Before filing your bankruptcy, your lawyer will need to meet with you and go over your options. There are two types of bankruptcy individuals can file. Chapter 13 bankruptcy allows you to keep all of your assets, but requires you to make a monthly payment through the court. The amount you are required to pay and the time period of your bankruptcy will depend on your monthly income and the amount of debt you owe. Failure to pay your payments will result in your bankruptcy ruling being overturned and you facing your creditors coming after you for payment, through any means allowed under the law.
What Can You Expect When Filing for Bankruptcy Through a Bankruptcy Lawyer in Marion IN?
When people feel they are drowning in debt, life becomes extremely difficult. As your debt grows, you begin getting the harassing phone calls from your creditors, threatening to garnish your wages and even take you to court. Unfortunately, many people cave to this pressure and pay off their debts through credit cards, further compounding the problem. To truly get out of your debt, you first need to sit down and go over all of your bills, working towards a plan of paying them down. If after contacting your creditors, you are not able to overcome your debt, you can find help through a professional Bankruptcy Lawyer in Marion IN. Though maybe not your first choice for overcoming your debt, it has become a viable option for many.
Another option in bankruptcy is chapter 7. This type requires you submit all of your non-essential property for liquidation to pay off your debts. This is done through a trustee placed over your case. Some of your debts may be able to be absolved, but the trustee will work to make sure your creditors get as much payment as possible. You are allowed to keep your home, furniture, car and clothing. All non-essential property is subject to being sold.
If you are dealing with way more debt than you can comfortably handle, contact Ripke Law, PC and learn about your options. They will help you through every step of your bankruptcy, so you can overcome your debts.