If you’re having trouble paying your bills and the harassing phone calls have begun, you may want to consult with an attorney. Options are available that can help you get out of debt. You need a fresh start. Bankruptcy can help you get the fresh start that you need, especially if your financial difficulties are due to unemployment, illness or the loss of a loved one. Chapter 7 Bankruptcy in Indianapolis IN may be an option that is available to you. Here are some things that you need to know about Chapter 7 bankruptcy.
Income Requirements
If you are low income or have no reliable source of income available to you, chapter 7 may be your best option. This type of bankruptcy will allow you get out from under your debt if you do not have the ability to repay your creditors.
You’ll Relinquish Most Of Your Assets
Unlike Chapter 13 bankruptcy, Chapter 7 Bankruptcy in Indianapolis IN will require you to relinquish ownership of most of your assets. Those assets will be liquidated and the proceeds from the sale will be used to pay off as much of your debt as possible. Once the money from the sale of your assets is gone, the remaining debt will be forgiven once your bankruptcy is discharged.
Some Debt Cannot Be Forgiven
There are some debts that cannot be included on your bankruptcy, Those include federal taxes, spouse and child support payments that are in arrears, and mos student loans. If you can prove that repaying your student loans would pose a financial hardship on you and your family, or that the school that you attended was fraudulent, you may be able to have your student loans forgiven. You will be able to discuss this matter with your bankruptcy attorney.
If you’ve tried everything to get out of debt and you just keep getting further behind, you need to contact a bankruptcy attorney as soon as possible. Your attorney will make sure that the harassing phone calls stop. Bankruptcy will allow you to get a fresh start so that you can rebuild your credit. Click here for further information on how bankruptcy can help you.
