A Lake County, Indiana bankruptcy attorney answers your questions.  Today we will be discussing

What is secured debt? Generally speaking, it means you purchased something on credit and you have their property. It is a house, a car or motorcycle.  Those are considered secured debts as long as you still have the property.

What is an unsecured debt? A unsecured debt is a credit card that you can use anywhere in any store.  If you use your VISA or Mastercard to buy CDs or a pair of shoes, the credit card company does not get/keep an interest in that property, it is unsecured.

On the other hand, if you take out a loan for a car, the loan documents specify that the loan is for a car and the creditor retains a security interest in the property until the property is paid off, the loan is secured.

Does it matter if my debt is secured or unsecured if I file bankruptcy? In a bankruptcy, you must decide what you want to do with secured debt.  If you want to keep the property, the house or car, you must make arrangements to continue making your required monthly payment.  This is known as a Reaffirmation.  If you want to keep the house or car, the debt is listed on your bankruptcy and then you can ‘reaffirm” or keep the property by making your payments.

On the other hand, if you no longer want to keep the house or car, you can surrender back the property to the creditor and owe them nothing.  Once the property is surrendered back to the creditor, the remaining balance becomes unsecured and is discharged.

Can I have an example? Sure, if you take out a loan at a place like American General Finance or Beneficial Finance, those debts are unsecured as long as you did not pledge your personal property as collateral to secure the debt. If you did, then the loan is secured by your personal property.  Payday loans are unsecured.

There are many other types of loans, credit cards and debts out there.  Please call us and schedule a free appointment to discuss your Affordable Bankruptcy options with one of our lawyers.  We will  discuss the type of debt you have and we can together figure out the best way for you to proceed.

If you have a great deal of medical debt (bills), credit card, house, car, payday or another other kind of debt and want to discuss your options, please call us at Schlyer & Associates at (219) 757-0225.  We can help you eliminate or reduce your debt.  We offer free face to face consultations in our office.

The attorneys at Schlyer & Associates can help you file Chapter 7 and Chapter 13 bankruptcy, if you live in Lake County or Porter County, Indiana.  Please feel free to contact us today at (219) 757-0225 if you or your loved one was injured or needs to file bankruptcy.

We can help you file Chapter 7 or Chapter 13 bankruptcy if you live in the Lake County or Porter County communities of Hammond, East Chicago, Gary, Munster, Griffith, Highland, Dyer, St. John, Schererville, Cedar Lake, Lake Station, Crown Point, Merrillville, Hobart, New Chicago, Lowell, Lake Dalecarlia, Winfield, Miller, Lake Village, Valparaiso, Hebron, Dune Acres, Kouts, Odgen Dunes, Chesterton, Town of Pines, Portage, Porter, Wheeler, South Haven or Beverly Shores.

We are located at 200 West 80th Place, Merrillville, Indiana 46410.  Our office is located across the street from Eye Care Plus and Spill the Beans gourmet coffee shop.

Posted by Bankruptcy Attorney Jennifer Eversole

Schlyer & Associate, the Aggressive Trial Lawyers, located in Merrillville, Indiana warns of a recall issued by the U.S. Consumer Product Safety Commission of ADP FOA series unit heaters.

The heaters were manufactured by Lennox Industries Inc., of Richardson, Texas or Advanced Distributor Products (ADP) LLC, of Grenada, Miss.  According to the recall notice, some heaters were manufactured without a required flame rollout switch, which is a back-up device that shuts down the heater in the event of a heater failure. This poses a fire hazard.

The recalled heaters were sold by ADP dealers and distributors nationwide from September 2003 through April 2011 for between $2,700 and $4,200.

If you or a loved on has a ADP heater, you should check the recall notice to see if your heater is affected by the recall.  You should also stop using these recalled heaters immediately and contact ADP at (866) 303-8634 to schedule an inspection and, if necessary, repair of the heater.

The attorneys at Schlyer & Associates have experience in many types of injury and product cases.  We handle crashes, accidents, medical malpractice, product liability, negligence and other types of personal injury cases.   Many of the attorneys at Schlyer & Associates are licensed in both in Indiana and Illinois.

Whether your case is settled before a law suit or if your case needs to be brought through trial to a jury verdict, the attorneys at Schlyer & Associates have the experience and knowledge necessary to fight for the compensation you deserve for your harms and losses.

If you believe you have a case, please contact Schlyer & Associates today at (219) 757-0225 to schedule a free meeting with an Aggressive Trial Lawyer to discuss the compensation and recovery you may be entitled to receive.

The attorneys at Schlyer & Associates can also help you file an Affordable Bankruptcy, either a Chapter 7 or Chapter 13 bankruptcy, if you live in Lake County or Porter County, Indiana.

We can help you file an Affordable Bankruptcy if you live in Lake County or Porter County, Indiana.  Specifically, if you live in the communities of Hammond, East Chicago, Gary, Munster, Griffith, Highland, Dyer, St. John, Schererville, Cedar Lake, Lake Station, Crown Point, Merrillville, Hobart, New Chicago, Lowell, Lake Dalecarlia, Winfield, Miller, Lake Village, Valparaiso, Hebron, Dune Acres, Kouts, Odgen Dunes, Chesterton, Town of Pines, Portage, Porter, Wheeler, South Haven or Beverly Shores we can help you file an Affordable Bankruptcy.

