If you are facing some tough financial times in Indianapolis and considering filing for bankruptcy, it is important to delve into more detail to understand what is at stake for you before you consider hiring a bankruptcy lawyer. You need to understand the various bankruptcy options, the eligibility requirements and information on what each kind of bankruptcy will entail. You will encounter several situations under which bankruptcy protection will need to be given strong consideration and these include the following:
* Garnishment of wages
* Harassment by Creditors
* Threat of repossession
* Threat of foreclosures
* Incessant lawsuits by creditors which drain away your finances further
* Illness and disability which renders you incapable of earning a living.
* Loss of Income due to varying factors
When you have resolved that bankruptcy protection will be the right option for you to resolve these obstacles, you will be faced with two main kinds of options: the Chapter 7 bankruptcy and Chapter 13 bankruptcy protection.
The Chapter 7 bankruptcy protection is one of the most popular and is relatively easy to qualify for. While it is sometimes referred to as “liquidation” bankruptcy, it actually offers you protection for your assets such as the car and the house in certain circumstances. The main characteristics of this kind of bankruptcy is that you will be able to get all of your debt cancelled in just a few months and your creditors will have to deal with your bankruptcy attorneys. It is normally suited for the unemployed or those earning very low wages that cannot sustain their livelihoods.
If you do not meet the eligibility requirements for Chapter 7 bankruptcy, you may apply for Chapter 13 bankruptcy protection which is more elaborate. Unlike the Chapter 7 bankruptcy where you may lose some of your property, here you will get to keep everything but you will be compelled to pay all or part of your debts over a period of time, usually three to five years. The Chapter 13 bankruptcy is for the wage earners and is sometimes known by the moniker “wage earner” bankruptcy.
Those facing bankruptcy in Indianapolis may also opt for Chapter 11 and Chapter 12 bankruptcy protection which are targeted at certain population segments. The Chapter 12 bankruptcy shares some similarities with Chapter 13 bankruptcy protection.
The eligibility and repayment procedures for each of these plans differ and there is no one size fits all situations when it comes to choosing the right kind of bankruptcy protection in Indianapolis to move ahead with. If you are unfamiliar with the procedures, you can contact an attorney to offer you some clarification so that you can choose an option that will best match your needs. There are a lot of professional bankruptcy attorneys in Indianapolis that offer quality consultation services.
Bankruptcy Indianapolis – If you are facing bankruptcy in Indianapolis and are willing to get professional help, you may approach Wethington Law Office. Having years of experience in dealing with similar cases, you can surely count on their services. Visit them online to see what they have to offer: http://www.wethingtonlaw.com/.