Basics About Filing for Chapter 7 Bankruptcy in Indianapolis, IN

Though no one likes to admit it, it can be difficult to get out from underneath debt. In some cases, it can be nearly impossible. If you’ve found yourself in more debt than you can handle, you may be dealing with calls from debt collectors, facing foreclosure on your home, or worried about not being able to make your car payments. In these cases, it may be necessary to consider bankruptcy. You’ll need to speak with a lawyer to get the best results if you’re going to look into Chapter 7 Bankruptcy in Indianapolis, IN.

Before looking into bankruptcy, you should have at least a general idea of what it is. Bankruptcy is where you formally admit that you cannot afford to pay off all of your debt, and you look to either have it dismissed or lowered into affordable payments. Depending on your situation, there are two different types of bankruptcy. Chapter 13 bankruptcy is generally where you consolidate your bills into a lower, affordable monthly payment. Some of your debt may be actually lowered, but in other cases it may just be that you can make a lower payment for a longer period of time.

If you’re unable to make any payments at all, you may be able to file for Chapter 7 bankruptcy. In this case, you are asking a judge to dismiss your debt. You may have to sell off some of your debt, such as any cars that are not your main car for get to work and back, or any homes except your main home (for instance, vacation homes).

If you’re unsure of which one would be best for you, it’s imperative that you speak with a lawyer. They can help you with figuring out which type is best for you, filing the paperwork necessary, and with going to court. Visiting a site such as Thewrightlawgroupllc.com can help you find a lawyer who can help you with filing for Chapter 7 Bankruptcy in Indianapolis, IN. You can also find out more information about filing for bankruptcy so that you can make sure you have any necessary paperwork with you when you meet with your lawyer for the first time. This will help you get started faster, and get out from underneath the debt.

 

 

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