Bankruptcy Doesn’t Have to Be As Scary Or Embarrassing As You Think
A Chapter 7 bankruptcy is a popular form of bankruptcy that helps you discharge or erase multiple forms of debt. Chapter 7 bankruptcy provides a clean financial start for those who qualify for it. It leaves a person wondering, “Am I eligible for Chapter 7 bankruptcy?” Many people refer to Chapter 7 as “straight” bankruptcy because it offers some advantages over other types of bankruptcy cases.
It’s interesting to note that you can stay in your house and car during the bankruptcy process, as all active bankruptcies stop the actions of debt collectors. If you don’t want to keep your home, you might be able to discharge your mortgage through a Chapter 7 case as well. Keeping the car you have may help you continue getting to work until you get another one if you must eventually relinquish the one you have.
All types of bankruptcies have benefits and drawbacks. A Chapter 13 bankruptcy offers a person with financial hardship an opportunity to pay off their debt over time. A Chapter 7 attorney will first attempt to qualify you for Chapter 7, and if not, they may recommend a Chapter 13 bankruptcy to meet your needs better.
Filing for bankruptcy isn’t a great feeling, but would you believe that four former U.S. presidents have done it? Thomas Jefferson, Ulysses Grant, William McKinley and even honest Abe Lincoln all had to file! So if you’ve reached that critical position where you know bankruptcy is your only (or at least your best) remaining financial option, take heart in that knowledge and start the search for the right Indiana bankruptcy attorney to serve you.
Indiana bankruptcy attorneys are able to specialize as they do because so many people file for bankruptcy all the time. One legal company estimates about 1.25 million Americans will file this year alone. Since bankruptcy in Indiana contributes to such figures, you can bet that there is a foreclosure lawyer or bankruptcy lawyer in Indiana who understands your situation and knows how to help.
For instance, did you know there’s such a thing as filing for Chapter 13 bankruptcy? Under these conditions, you plan to repay some or all of your debt over the course of three to five years. Depending on your debt, might not be so bad, right? Indiana bankruptcy attorneys can also show you how to gradually rebuild your credit score after declaring bankruptcy. Some people don’t even realize that it’s possible to do this. Filing bankruptcy in Indiana isn’t going to be easy, but there’s no reason it has to feel like a defeat. Again, just think of those four presidents and how bankruptcy obviously didn’t stop them from changing the world. Good references here: koehlerbankruptcy.com