To find out how a Vigo County bankruptcy attorney can help you, give us a call today.
Facing insurmountable debt can be emotionally exhausting, and it can compromise your ability to live a normal life. When this happens, many people are unsure of how to get their finances back in order.
If you are in this situation, our team at Rowdy G. Williams Law Firm can help you file for bankruptcy. This debt-relief solution can allow you to regain control of your life. And a Vigo County bankruptcy lawyer from our firm is here to guide you through the whole process.
The Different Types of Bankruptcy
It may come as a surprise, but not all bankruptcy cases are the same. Depending on your unique situation, such as the type of debt you have, your bankruptcy lawyer in Vigo County may recommend filing for Chapter 7, Chapter 11, or Chapter 13 bankruptcy.
Understanding the differences between these options is crucial because it will help ensure that you stand the best possible chance of securing a favorable outcome.
Chapter 7 Bankruptcy
For individuals with minimal or no income, filing for Chapter 7 bankruptcy may be the best approach to debt relief. This method is often called “straight bankruptcy” or the “liquidation” process because it allows the individual in question to liquidate his or her assets to repay debts and begin rebuilding his or her financial health.
This is a common type of bankruptcy in Vigo County, and it is often used in the event of job loss or severe injury.
Chapter 11 Bankruptcy
If you are a commercial business owner, Chapter 11 bankruptcy may be the best fit for you. This approach is used to help businesses regain their financial footing while repaying their debts and continuing the enterprises’ operations. This method of bankruptcy involves creating a repayment and profitability plan that must be approved by the courts.
In rare instances, private individuals may be eligible for Chapter 11 bankruptcy. A bankruptcy attorney in Vigo County can help you determine whether you’re eligible.
Chapter 13 Bankruptcy
If you are an individual with a relatively regular source of income, your bankruptcy lawyer in Vigo County will likely recommend filing for Chapter 13 bankruptcy.
This approach is often called the “wage earner’s plan.” It provides individuals with a repayment plan that allows them to repay debts they may not currently have the means to manage.
Understanding the Bankruptcy Process
Once you’ve decided to file for bankruptcy in Vigo County, you’ll likely have a lot of questions about how the process will be handled. Here is a basic rundown of the process for private individuals:
- First, you will likely need to complete a credit counseling course.
- Once your course has been completed, your attorney will file your bankruptcy petition with the courts. Once this has been filed, all debt collection efforts should halt. At this point, you will be assigned a trustee who will oversee the case.
- You will provide the courts with all relevant financial information. This will include your assets, income, expenses, and liabilities. Depending on the type of bankruptcy you’re filing for, you may also need to provide a payment schedule at this point.
- Once this has been done, you will file a statement of intention. This will cover the debts you wish to eliminate, as well as any debts you would like to continue making payments on.
- Next, your trustee will set up a meeting with creditors.
- Your debts should be discharged within six months to five years, depending on the type of bankruptcy petition you filed.
As you can see, the process is incredibly complex and involved. Making mistakes or failing to file the correct information can be easy if you don’t know what you’re doing, which is why it can be so helpful to work with a competent Vigo County bankruptcy assistance lawyer.
Get in Touch with a Vigo County Bankruptcy Attorney
If you’re facing an overwhelming amount of debt and don’t know how to manage it, our team at Rowdy G. Williams Law Firm wants you to know that you have options. Filing for bankruptcy may be the right decision for you, and it’s one that can allow you to maintain your quality of life and get your finances back in order.
If you’re interested in learning more, set up a meeting with a Vigo County bankruptcy lawyer to discuss your situation and see if you qualify. You can contact us using the online contact form at the bottom of the page or by calling our office at 1-812-232-7400.