If you are deeply in debt and are finding it challenging to even make ends meet at home, bankruptcy could be a good option for you and your family. However, it isn’t as simple as declaring bankruptcy and having your debts disappear.
There are many things that you’ll need to do before your debts can be discharged, and it all starts when you file. If you’re living in Vigo County, Indiana, and are interested in learning more about how to file bankruptcy, continue reading.
Things You Need to Know before You Declare Bankruptcy
Prior to physically filing your bankruptcy petition, you’ll need to complete credit counseling. There are various types of bankruptcy that you can file for, but each requires you to submit a certificate of completion of your credit counseling session.
You will also need to prepare your statement of financial affairs. This will include information about your income and household expenses, your assets, a list of your debts and their respective creditors, and other important details that give the court system a better understanding of your family’s entire financial situation.
Finally, you need to make sure that you are choosing the right type of bankruptcy for your needs, and that you’ll qualify for that type. For example, only the very poor will qualify for Chapter 7 bankruptcy declarations, while those who are in debt more than approximately $395,000 will be ineligible for Chapter 13 bankruptcy. Your attorney will be an excellent resource in making this critical decision.
What Happens after You File?
If you’ve chosen to work with an attorney, your lawyer can actually file your bankruptcy petition for you. By enlisting their experienced help, you can be sure that all of the necessary paperwork and documents have been included.
Once your bankruptcy petition has been filed, you may need to come in for a hearing and meet with your creditors, or meet with your bankruptcy trustee, depending on which type of bankruptcy you’ve chosen. Then, your petition will need to be approved by the judge.
From there you will continue to uphold your end of the bargain and complete your financial obligations, whether that happens by moving forward with the liquidation and sale of your assets or by continuing to make payments based on the terms of your reorganization plan.
When all is said and done, and your responsibilities have been upheld, any remaining debts will be discharged, your bankruptcy case will be closed, and you will finally have the financial freedom you’ve been dreaming of.
Meet with a Vigo County, Indiana Bankruptcy Lawyer
When you’re thinking about taking the leap to declare bankruptcy, contact a Vigo County, Indiana bankruptcy lawyer at Rowdy G. Williams Law Firm for the legal help you need. You can fill out the quick contact form provided at the bottom of this page or give our office a call at 1-812-232-7400 to schedule your free case review.