In today’s world many people are faced with the dilemma of not being being able to meet their financial obligations. After weeks, months or sometimes even years of struggling to pay back debts that seem to never disappear, some people are left with no other option than to file for bankruptcy.
Hiring a lawyer can help you navigate the confusing laws and advise you of your rights. There are two types of bankruptcy available to an individual, Chapter 7 and Chapter 13. A Bankruptcy Lawyer in Marion can help you determine which option is in your best interest. Chapter 7, also called a straight bankruptcy, is where a debtor goes to court and asks for all of his unsecured debts to be discharged. In Chapter 7 you may be able to keep secured debts if you choose to and continue to pay for them. Laws regarding exemptions vary from state to state. If looking for an opportunity to start fresh this may be the best and quickest choice. The other option available is Chapter 13. This is where the debtor goes to court and asks for their debts to be reorganized into a lump sum payment. Repayment plans usually last between three to five years and when the plan is over with the debtor’s remaining liabilities are discharged. The goal is to have an opportunity to repay debt but with better terms.
Most firms provide a complimentary consultation to help you to assess if filing for bankruptcy is in your best interest. They can go over the various options and can help direct you in making a decision. Some firms, such as as will take payments. The small extra cost of being represented is well worth it as the laws regarding bankruptcy are very technical and a mistake can affect your rights. Missed paperwork may result in losing the right to file another case or losing an asset that you meant to keep. Hiring a Bankruptcy Lawyer Marion IN can simplify the process and help take some of the weight off your shoulders so that you can focus on getting back on the path to financial independence.
