How Can I Stop Wage Garnishments?

If you have a wage garnishment this likely means that you should have consulted a bankruptcy attorney a long time ago. Wage garnishments can kill a families ability to support itself. A family who has a wage garnishment was usually struggling to just make ends meet before the garnishment. After the garnishment starts having 25% of gross wages taken away can literally make it impossible for a family to pay for its needs. I am often asked what are my options to stop a wage garnishment. Assuming the debt is a legitimate debt that you owe you will usually only have two options to stop the garnishment.

• The first option to stopping a wage garnishment is to make arrangements with the creditor to make a one time payment where you will pay the debt in full. This is not something the typical family can afford. If they could have afforded to pay the debt they would likely have done so in the first place.
• The second option is to file for protection under the bankruptcy code. As soon as you file you are protected by the automatic stay which prohibits any further debt collection activities by any creditor. The automatic stay is one of the most powerful consumer protections offered by the federal government.

If you are either facing having your wages garnished or are currently being garnished I recommend that you consult a qualified bankruptcy attorney today. Even if you decide that bankruptcy is not for you it is always better to know ones options than to be ignorant of the help that may be available to you.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

Should I File Bankruptcy in 2011?

The economic meltdown has caused many Americans to find themselves drowning in debt.  No doubt this contributed to the new data that shows that 2010, was marked by more personal bankruptcies than any other year since the stricter federal bankruptcy laws were enacted in 2005.  According to the American Bankruptcy Institute, roughly 1.53 million consumer bankruptcy petitions were filed in 2010.  This is up 9% from 2009.  This data was compiled by the National Bankruptcy Research Center.

With so many people seeking the protection the bankruptcy laws have to offer you may be wondering, "should I file?"  The answer is going to depend on your personal financial situation, but you ultimately need to understand what type of protection and advantages bankruptcy offers.

Consider the Advantages:

At the Heart of Bankruptcy is Debt Discharge
Personal bankruptcy offers a very basic advantage.  The discharge of insurmountable debt.  After receiving a bankruptcy discharge, all creditors are prohibited from collecting on those discharged debts.  Debt is simply wiped away giving you a fresh financial start.  If  you have unmanageable debt including credit cards, medical bills, personal loans, etc. bankruptcy can be the solution you need.

Protection from Creditor Harassment
If you have debt you cannot afford to pay and have fallen behind on payments you likely know, all too well, about the tactics creditors will use to collect on those debts.  Whether it be harassing phone calls or letters in the mail, a bankruptcy filing will stop all collection actions.  The Automatic Stay in bankruptcy protects you from your harassing creditors.  They are not allowed to collect from you outside the bankruptcy process.  This also means all wage garnishments must stop one you have a bankruptcy case number.

Saving a Home from Foreclosure
Scared you may lose your home?  Did you fall behind on payments due to job loss or illness?  If you simply need more time to get caught up on payments than the mortgage company is willing to allow, bankruptcy could be your solution.  Regardless of the reason for falling behind on payments a Chapter 13 bankruptcy can help save your home.  The Chapter 13 allows you to put the amount you are down on the mortgage into a manageable Chapter 13 plan payment.  This prevents the mortgage company from selling your home and allows you time to get caught up on payments.  The bankruptcy also prevents other creditors from collecting from you giving you the extra money you need to stay current on your mortgage.

Protecting Your Personal Property
Will I lose my car or personal possessions if I file bankruptcy.  This is a common question when thinking about bankruptcy.  The bankruptcy laws allow a person to typically keep all personal property including cars and household items.  The property is considered "exempt" and protected from creditors.  There are exemption limits so verify with your bankruptcy attorney that all your property is exempt.

For millions of Americans bankruptcy has become a safety net when faced with financial crisis.  While bankruptcy can seem scary or complicated, experienced bankruptcy attorneys can guide you through the entire process.  Before making a decision about your debt resolution options, make sure to take advantage of a free bankruptcy consultation from an experience bankruptcy attorney.   

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free consultation to determine which bankruptcy may be right for you.

Do You Need to Hire a Bankruptcy Attorney?

Many people who find themselves considering bankruptcy as a option are often tempted to try and file it themselves. Someone who is considering bankruptcy obviously has financial issues, and the idea of having to come up with the money to pay an attorney may seem like an insurmountable obstacle. As the economy continues to stagnate many people are returning to the do it yourself mentality. The Federal court system is not the place to take this approach. Every person who files their own bankruptcy petition is expected to know the law as well as any bankruptcy attorney. Most often the decision to file ones own bankruptcy petition is a more expensive decision than simply hiring an attorney from the start. To illustrate this point I will share a story that I witnessed personally in court just the other day.

This was the debtors third appearance at her creditors meeting because they had not previously provided the Trustee the documents they are legally required to. The Trustee agreed to hold the meeting this time, but cautioned her that if he did not receive the documents by the end of the day he would file to dismiss her case.

