in Hamilton County on your side is a good idea.

Can Bankruptcy Save My Car From Repossession?

In the state of Indiana, if you miss your car payments, your lender can repossess your vehicle. As long as the lender does not "breach the peace" in the process, they can take your car directly from wherever it is parked without needing to notify you or receive your permission.

If you are falling behind on your auto payments, it is imperative to look into your bankruptcy protection options right away. Filing for any chapter of bankruptcy will put in an "automatic stay" to prohibit debt collection attempts, including repossession of a car.

Contact our firm at to schedule a free consultation with our Hamilton County bankruptcy lawyers to see what is the best option to protect you, your home, and your assets.

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