Indiana Bankruptcy Lawyer

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In the state of Indiana, the total number of bankruptcy filings exceeds more than 50,000 each year, while bankruptcy in the United States overall is a common occurrence. When businesses or individuals find themselves in difficult financial situations that they just cannot get out of without some sort of legal help, they may turn to bankruptcy protection. Before trying to navigate the maze of bankruptcy laws alone,individuals and businesses should carefully select someone with experience whom they can trust. Anyone considering this drastic financial move should consult with a qualified Indiana bankruptcy attorney.

Bankruptcy is defined as the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a painstaking process. Bankruptcy laws can be complicated, due to the many different types of bankruptcy, so
it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have assets.

Bankruptcy can be a devastating event to an individual, a family, a small business, or a huge corporation. The complexities of bankruptcy and the claiming of assets can be overwhelming for anyone to handle. A bankruptcy lawyer or attorney will discuss the different types of bankruptcy and advise you on which one is best for you. Keep in mind that there are several types of bankruptcy, including Chapter 7, Chapter 11, and Chapter 13 (the most common types), and Chapter 9, Chapter 12, and Chapter 15 (less common).

Chapter 7, which is known as "liquidation bankruptcy," is a good choice for those who have no real assets to protect. Under Chapter 7, people are only be required to liquidate assets that are not exempt by law, such as vehicles that are under $2,775. Items that are not exempt will be sold in order to pay off a portion of the debt, and the rest will be permanently discharged.

Chapter 13 is commonly referred to as a "wage earner's plan." This allows you to pay off debt over 36-60 months, according to a court-approved repayment plan. This allows you to catch up on your mortgage, and does not require you to sell your home to pay your creditors.

Once an Indiana bankruptcy lawyer or attorney has explained your option, they will oversee your case, beginning to end. In some situations, the individual or business will go before a Indiana judge and work out a payment plan or they will have a partial or full discharge of most debt. In some cases, all debts are discharged. If you file for bankruptcy, your debts may be discharged, but your credit will be affected for up to 10 years. A bankruptcy lawyer or attorney will explain the risks to you as well as offer other possible alternatives to bankruptcy. Keep in mind that an Indiana bankruptcy lawyer or attorney will also have extensive knowledge about debt management.

If you are ready to contact an Indiana bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association (ABA) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in Indiana. Access to the site and profiles is free.

It is important to review your situation with a bankruptcy lawyer, who can help you determine the best route for your future. Contact a bankruptcy attorney today and stop the stress of overwhelming debt so you can get back to living.

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