Debt can add up quickly, and bankruptcy might be the best option for you and your family. A Terre Haute personal bankruptcy attorney can explain your best options for getting your debt under control.
Getting into debt is easy: Between student loans, credit cards, and mortgages, there are plenty of opportunities to get into debt. When you can pay those debts back, it’s not a problem. In fact, proving you can pay off debt is one way that many Americans build up their credit scores.
When you can no longer pay your debts, however, it can become overwhelming. For many, that means filing for bankruptcy. But, what is the best method for you? If you’re filing for yourself, you do have options, and you’ll need to consider what you and your family need to get back on your feet.
When this happens, you need a Terre Haute personal bankruptcy lawyer. Getting into debt is overwhelming, but the Rowdy G. Williams Law Firm can help you determine what to do next.
Filing for Chapter 7 Bankruptcy
If you’ve heard terms like “liquidating assets” being thrown around, chances are good that they might be talking about Chapter 7 bankruptcy. This type of bankruptcy involves the liquidation of your assets—which means that assets such as stocks or property will be sold for their cash value—and the splitting of those funds among debt collectors.
While certain assets will be exempt, meaning that you won’t necessarily lose everything, this type of bankruptcy relief focuses on selling things to pay off debts.
Eligibility for this depends on your income and your situation. You’ll need to provide a detailed list of your income, assets, and debts so the judge can look over your case. Fortunately, a personal bankruptcy attorney can also help you with this. A lawyer can look at your finances and tell you whether it’s worth it to file for Chapter 7 or if another method would be better.
Filing for Chapter 13 Bankruptcy
Chapter 13 bankruptcy has some key advantages over Chapter 7, namely the lack of need to sell certain properties and assets, such as your home in the case of a mortgage. Called the “wage earner’s plan,” this type of bankruptcy is meant to ease debt collectors’ calls and provide help with making installments and payments on your debt.
This form of bankruptcy is especially useful if you don’t meet the requirements for Chapter 7. Where Chapter 7 requires that you be unable to pay off your debt, Chapter 13 focuses on paying your debts off in three to five years, depending on your situation.
Personal bankruptcy can be complex. Which route you take will depend on what you and your family need and whether you’ll be able to get out of debt on your own.
Speak to a Personal Bankruptcy Attorney in Terre Haute
Thousands of people file for bankruptcy every year, and it can be a difficult and complex decision to make. After all, every case is different, and yours may call for specialized help. Fortunately, our experienced bankruptcy lawyers can step in.
When you’re struggling with the confusion caused by crushing debt and harassing creditors, you need help getting your finances in order, and the Rowdy G. Williams Law Firm is here to help. Our team can walk you through the process and help you decide what plan is best for you and your loved ones.
If you’re struggling with debt collectors and you need help getting your life back on track, give us a call. We offer free consultations, so contact us today. To set up an appointment, call us at 1-812-232-7400 or fill out the online contact form below.