Americans have been borrowing more in recent years than ever before, and while income is also on the rise, debt levels have reached historic proportions. According to the Federal Reserve, Americans owe almost 10% of their disposable income to various forms of household debt, including their mortgage, auto loans, credit cards, lines of credit, and student loans. If you are experiencing financial difficulties, you may be wondering about your options for getting out from under the weight of crushing debt.
Bankruptcy is a powerful remedy for addressing debt, eliminating creditor harassment, and eventually opening the door to a debt-free future. It is not for everyone, but bankruptcy may be a smart move for getting back on solid financial footing. Our team at Whitten & Whitten will advise you on your options, so please contact us if you are wondering, “Who are the bankruptcy attorneys near me?” It is also helpful to review some information about two forms that are available for individuals in your position.
The two most common forms of bankruptcy for addressing consumer and household debt include:
Chapter 7: This type is familiarly known as “liquidation” or “straight” bankruptcy because:
Chapter 7 is viewed as an extreme remedy because it does require you to turn control of assets over to the bankruptcy trustee, and the matter remains on your credit report for several years. However, you emerge from the process debt-free.
Chapter 13: With this process, you create a debt repayment plan that gives you three to five years to work off overdue amounts. However, you will usually pay a portion of the total owed on unsecured debt. The bankruptcy trustee remains involved in the case to supervise your compliance with the plan and assist with budgeting.
Automatic Stay: In addition to providing a way to address your debt, keep in mind that filing for either type of bankruptcy triggers the automatic stay on collection activities by creditors.
One of the biggest challenges with bankruptcy is determining eligibility and then assessing which option is the right fit. Our Indiana bankruptcy attorneys will advise you on the pros and cons after reviewing your unique situation. You can rely on Whitten & Whitten to:
If you are researching to find bankruptcy attorneys near me, look no further than Whitten & Whitten for experienced representation. For more than 20 years, we have been helping people get out of debt and look forward to a fresh start. Please call 219-756-0555 or go online today to set up a free consultation with a skilled bankruptcy lawyer.
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