If you’re drowning in debt, bankruptcy might provide the best way out. Speak with a bankruptcy lawyer in Clay County, Indiana, to determine if it’s the right option for you.
Having an overwhelming amount of debt can be tough to deal with. When this happens, you do have options to get through it, however. With the help of the Rowdy G. Williams Law Firm, you can work with a Clay County bankruptcy lawyer to file for bankruptcy and get your finances back in good order.
Which Type of Bankruptcy Works for You?
Most people believe that when they file for bankruptcy, it’s a straightforward process that is the same for everyone. However, this isn’t true—the type of bankruptcy your attorney will recommend will be highly dependent on the unique details of your case. For example, your amount of income and whether you’re a commercial property owner are both important factors to consider. It’s crucial to understand how these different options vary, as they may require different pieces of information and documents.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is recommended for those who have little or no source of income. It is often used when the individual suffers a sudden and unexpected job loss or depreciated health.
Chapter 7 is sometimes referred to as “straight bankruptcy” or “liquidation” because it gives the individual filing the opportunity to liquidate his or her assets to pay off debts and regain financial health.
Chapter 11 Bankruptcy
Most commonly, Chapter 11 bankruptcy is filed by business owners who need a method to get their finances in order. This approach allows them to simultaneously pay off their debts while keeping their companies functional. They do this by working with a Clay County bankruptcy lawyer to create a viable repayment plan.
Chapter 13 Bankruptcy
Individuals with a regular source of income often opt for Chapter 13 bankruptcy. This approach provides them with the opportunity to create an approved repayment plan and slowly pay off their debts.
Understanding the Bankruptcy Process
After your Clay County lawyer has helped you determine which bankruptcy method is right for you, we’ll begin the process of formally filing. The associated steps can be incredibly complex, which is why working with a bankruptcy lawyer is so crucial.
Typically, the process goes as follows:
- Completing a credit-counseling course and filing a bankruptcy petition to halt all debt collection efforts
- Assignment of a trustee to supervise the case
- Providing the bankruptcy court with the appropriate financial information, such as assets, income, expenses, and liabilities
- Filing a statement of intention that highlights the debts you wish to eliminate, as well as the debts you plan to continue paying
- The trustee meets with the creditors for approval
- The debts are discharged within between six months and five years, depending on the type of bankruptcy petition you filed
Let Our Clay County Bankruptcy Attorneys Help You
If you want to file for bankruptcy, you’re going to need legal guidance. That’s what the legal team at the Rowdy G. Williams Law Firm is here for. We will ensure that the process goes as smoothly as possible so that you can get your financial health back on track.
Get in touch with a Clay County bankruptcy lawyer today by calling 1-812-232-7400 or by completing the online contact form below.