Are you wondering if bankruptcy could be a good idea for you? Maybe you’re curious about whether it will be worth it and whether it will really improve your financial outlook. These are common concerns. Sometimes people hesitate before filing because they’re not sure about how a bankruptcy filing can help them. Doing nothing can also have certain consequences because it could cause you to lose your car, home or even part of your paycheck. Read on to understand how the choice between filing and not filing for bankruptcy could affect your financial situation.

What Happens During Bankruptcy?

The ultimate goal of bankruptcy is to protect you from people or businesses who are demanding money from you. During bankruptcy, you work with a bankruptcy attorney to file a petition with the bankruptcy court either discharge most debts outright in a Chapter 7 or reorganize debts in a Chapter 13. The goal of both types of bankruptcy is to give you a fresh start and brighter financial future. Depending on the type of bankruptcy you select, it may take anywhere from three or four months to five years for the process to conclude.

Is Bankruptcy Right for Me?

It’s important to consider a variety of factors in deciding whether to file for bankruptcy. First, look at the range of financial issues involved. If you are facing a home foreclosure, car repossession, wage garnishment or lawsuit, bankruptcy can help halt these processes from moving forward. Another consideration is whether you have debts that are far too large for you to pay in a reasonable manner. For instance, almost half of all filers have medical bills they can’t afford. In addition, a large proportion of filers are also facing a health crisis or recovery from illness or injury, imminent loss of income, massive credit card debt, divorce or other kinds of unexpected expenses that make bankruptcy the best choice for them.

Can I Wipe Out All My Debt Through Bankruptcy?

Bankruptcy can reduce or eliminate most of your debt, but not all. Some debts are considered non-dischargeable in bankruptcy: some back taxes, alimony, child support and student loans. However, it can still a good idea to file for bankruptcy even if it won’t wipe out 100% of your debt. Bankruptcy reduces your expenses significantly, so you can get back on your feet. It makes your finances much more manageable over the long term.

Can Bankruptcy Save Me From Losing My House, Car or Paycheck?

Consider bankruptcy if you are facing an urgent loss, like a home foreclosure or car repossession. In these situations, you must act fast to keep your property. The same goes for a wage garnishment or a lawsuit. By filing for bankruptcy, you can intervene before things go too far and minimize the damage. Work with a bankruptcy attorney to discuss your options. Your attorney will help you use the power of the law to retain as many assets as possible, while paving the way for a fresh financial future.

Sawin & Shea – Indianapolis Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.

Video Transcript

One of the questions we get asked quite often is: Do I really need to file a bankruptcy? That’s an individual question for each individual person. We do offer a free consultation to talk about it, but there are some bad things that can continue to happen if you do nothing.

If you’re having problems with creditors, debt collections, lawsuits, and garnishments, all those things will continue without bankruptcy. We can use either a Chapter 7 or a Chapter 13 to stop those. We can stop foreclosures. We can stop car repossessions. Those things will not stop without a bankruptcy.

Bankruptcy also can help people get back on track with their credit. A common misconception is that bankruptcy will cause significant harm to your credit. In fact, most of my clients who already have damaged credit due to collection efforts in the past, their credit score actually goes up after filing a bankruptcy. It is a way that you can get your credit life back on track.

Please call us for a free consultation. We’d be happy to talk to you about how bankruptcy can work for you.