We are located at 200 West 80th Place, Merrillville, Indiana   46410.  Our office is located across the street from Eye Care Plus and Spill the Beans gourmet coffee shop, near the intersection of Broadway and U.S. 30.

Call us today at (219) 757-0225.

It is what it is.  That is a phrase I personally hate, it is what it is.  I have found, however, sometimes it is quite useful.  Medical bankruptcy.

I have been told by potential clients that they want to file “medical bankruptcy.”  I remember even seeing an attorney advertise that he did “medical bankruptcy.”  There is no such thing.

A bankruptcy is a bankruptcy.  It is what it is.  There are two types of bankruptcy available to individuals, regular people.  A Chapter 7 or a Chapter 13.  In both instances, a person must list all debts they owe, including medical bills, credit cards, mortgages and loans.  There is no special name or special kind of bankruptcy for medical bills.

I would guess that it is possible for a person to have no debts other than medical bills.  However, this does not make a bankruptcy a medical bankruptcy, it would typically mean a Chapter 7 that had medical bills as it only debts.

I always get concerned when someone tells me that they have filed a medical bankruptcy or want one.  I think that people might believe a medical bankruptcy is different or not as bad as a regular bankruptcy.  However, nothing could be further from the truth, because a bankruptcy is a bankruptcy.

Afterall, it is what it is.

If you have a great deal of medical debt (bills) or another other kind of debt and want to discuss your options, please call us at Schlyer & Associates in Merrillville, Indiana  to make an appointment. We can help you eliminate or reduce your debt.  We offer free face to face consultations in our office.

The attorneys at Schlyer & Associates can help you file Chapter 7 and Chapter 13 bankruptcy, if you live in Lake County or Porter County, Indiana.  Please feel free to contact us today at (219) 757-0225 if you or your loved one was injured or needs to file bankruptcy.

We can help you file Chapter 7 or Chapter 13 bankruptcy if you live in the Lake County or Porter County communities of Hammond, East Chicago, Gary, Munster, Griffith, Highland, Dyer, St. John, Schererville, Cedar Lake, Lake Station, Crown Point, Merrillville, Hobart, New Chicago, Lowell, Lake Dalecarlia, Winfield, Miller, Lake Village, Valparaiso, Hebron, Dune Acres, Kouts, Odgen Dunes, Chesterton, Town of Pines, Portage, Porter, Wheeler, South Haven or Beverly Shores.

We are located at 200 West 80th Place, Merrillville, Indiana   46410.  Our office is located across the street from Eye Care Plus and Spill the Beans gourmet coffee shop.

Posted by Bankruptcy Attorney Jennifer Eversole

What can I keep if I file Bankruptcy?  Can I keep cash, tax refunds or bank accounts?

I am an attorney at the Northwest Indiana law firm of Schlyer & Associates and we help people file for bankruptcy relief in Lake and Porter County, Indiana.  We all know somebody who filed for bankruptcy relief or someone who knew someone who filed for bankruptcy and told you all about it.

Most likely, what you have been told is not completely true. I want to talk about some of the basic rules relating to property.  The majority of this information relates to a Chapter 7 (if you live in Indiana), the type of bankruptcy where you do not have a repayment plan.

In Bankruptcy, you are entitled to certain exemptions on property.  If your property’s value is exempt, that means that a creditor, a Trustee or the Court cannot take that property from you, make you sell it or make it a part of your bankruptcy estate (to be distributed to creditors).

Intangible property, like cash, including available balances in bank accounts, is currently exempt up to $350.00 in Indiana.  This means if you file bankruptcy and you have $1,000.00 available in your checking account, the Trustee in your case can demand that you turn over $650.00 to him to distribute to your creditors.

Your exemption for cash is currently $350.00, so only that amount is protected from distribution.  Tax returns are considered intangible property.  Therefore, if you file bankruptcy before you receive that year’s income tax return, you would not be able to cash that refund without the Trustees’ permission because he has to determine how much he is entitled to take for the benefit of your creditors.

In Indiana, all money received due to Earned Income Credit is exempt, meaning the Trustee cannot take and administer those funds.  However, if the actual income tax refund is more, the Trustee has the right to take that portion of the refund.

Please call us at Schlyer & Associates to make an appointment with one of our lawyers to discuss your other available exemptions and property you can keep under the bankruptcy laws and how we can help.  We offer free face to face consultations in our office.

The attorneys at Schlyer & Associates can help you file Chapter 7 and Chapter 13 bankruptcy, if you live in Lake County or Porter County, Indiana.  Please feel free to contact us today at (219) 757-0225 if you or your loved one was injured or needs to file bankruptcy.

We can help you file Chapter 7 or Chapter 13 bankruptcy if you live in the Lake County or Porter County communities of Hammond, East Chicago, Gary, Munster, Griffith, Highland, Dyer, St. John, Schererville, Cedar Lake, Lake Station, Crown Point, Merrillville, Hobart, New Chicago, Lowell, Lake Dalecarlia, Winfield, Miller, Lake Village, Valparaiso, Hebron, Dune Acres, Kouts, Odgen Dunes, Chesterton, Town of Pines, Portage, Porter, Wheeler, South Haven or Beverly Shores.

We are located at 200 West 80th Place, Merrillville, Indiana   46410.  Our office is located across the street from Eye Care Plus and Spill the Beans gourmet coffee shop.   Our main office is located at 200 West 80th Place, Merrillville, Indiana   46410.

Posted by Bankruptcy Attorney Jennifer Eversole