Kinkade and Associates is a bankruptcy firm with offices in Evansville, Vincennes, and Terre Haute, IN and surrounding areas. Kinkade & Associates is a firm of bankruptcy attorneys dedicated to helping people with debt relief, wage garnishments creditor harassment and foreclosure. If you are experiencing overwhelming debt, find out if bankruptcy is the right option for you.
Chapter 7 filings is available for individuals and married couples who meet specific debt qualifications. Once a Chapter 7 is filed, all collection efforts must stop. This includes wage garnishments, lawsuits, phone calls, letters and other forms of collection harassment. If creditors continue to collect while filing chapter 7 bankruptcy, they may be subject to fines and punishments.
A chapter 13 is a court supervised reorganization and payment plan to repay creditors a reasonable amount over 3 to 5 years. Chapter 13 still requires monthly payments to be made to repay debt, however the amounts may be much more affordable and reasonable than what you are currently paying. Chapter 13 can also prevent foreclosures and forced selling of real estate.
Debt settlement is a great option if you are not looking to file bankruptcy but would rather settle debts for less than what is actually owed. You may wonder, why would creditors take a discount on money owed to them. Banks and financial institutions would rather collect some of the debt, than have you go through bankruptcy and receive nothing.