When you’ve amassed a significant amount of debt and have been, thus far, unable to repay your creditors, turning to bankruptcy can be an excellent option for providing a clean slate for yourself. Once your debts have been discharged, you’ll be able to move forward with your life without being haunted by an overwhelming amount of debt.
Although it is not a legal requirement that you be represented by an attorney, having a highly trained bankruptcy lawyer by your side can make the entire bankruptcy process substantially easier than if you were to try to go it alone. Continue reading to learn more about which type of bankruptcy is the right one for you and how working with an attorney can benefit your case.
Determining Which Type of Bankruptcy Declaration Is Right for You
There are a few different types of bankruptcy that you can choose from, depending on the circumstances of your case. To start, if you are living at poverty level and have no means to repay your creditors, a Chapter 7 declaration could be the right choice for you. A Chapter 7 declaration requires you to liquidate and sell your assets and property in order to repay your creditors as much as possible.
However, if you do have a way to repay your debts but need time to do so, a Chapter 13 declaration might be a better fit. Here, you’ll formulate a reorganization plan that spans over a three-to-five-year period. During this time, you’ll repay your creditors little by little until you’ve met your obligations. At this point, your remaining debts will be discharged.
Finally, business owners who hope to remain open can pursue a Chapter 11 declaration, which is essentially the same as a Chapter 13 declaration, in that you’ll have three-to-five years to repay your creditors based on your approved reorganization plan.
Further questions about the different bankruptcy options available can be discussed during your free consultation with an experienced bankruptcy attorney.
How an Attorney Can Help Your Case
Bankruptcy law is quite complex and you might not understand all of the components that go into filing for bankruptcy. When you want to ensure that you fully understand what you’re signing up for, and that all necessary deadlines are met, an attorney can help.
We’ll make sure that all of the details of your bankruptcy declaration are explained in detail so you firmly understand the liquidation of assets, and then we can assist you in designing a reorganization plan that meets your needs and that of your creditors.
Reach Out to an Indiana Bankruptcy Lawyer
If you’re ready to clear your name and debts, you can get help from a qualified Indiana bankruptcy lawyer at Rowdy G. Williams Law Firm today. We proudly offer potential clients a free case review where we can further examine the details of your bankruptcy petition.
You can take advantage of this opportunity by calling our office at 1-812-232-7400 or by completing the convenient contact form at the bottom of this page.