• Even though the debtor had failed to provide the required documents to the Trustee before the meeting, and she was now facing having her case dismissed this was not the biggest of her concerns. The Trustee when questioning the client learned that she had filed the case the day her paycheck was direct deposited into her account. In Indiana a single filer can exempt $350.00 in the bank anything over that amount the Trustee can claim as an asset of the bankruptcy estate. Her balance in her bank account on the date of filing was over $1,200.00.


• The debtor also disclosed that she was on her mother's bank account. She did not know the balance in this account that day, but the Trustee is requiring that she turn over 50% of the funds in that account.


• The debtor also failed to properly exempt her cars. The Trustee is requiring that she amend her schedules in order to prevent the cars from becoming assets of the bankruptcy estate.

Now because the debtor decided that she would not hire an attorney she now owes the Trustee over $1,000.00 plus the amount of time she had to take off work to attend 3 different meeting. She will also have to either amend her schedules to properly exempt her car or hire someone to do that for her. If she does not amend her schedules then the Trustee will be able to seize the car and sell it at auction. She has also placed her mother's assets in jeopardy. This debtor would have saved money, time, and stress by hiring an experience bankruptcy attorney.

If you do not readily know what the exemption laws are regarding your home, personal property, and savings you should NOT attempt to file your own bankruptcy. The bankruptcy code is complex, and requires an attorney who is familiar with the code.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

Medical Expenses - #1 Reason for Personal Bankruptcy

Forbes magazine last March cited medical costs as the number one reason for filing personal bankruptcy.  There is a good chance that high medical costs will remain constant into the foreseeable future.  Even with new legislation making health care insurance more available taken into consideration, medical costs are still rising with no end in sight.  The situation in Indiana will most likely mirror the rest of the country.  If it doesn't, all that will mean is some other reason will be the number one cause for personal bankruptcy.

If medical bills or any other unforeseen financial situation has caused you to fall behind on your mortgage, utility bills, and credit card payments, bankruptcy may be a smart decision.  Meeting with an experienced bankruptcy attorney will be your best chance to become debt free. The harassing creditor phone calls can be hard to take.  Ignoring them is no solution.  Bankruptcy is one avenue millions of Americans have taken advantage of, and in doing so, have gotten their lives back on the right financial track.

An Attorney at Jackson & Oglesby will review your personal situation with you and determine if bankruptcy would be a good option.  An experienced attorney can also help determine which bankruptcy is right for you.  In a Chapter 7 bankruptcy medical bills and all other unsecured debt will typically be discharged.  In a Chapter 13 bankruptcy, debt including medical bills will be consolidated into an affordable monthly payment that is based on what you can afford to pay.   Filing bankruptcy will stop creditor collection and give you the fresh start you need.  It is true that your credit rating will be affected, but there is plenty of damage that your late payments have already done. The best strategy for repairing this damage is what you will need. The attorneys at Jackson & Oglesby can give advice on what steps are needed to put that strategy into motion.

Too many people get paralyzed by all the hopelessness that financial problems can cause, especially when it is compounded by having to fight through a medical problem. The stress of medical illness along with that of financial anxiety must be alleviated. You can accomplish this by contacting an experienced bankruptcy attorney. 

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com. Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case. If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc. we can help! Please call us today for your free phone consultation to determine which bankruptcy may be right for you.

Posted by Dana L. Oglesby

Foreclosures and Bankruptcy - Protecting Your Home

Losing a home to foreclosure can be a stressful occurrence.  When a person can no longer make payments on the home for whatever reason the result is a bank foreclosure.  The bank can then take and sell the home unless the homeowner takes some action to stop the foreclosure. 

The first question people normally ask is "what should I do if I'm facing foreclosure?"  If refinancing is not an option and the payments cannot be brought up to date the homeowner should consider a Chapter 13 bankruptcy.  Chapter 13 can save the home from foreclosure by consolidating the arrears into a manageable Chapter 13 plan payment.  The Chapter 13 plan can last from three to five years depending on a person's individual circumstances.

Through bankruptcy a homeowner is able to eliminate other debt that can help them afford their mortgage again.  A homeowner may have had a job loss and temporarily could not make payments.  Bankruptcy can help that homeowner get back on track with their finances and save their home from being sold.
  
A qualified bankruptcy attorney is needed to evaluate the situation and determine if proceeding with bankruptcy will be beneficial to the homeowner.  If you are asking what should I do in a home foreclosure?  You may want to contact a bankruptcy attorney to discuss the options.

If you have questions regarding bankruptcy in Indiana please contact Jackson & Oglesby Law at (877) 489-0908 or visit us at www.IndyBankruptcyLaw.com.  Jackson & Oglesby Law can assist you with all aspects of your bankruptcy case.  If you have questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging debt, etc.  we can help!  Please call us today for your free phone consultation to determine which bankruptcy may be right for you.