Bankruptcy is an unfortunate situation, but many people living in and around Highland have to go through bankruptcy proceedings in order to save themselves financially. The decision is a tough one to make. While there are definitely benefits to filing for bankruptcy, such as discharging all or most of your debt, there are also serious consequences. For instance, filing for bankruptcy will have an impact on your credit score. Careful consideration should be given to the advantages and disadvantages of filing for bankruptcy.
Those who are interested in filing for bankruptcy in Highland also need to take into consideration that there are different types of bankruptcy. Some of the most commonly used types of bankruptcy include:
The bankruptcy lawyers at the Whitten & Whitten have helped countless Highland residents work through the tough decision of which form of bankruptcy is best for them. We know that we can help you too.
For each type of bankruptcy, there are certain eligibility requirements that a debtor must satisfy in order to use that type of bankruptcy. For example, debtors seeking to discharge debt through Chapter 7 bankruptcy must satisfy the means test. Debtors cannot have too much income if they want to discharge their debts through Chapter 7 bankruptcy. The means test is a formula that compares the debtor’s income after expenses to Indiana’s median income for a household of comparable size.
A debtor does not necessarily have to be a low income earner to be eligible for Chapter 7 bankruptcy. Expenses such as a high monthly mortgage payment, expensive car payments, high taxes, and other eligible expenses can reduce the debtor’s effective monthly income for the purposes of the means test. If you do not have a lot of disposable income left over after your monthly expenses are deducted from your income, you may be eligible for Chapter 7 bankruptcy.
If you are considering filing for bankruptcy, you should speak to an experienced Highland bankruptcy lawyer, like the professionals at the Whitten & Whitten Reach out to us today for skilled assistance.
These guys really took me out of a tough time. Really down to earth and made me feel at easy. Would recommend
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