If you’re having difficulty keeping your head above water due to the mountain of debt you’ve accrued over the years, declaring bankruptcy might be the best option for you.
There are a couple of different options you’ll have as an individual looking to give themself a clean slate, and you’ll need to prepare to cover the costs that come with filing for bankruptcy. Below, we examine the different bankruptcy options available and what you can expect to pay out-of-pocket moving forward.
Choosing the Right Type of Bankruptcy
Before you can move forward, you’ll need to determine which type of bankruptcy is the right fit for you. There are two main forms of bankruptcy that individuals can look into to clear their debts.
In a Chapter 7 declaration, you’ll sell your assets and provide your disposable income to your creditors so you can pay off as much of your debts as possible. After you’ve sold your assets, your debts will be discharged and you’ll be debt-free.
If you’re considering a Chapter 13 declaration, you’ll need to be prepared to repay your creditors through the creation of a repayment plan. This repayment process typically spans a period of three to five years.
When you’ve completed the terms of your repayment plan, your debts will then be discharged. Your attorney can review the details of your financial situation to determine which type of bankruptcy is the best option for you.
Filing Costs and Attorney Fees
The total amount you’ll be expected to cover will depend on how extensive your case is and which type of bankruptcy you’re declaring. The cost of filing under Chapter 7 is $335, and $310 if you’re filing under Chapter 13. If you are unable to make these payments in a lump sum, the courts might allow you to pay in installments.
Additionally, you’ll need to prepare to cover your attorneys fees which, again, will vary in each case. Generally speaking, the costs of working with an attorney to clear your debts is anywhere between $500 and $3,500. We’ll work with you so you don’t fall further in debt when trying to repay your creditors.
Get Help from an Indiana Bankruptcy Lawyer
To discuss your case further with a highly trained Indiana bankruptcy lawyer at Rowdy G. Williams Law Firm, simply pick up the phone and give us a call at 1-812-232-7400 or you can utilize the quick contact form we’ve included at the bottom of this page to schedule your initial consultation today.