There are two options American citizens have for filing bankruptcy. The first option is chapter 7. This type of bankruptcy requires you to release any non-essential property you own, so it can be sold to pay down your debts. This is done through a trustee that is placed in charge of your case. Though you must surrender much of your property, you are allowed to keep your residential home, your car, furniture and clothing. This allows you to pay down your debts as quickly as possible, usually within six months. This is the fastest option for getting rid of your debt, but there is another option.
Many people these days are dealing with way more debt than they can handle. Credit cards, medical bills and the cost of living can quickly take their toll on your finances. If you feel you are drowning in debt, there are solutions that can help. One of the solutions is hiring one of the Bankruptcy Attorneys in Marion. With the help of an attorney, you can explore your options for filing for bankruptcy, so you can be free from your debt once and for all.
If you prefer to be able to keep your property, you can file chapter 13 bankruptcy. Through the Bankruptcy Attorneys in Marion IN, you can file this type of bankruptcy and keep all of your assets. You will need to provide your attorney with information on all debts you owe. Each of these will be listed on your bankruptcy paperwork. If you fail to list any debts you owe, you may still be held responsible for paying them, even during your bankruptcy period. During your bankruptcy period, you are required to pay a monthly payment to the court. This payment covers all of the debts you owe and is dispersed to all of your creditors. The time of your bankruptcy will depend on all of the debts you owe and the amount of income you have coming in.
If you want to learn more about your bankruptcy options, contact Ripke Law PC and schedule an appointment right away. They will be glad to help you through the process, so you can be free of your debts.
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