If you have racked up a significant amount of debt over the years and are now struggling to repay it or even make ends meet, declaring bankruptcy can be an excellent option. A bankruptcy declaration could provide you with the opportunity you need to pave the way toward financial freedom.
Prior to heading to the Indiana bankruptcy courts to file your petition, there are some important details you need to know, which we have reviewed below.
Which Type of Bankruptcy Is Right for You?
Before you are able to file for bankruptcy, you’ll need to determine which type of bankruptcy is right for you. If you are below the federal poverty level annually, Chapter 7 might be a good fit, as you’ll need to liquidate and sell your assets in order to repay your debts and ultimately clear your name.
But if you earn a reasonable living and can repay your debts over time, Chapter 11 or Chapter 13 will be the right option. Chapter 13 is for individuals, and Chapter 11 is available for business owners.
What to Bring When You’re Ready to File
Once you think you are ready to head down to the Terre Haute bankruptcy court to file your bankruptcy petition, you’ll need to first make sure that you have all of the necessary supporting documentation. This will include your certificate of completion of credit counseling as well as your disclosure statement.
Your disclosure statement describes your current financial situation and that of your spouse so that the judge overseeing your case has a clear understanding of why declaring bankruptcy is the best option for you.
Items to be included in your disclosure statement include a list of your creditors and their respective debts, your assets and liabilities, and your families income and expenses, to name a few.
Meet with an Indiana Bankruptcy Attorney
If you have additional questions surrounding your bankruptcy petition, you can meet with a qualified Indiana bankruptcy lawyer at Rowdy G. Williams Law Firm to further discuss the details of your case. Just give our office a call at 1-812-232-7400 or fill out the brief contact form we have provided below to schedule your no-cost consultation.