Being in debt is a miserable experience. There are times you feel like you can’t keep up with what you owe, and that you’ll never get out from underneath it all. It is probably time to consider bankruptcy as a way to resolve your debt problems. While it may seem like a big step to take, it does free you from your debts and allows you to start over with your finances. It’s always best to discuss your issue with a Bankruptcy Attorney in Sullivan, Indiana, before you make any decisions.
Perhaps the most important reason to talk to a lawyer is to learn about your options. Not everyone has debt that can be cleared by bankruptcy. Student loans are almost impossible to eliminate, and certain court-ordered debts such as a judgment, spousal and child support will survive. But tax debts, credit card balances, even mortgages can be discharged. A Bankruptcy Attorney in Sullivan, Indiana, can help you determine if filing will be worth your time or not.
In the event that your debts are eligible for a discharge in bankruptcy, you can begin the process of filing. Your income and asset ownership play a role in which chapter of bankruptcy you are going to file under. If you have a high income and a lot of assets that you do not want to lose, you most likely will be able to file under Chapter 13. This chapter reorganizes debt into manageable payments that are repaid over a set period of years. The remaining amount at the end of the time frame are discharged, and you keep your assets.
If you have a lower income and very few assets, then Chapter 7 is more likely for you. This chapter of bankruptcy will clear your debts in a matter of months, but you may see assets you own sold by the trustee to pay your creditors. What gets taken and sold all depends on its value and if the trustee feels that it can be sold with a decent rate of return. There are no guarantees as to what the trustee will and will not do when it comes to liquidating assets.
Concrete answers to filing for bankruptcy can be had by setting up a consultation with a lawyer. Visit website to learn more.
