When you’re struggling with debt, you want it gone as soon as possible to protect your credit and to stop creditors from making your life difficult. However, you also want to improve your situation, and when you’re unsure of how to get the best bankruptcy outcome, that can be difficult.
A lawyer at Rowdy G. Williams Law Firm can help you. Our lawyers will examine your debt, help you choose the right bankruptcy plan, and prepare a repayment plan that will be approved. Preparing your petition and plan can be difficult, so be sure you have experience on your side.
Choose the Right Plan
When you’re preparing to file for bankruptcy, you need to know your options. Plans may be geared toward individuals or businesses, and they’ll vary in the length of time they require to become debt-free. Be sure to discuss all of your options with a lawyer before proceeding.
For many, a Chapter 13 plan can help them reach their debt-free goal without losing the assets they worked for. This plan is meant to restructure the debts of the average person who has a regular income but has gotten in over his or her head. Mortgages, car payments, and loans can add up, and the ultimate costs may be wage garnishment and repossession.
A Chapter 13 plan puts a “stay” on actions like that. Creditors will be unable to pursue repayment, giving you time to better plan your method of reducing your debt. You and your lawyer will make a budget to repay your debts over the next three to five years.
But you may not wish to wait five years. A Chapter 7 plan pushes you to move much faster. You’ll liquidate many of your assets, which will be used to pay off your debts, giving you a clean slate as soon as possible. You will, however, lose some possessions.
Prepare for Your Bankruptcy Petition
Once you’ve chosen the plan that best fits your situation, you’ll then begin building your budget or preparing for liquidation. Either way, you’ll likely need to prepare the following information for your petition:
- A list of creditors and the amounts owed
- Your income information
- A list of your property
This information will help your lawyer prepare a reasonable budget or calculate what debts your property will cover, depending on which bankruptcy plan you choose.
Get a Better Outcome with a Lawyer
When your debts are high, you may be wondering how to get the best bankruptcy outcome. Losing your assets is avoidable, but you’ll need help developing a reasonable budget and choosing the best plan for your unique situation.
Fortunately, the team at Rowdy G. Williams Law Firm is here to help. We’ll make sure you’ve chosen the best plan for your case and that you’re prepared for your bankruptcy petition. When you need help finding success through bankruptcy, call us at 1-812-232-7400 or fill out the form below.