Those who are in serious debt and struggling just to make ends meet may be trying to find a solution to their financial troubles. Fortunately, declaring bankruptcy can be a great option for people just like you.
Although bankruptcy often carries a poor reputation, asking for help when you need it and giving yourself a fresh start can be the best way to better your life.
However, declaring bankruptcy isn’t as easy as you might think. There are several different types of bankruptcy to choose from, legal details you’ll need to know, and creditors you’ll need to deal with. For assistance in these areas, you’ll want to retain a qualified bankruptcy lawyer to file your bankruptcy petition and have your debts discharged.
Choosing Your Bankruptcy Plan
There are many factors that will need to be taken into consideration when you are choosing which type of bankruptcy to file. You might be thinking that you’ll file for Chapter 7 and have to sell all of your assets. But you might not know that only individuals or families who are living at or below the federal poverty level will qualify for this type of bankruptcy.
If you want to keep your assets and repay your creditors over time, a Chapter 13 bankruptcy declaration could be the right choice. Alternatively, if you are a business owner in the same situation, Chapter 11 bankruptcy could be a better option. There are even some parties who would benefit from a Chapter 12 or Chapter 9 bankruptcy declaration.
As you can see, figuring out which type of bankruptcy is going to be a good fit for you and your family can be challenging, but when you have a regarded bankruptcy attorney working for you, you can rest easier knowing you are on your way to financial freedom.
Legalities and Dealing with Your Creditors
No matter which type of bankruptcy you end up filing, you can expect there to be specific paperwork to submit and creditors to deal with. As part of every bankruptcy petition, you’ll need to submit a disclosure statement, which is essentially a statement of your financial affairs. Your lawyer can assist you with including the details that will need to be provided within this statement.
What’s more, you’ll need to have a list of all of your outstanding debts and their respective creditors. Depending on which type of bankruptcy you file, your creditors may have the opportunity to object to your repayment plans and otherwise delay your bankruptcy petition from being granted in a timely manner.
Get Help from a Terre Haute Bankruptcy Lawyer
If you are considering filing for bankruptcy but aren’t sure where you should start, get in touch with an experienced Terre Haute bankruptcy lawyer at Rowdy G. Williams Law Firm.
We’ll be able to help you determine which bankruptcy route is right for you and handle the bankruptcy laws that will impact your case. Just give our office a call at 1-812-232-7400 or submit the brief contact form at the bottom of this page to schedule your free case evaluation today.