Many Americans are having difficulties making ends meet, and figures on consumer debt will tell you that you are not alone if you are struggling financially. According to the Federal Reserve, household debt in the US hit a staggering record of $16.15 trillion in 2022. These statistics include amounts for residential mortgages, auto loans, credit cards, and student loans. When you are mired in debt and cannot see a way out, bankruptcy may be an option to consider.
However, the process for bankruptcy is complicated, and there are consequences for your credit. It is essential to fully understand the proceedings so you can make informed decisions on what remedies are a good fit. Retaining knowledgeable legal counsel is critical, and you can trust Whitten & Whitten to guide you. Please contact us to set up a consultation with a bankruptcy attorney in Merrillville, and read on for a helpful summary.
The details vary, but the US Bankruptcy Code provides two options for addressing household debt.
You should keep an important point in mind with both types of bankruptcy: Filing paperwork immediately institutes an automatic stay on collection activities by creditors.
Filing for bankruptcy is a legal remedy with profound implications, so rely on an Indiana bankruptcy attorney for assistance. Our team at Whitten & Whitten focuses on these cases, and we are committed to supporting clients throughout the proceedings. We are prepared to:
This information about bankruptcy is helpful, but you can see that experienced legal representation is necessary when leveraging the advantages for your financial future. For more information, please contact Whitten & Whitten. You can set up a free consultation at our Merrillville, IN, offices by calling 219-756-0555 or visiting our website. After reviewing your circumstances, an Indiana bankruptcy lawyer can advise you on Chapter 7 and Chapter 13.
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