Helping You Find A Solution With Bankruptcy
Often, debt issues arise over a period of time as hardworking, honest people struggle with the economic times. When debt gets out of hand, creditors can become relentless. In other situations, a medical emergency can trigger overwhelming medical bills and it may be tempting to try to delay late payment issues using credit cards, or tapping into protected assets, such as retirement accounts to get back on track
If you are facing unmanageable debt, know that you are not alone. It may seem troubling to consider bankruptcy relief. You should know that the bankruptcy process is a time-honored system for real people to obtain a fresh start. The founders made sure to include bankruptcy protection in the U.S. Constitution. Bankruptcy, or debt relief, is also positively addressed in the Holy Bible. At the Law Office of Stacey M. Davis LLC, in Indianapolis, I understand how stressful it is for you to suffer with overwhelming debt. It is more than just a pile of unmanageable bills for most, it can consume your thoughts and adversely impact your day-to day life.
A Law Firm Created To Give You A Fighting Chance For A Debt-Free Tomorrow
Speaking with a bankruptcy lawyer can allow you to truly understand what bankruptcy can and cannot do for you — as well as give you the peace of mind that there is hope for freedom from enormous debt. To learn how I can help you move forward to a brighter tomorrow, call 317-981-7557 to arrange a no-pressure consultation,
I can help you to navigate you through the complex world of bankruptcy. I will counsel you and help you determine which bankruptcy would be appropriate for you — or whether you should file bankruptcy at all. Check out these bankruptcy facts, and give me a call to explain your options.
What you need to know about chapter 7
Chapter 7 bankruptcy is often referred to as the “liquidation bankruptcy.” This may seem daunting, but in the real world, bankruptcy law includes “exemptions,” which protect many assets. Filing for bankruptcy protection does not mean that you will lose everything you own. Bankruptcy is a humane and respectful process to get back on track and regain control of your finances.
Chapter 7 is commonly filed when:
You have little property other than basic necessities and have little or no money left over after paying basic monthly expenses each month.
Advantages of chapter 7:
Most unsecured debts can be discharged (eliminated). The process generally moves fairly quickly, about 3 to 4 months, and an automatic stay goes into effect so your creditors cannot collect or even contact you while you are in the process.
Who can file under chapter 7:
Debtors who have qualified under the “means test” and completed a pre-filed consumer credit counseling class.
What you need to know about chapter 13
Chapter 13 is often referred to as the “wage earners bankruptcy and it requires a “payment plan.” While it is true that chapter 13 involves a repayment plan, it is a myth that the repayment plan must pay off all debt. Chapter 13 is not like many of those “debt consolidation” services you may have heard of. In Chapter 13, all of your individual finances, income and assets are analyzed and a reasonable payment plan is created to allow you to get though the process. At the conclusion of the plan often outstanding unsecured debt is discharged. Most people repay a portion of the total debt.
Chapter 13 is commonly used when:
You have significant equity in a home or other property and you desire to keep that property. You are able to pay your regular monthly expenses and have some disposable income left over to put into a repayment plan.
Advantages of chapter 13:
You can keep most of your property while spreading out payment over time to pay past due amounts (i.e. mortgage arrearage). You will have 3 to 5 years to catch up the delinquent accounts according to the schedule, you, your lawyer and the bankruptcy trustee come up with (“the chapter 13 plan”). An automatic stay goes into effect so your creditors cannot collect or even contact you during the process.
Who can file under chapter 13:
Debtors with a regular income and some disposable income (i.e.. income left after paying basic monthly expenses) to put into a plan and completed a pre-file consumer credit counseling class.
Reach Out To A Caring Bankruptcy Attorney To Learn More
I provide guidance and representation to help people secure a better tomorrow. To learn how I can guide you through the debt relief process, send me a brief message online or call 317-981-7557 to request a free bankruptcy consultation. The Law Office of Stacey M. Davis LLC is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.