Advantages of Bankruptcy
Benefits of Filing Bankruptcy in Indiana
As you face excessive debt and seek a solution to this issue, you are likely wondering what advantages bankruptcy can have on your future. Although there are many types of bankruptcies, most consumers file under Chapter 7 or Chapter 13. Many individuals must file for Chapter 13 because they do not qualify for Chapter 7 under the means test, but there are advantages to both chapters depending on your circumstances.
What is Bankruptcy & How Does it Work?
If you are in financial difficulty and cannot repay your debts, bankruptcy is a legal process that can provide you with a fresh start. A bankruptcy filing grants you an automatic stay, which stops your creditors from collecting on your debt. Your bank account cannot be seized, your wages cannot be garnished, and your other assets cannot be taken. Bankruptcy allows you to work with your creditors and the court to create a repayment plan and figure out the next steps.
Read below to find out the more of the many advantages of bankruptcy!
What Are the Benefits of Bankruptcy?
Eliminate Debt
Filing for bankruptcy does not have to be the dreaded solution to debt that many people consider it to be. In a Chapter 7 bankruptcy, debt is immediately eliminated. Chapter 13 bankruptcy debt elimination takes place through an affordable payment plan aimed at the repayment of creditors.
Bankruptcy can often discharge most credit card, medical bill, and unsecured debt. Homeowners who owe more on the first mortgage of their home might be able to even drop the second mortgage lien from a property's title. In some cases, clients can also use the bankruptcy process to discharge other forms of debt. Consult an attorney to learn what you are potentially eligible to discharge.
Reduce Stress
Along with the elimination of debt, you can remove the burden of stress. Bankruptcy is a debt solution that assists debtors in getting back on a healthy financial track. Many individuals file bankruptcy to eliminate debt from car loans or to refinance their mortgages. Although the bankruptcy course may seem stressful, the result is relief from the debt that is being discharged. Stress is often associated with constant harassing contact from creditors.
Filing for bankruptcy will allow our clients the protection from abusive debt collection actions because creditors are not allowed to engage in such practices once the bankruptcy process is initiated.
-
“Thanks to Dana Oglesby I am debt free.”
“I am now able to move on with my life.”- Former Client -
“Always available to answer any questions.”
“They made me feel at ease and explained every step we would take.”- LIzzy M. -
“Beyond fantastic!”
“Everything was taken cared of in a quick and professional manner.”- Brent M. -
“Best lawyers Indy has to handle your case.”
“Professional service, they really care about you and the situation you are in.”- Steven S. -
“We now have a much greater outlook.”
“The last 5 years has been tough. But we made it through with great guidance.”- R&E -
“You will not be dissapointed!”
“I was so impressed and would recommend her and Jackson & Oglesby in general, to anyone seeking these type of legal services.”- Kelly H. -
“Can't express the level of satisfactory customer service I received.”
“hank you for all that you have done to assist me! I”- Doug B. -
“Highly recommend!”
“They were very knowledgeable and made the whole process very easy for us.”- Erica H.
Advantages of Bankruptcy
Bankruptcy can offer individuals and businesses a chance to regain financial stability. It provides immediate relief by putting a halt to creditor actions like lawsuits, foreclosures, or wage garnishments through an automatic stay. Secondly, bankruptcy may allow for the discharge or restructuring of debts, providing a fresh start and alleviating overwhelming financial burdens. Moreover, it can help in asset protection, permitting exemptions that safeguard crucial assets like homes and vehicles from repossession and foreclosure. Lastly, bankruptcy offers a structured path to rebuild credit over time, enabling individuals to demonstrate financial responsibility and work towards a better financial future.
Contact Our Indiana Bankruptcy Lawyers
Get your fresh financial start today! Reach out to Jackson & Oglesby Law, experienced Indiana bankruptcy lawyers. Let us guide you through the process and help you regain control of your financial future. Contact us now for a consultation.
If you need help navigating bankruptcy laws in Indiana, get in touch with a lawyer at Jackson & Oglesby Law LLC. Call (888) 713-5148 for a bankruptcy attorney near you.