Fort Wayne Bankruptcy

Bankruptcy is a legal process that helps people who cannot pay their bills to get a fresh financial start. Filing bankruptcy immediately stops all of your creditors from seeking to collect debts from you, at least until your debts are sorted out in accordance with the law. At Locke & Witte, we thoroughly understand bankruptcy law, and can guide you or your business through the steps of filing of an appropriate type of bankruptcy in Fort Wayne, Indiana. If there is an alternative to bankruptcy, we help you to find it. We also help you navigate your financial difficulties to set you on course for a healthy financial future.

Chapter 7—the most common form of bankruptcy in Fort Wayne

Chapter 7 is a liquidation of personal assets, and is the most common form of bankruptcy in America today. A wide variety of debts get discharged in a Fort Wayne Chapter 7 proceeding, resulting in the successful removal of unsecured debts such as the following:

Liquidation means that most or all of your assets are sold and the proceeds are distributed to your creditors. Some of your assets—most notably, your car and your primary residence—can be declared exempt and retained. Contact a Fort Wayne bankruptcy attorney at Locke & Witte today if you believe a Chapter 7 bankruptcy in Fort Wayne makes sense for you.

Chapter 13—personal reorganization

Fort Wayne Chapter 13 bankruptcy is designed for individuals with a regular income who want to pay off their debts but are unable to do so according to the terms demanded by creditors. Chapter 13 enables financially distressed individuals, under court supervision and protection, to propose and carry out a repayment plan that pays creditors over a period of three to five years. During this time, creditors are generally prohibited from continuing collection efforts.

A Fort Wayne Chapter 13 filing allows individuals who are behind on mortgage or car payments to catch up with these payments while retaining their property. In some cases, our Fort Wayne bankruptcy services at Locke & Witte can devise a payment plan in which creditors are paid pennies on the dollar with no additional interest.

Chapter 11 bankruptcy in Fort Wayne– corporate reorganization

Chapter 11 bankruptcies are corporate financial reorganizations that let companies function while executing a debt repayment plan. The theory behind a Fort Wayne Chapter 11 bankruptcy is that profitable parts of a business should continue to operate, thereby protecting jobs and revenue, thus allowing the business to pay off creditors over time. In many cases, a Fort Wayne Chapter 11 bankruptcy makes more sense than selling off a business piecemeal.

Business bankruptcy in Fort Wayne (B2B bankruptcy in Fort Wayne)

A company facing a Fort Wayne business bankruptcy may use some of the methods described above to discharge its debts. It can use Chapter 11 to reorganize, in an effort to become profitable, or Chapter 7 to wind down operations entirely. Whatever the situation, Locke & Witte can help engineer an agreeable Fort Wayne business work out that satisfies the needs of the debtor and their creditors.

Contact us to assist with your branktupcy in Fort Wayne

If you need help with bankruptcy in Fort Wayne, contact Locke & Witte at 1-260-440-7219 to set up a confidential consultation. We are sensitive to your situation and we can work with you on our fees.