When you are overwhelmed by debt that you aren’t able to realistically pay off, declaring bankruptcy might be a good option. Work with an experienced Vigo County personal bankruptcy attorney for help.
Sometimes, declaring bankruptcy is the only option when you’re struggling to make ends meet. Thankfully, doing so can provide you the clean slate you need to move forward with your life without the burden by financial worries. If you’re considering making the decision to pursue personal bankruptcy, there are a few options available.
When you’re concerned how bankruptcy is going to affect your life, or when you need help deciding which form of bankruptcy is right for you, a Vigo County personal bankruptcy lawyer at Rowdy G. Williams Law Firm can make all the difference. Our firm will work diligently to make the bankruptcy process as smooth as possible, so you can work to rebuild your life.
Choosing Chapter 13 in Vigo County
Chapter 13 bankruptcy might be the right option if you are hoping to retain your assets and repay the debts you’ve accumulated. Also referred to as a wage earner’s plan, in order to qualify for a Chapter 13, you must have a steady income that will enable you to formulate a repayment plan.
This repayment plan will be designed with your lawyer and will need to be approved by your creditors. You will come up with a reasonable way to repay your creditors within three to five years from the date your bankruptcy is approved.
This option is ideal for those who hope to keep their home, car, and other assets while repaying their debts. It’s important to consider whether this route is a financially feasible option for you and your family before making the decision to file Chapter 13.
When Chapter 7 Bankruptcy Makes Sense
When you’re filing Chapter 7 bankruptcy, it typically means that there are no other realistic options for repaying your debt. Chapter 7 involves the complete liquidation of your assets. You’ll need to sell anything of value, such as your vehicle, stocks, and property, and then use the funds you receive to pay off your creditors.
In order to be approved for a Chapter 7, you’ll need to describe your income, debts, and assets in great detail, as well as complete a credit counseling course. Once you’ve done this, any remaining debts will be discharged, as you’ve done everything in your power to repay as many creditors as you could.
It’s important to note that some debts cannot be discharged in any form of bankruptcy. Such obligations might include student loans, alimony, and child support payments, to name a few. Your attorney will review your case to determine whether declaring Chapter 7 bankruptcy is in your best interest.
Get in Touch with a Vigo County Personal Bankruptcy Attorney
If you’re considering declaring bankruptcy but aren’t sure if its a viable option for you, reach out to a knowledgeable Vigo County personal bankruptcy lawyer at Rowdy G. Williams Law Firm today. Schedule your initial case evaluation by filling out the brief contact form at the bottom of this page or by calling our office directly at 1-812-232-7400.