When you’re dealing with substantial debts that you can’t seem to pay off no matter how hard you try, get in touch with an experienced Vigo County Chapter 7 bankruptcy lawyer who can help you regain control of your life.
Figuring out how you’re going to earn enough money to pull yourself out of debt can be a struggle when you are having a hard time staying financially afloat in the first place. Many people in your situation consider filing for Chapter 7 bankruptcy in an effort to start over with a clean slate.
At Rowdy G. Williams Law Firm, a Vigo County Chapter 7 lawyer will work with you to discuss each of your debts and see if we can come up with a workable plan of repayment before we resort to filing for Chapter 7 bankruptcy. If declaring bankruptcy is the right solution for you, we will stand by your side to ensure that, after you’ve met your obligations, your financial future is bright.
Qualifying for Chapter 7 in Vigo County
Nearly anyone who has an enormous amount of debt and meets the income requirements is eligible to file for Chapter 7 bankruptcy. Corporate offices, small business owners, and individuals alike can file for Chapter 7 when there are seemingly no other options to rid themselves of their debts.
This option should always be among the last to be considered when you’re trying to get yourself out of debt, as all of your assets and possessions will be sold. The profits made from the sale of your belongings will then be applied to your debts. A Chapter 7 lawyer in Vigo County can help you determine whether this type of bankruptcy is right for you.
How Declaring Chapter 7 Bankruptcy Works
Once you’ve made the decision to file for Chapter 7 bankruptcy, you will be required to submit both a disclosure statement and proof of credit counseling.
A disclosure statement is essentially an overview of your household’s financial situation and will include a statement of your financial affairs, a list of your assets and liabilities, the income and expenses of you and your spouse, and a detailed account of your debts and creditors.
After these have been provided to the courts, an automatic stay will be granted. This will prevent your creditors from further pursuing your debts from you or anyone who might have co-signed on your loans. At this time, you will negotiate and clear up any discrepancies with your creditors and sign reaffirmation agreements for assets you hope to keep, such as your vehicle or furniture.
When you sign a reaffirmation agreement, you’ll be required to pay the back payments on these items and continue to make regular payments thereafter.
The Discharge of Your Debts
Your assigned case trustee will oversee the sale of your assets and dispersal of your disposable income after you and your Chapter 7 attorney in Vigo County have come to a mutual agreement with your creditors. Once your trustee has applied the funds earned from the sale of your possessions to your creditors, your debts will be discharged and creditors will no longer be able to pursue further payments.
It is important to note that child support, alimony, student loans, and taxes cannot be discharged, and you’ll likely still be responsible for those costs once your Chapter 7 bankruptcy case has been closed.
Connect with a Vigo County Chapter 7 Attorney
The liquidation of your assets and surrender of your disposable income should only occur when there are no other options for curing your debts. A knowledgeable lawyer at Rowdy G. Williams Law Firm will offer you an objective opinion on whether filing for Chapter 7 bankruptcy is right for you.
If it is, you can rest assured that, when all is said and done, your financial reputation is on the road to recovery. We offer no-obligation case evaluations to each of our prospective clients. Schedule yours by calling a Vigo County Chapter 7 lawyer at 1-812-232-7400 or filling out the contact form below.