What Type of Bankruptcy Should I File?
This is one of the most common questions that people ask who are considering filing for bankruptcy in Indiana. Especially for people who have never filed for bankruptcy before, the choice of Chapter 7 or Chapter 13 can be overwhelming. If you are facing serious debt, you might not even know whether you qualify for Chapter 7 or whether you qualify for Chapter 13 bankruptcy.
With more than 30 years of experience, our Indiana debt-relief attorneys know the types of bankruptcy well. We can help you understand what option is best for you, and we will work with you through every step of the bankruptcy process so that you can find the road to financial freedom.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Chapter 7 Bankruptcy
In general, Chapter 7 bankruptcy is a debt liquidation option that usually gives people a much quicker road to discharge of debt. Contrary to the popular bankruptcy myths, due to the generous exemptions and the possibility of reaffirming secured debt, you have a good chance of being able to keep your home and keep a great deal of your property in a Chapter 7.
Chapter 13 Bankruptcy
Chapter 13 is generally used by people who do not qualify for Chapter 7 bankruptcy. If you do not pass the bankruptcy means test — meaning you have too much disposable income for a direct discharge of your debts — you still might qualify for a Chapter 13. Chapter 13 is a debt repayment or reorganization plan that gives you three to five years to repay your debts according to a repayment plan, and at the end of that time, the remaining debts will be discharged.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
One of the most important benefits of hiring an experienced bankruptcy attorney is that we can help you with the decision-making process. We have been helping our clients find the road to financial freedom for many years; we can help you, too.
