Get Out of Debt and Get Back on Track
While people generally make every effort to pay their debts, there are times when you simply don't have the income or assets to do so. When this happens, Chapter 7 bankruptcy may be right for you. Chapter 7 erases certain types of debt entirely.
At Walton Legal Services in Indianapolis and Columbus, Indiana, our attorneys offer people affordable bankruptcy services so they can obtain Chapter 7 discharge of their debts. Contact us to learn more about the benefits and consequences of Chapter 7 bankruptcy.
Erase Crushing Debts Permanently
Under Chapter 7 of the federal Bankruptcy Code, you have a right to discharge certain types of debts that you cannot afford to pay. These debts include:
- Credit card bills
- Medical bills
- Late payments on leases
- Personal loans
- Debts from a car wreck
Credit card companies and other lenders charge high interest rates because they know you might not be able to repay your debts. If you cannot afford to pay, you have every right under the law to get your eligible debts discharged in bankruptcy.
If you have mortgage debts, car loans, student loans, child support obligations or back taxes, you will probably still be required to pay them, but the Chapter 7 bankruptcy process will give you some time to get your finances in order without the burden of other debts.
Contact us to discuss the Chapter 7 process or the other option of Chapter 13 personal reorganization with an experienced bankruptcy lawyer.
Nothing Sold Off in Most CasesWhile Chapter 7 bankruptcy is also known as liquidation bankruptcy, in most cases, nothing is actually liquidated (sold to partially repay your debts). If you own a home and vehicle, you will likely be able to keep them as long as you can keep up with payments on them once your other debts are erased. Personal property such as furniture generally will not be sold off either. If it looks like any of your property will need to be sold, we will advise you on the pros and cons. |
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
