Terre Haute Bankruptcy FAQ
Filing for bankruptcy may feel scary and embarrassing, but when you need help getting out from under your debt, it can change your life for the better. But where do you even begin?
Many people in debt need help getting out, and a bankruptcy lawyer can help you do just that. If you have questions about your case, don’t hesitate to contact an attorney at Rowdy G. Williams Law Firm for help.
Will Filing for Bankruptcy Help Me Get Out of Debt?
Generally, yes. Bankruptcy plans are intended to help you start over and manage your debts properly. Whether you or your business are struggling, this federal system is intended to protect you from debt collectors and get you back on your feet.
What Type of Bankruptcy Is Right for Me?
This depends on the debts you’ve accumulated. Chapter 7 bankruptcy is more “extreme” in that all your assets will be turned into cash to pay your lenders and let you restart without debt. If you need to restructure your debts, however, a Chapter 13 plan consolidates your debt to make it easier to pay off.
Will I Lose Everything if I File Chapter 7 Bankruptcy?
Certain assets are exempt in Chapter 7 bankruptcy, so you may be able to keep some of your personal assets after you file. A few examples of property you can fight for are residential property, health aids, workers compensation benefits, and, in some cases, motor vehicles. An attorney can review your case and help you understand what you can keep.
What’s the Process of Filing for Chapter 13 Bankruptcy?
The biggest step to Chapter 13 bankruptcy will be creating a plan for adjusting your debts, consolidating them, and making a clear plan to pay them off over the next three to five years. This is typically done with the help of an attorney and trustee, who can make sure your plan works and protects you. After that, your case will be heard by the court, which will approve or deny the plan.
Can Debt Collectors Harass Me While I’m Paying Back My Debt?
No. Chapter 7 plans discharge your debt, and a Chapter 13 plan will protect you from any additions or actions by the lenders. If you’re still being harassed by debt collectors, you may need to speak with a lawyer about the actions you can take.
Reach Out to a Terre Haute Bankruptcy Lawyer
Whether you want to start fresh now or prepare for a better future, a Terre Haute bankruptcy lawyer can walk you through your options and help you decide what’s best for you and your family.
If you’re still not sure or if you have more questions, Rowdy G. Williams Law Firm can help you through the process. Just give us a call at 1-812-232-7400 or fill out the online contact form below to get started.