Is It Time To Consider Bankruptcy?
Financial struggles can drag the best of us down. Perhaps an unexpected challenge — such as divorce, a job loss or medical issues — has left you unable to make ends meet. If your credit card debt, medical bills, payday loans and other bills have spiraled out of control, it may be time to consider bankruptcy.
At Hassler Kondras Miller LLP, we can help you decide whether bankruptcy is the right step for your situation. If it is, we can guide you through the process, handling all the paperwork and filings so you can focus on getting your life back in order.
Understanding Consumer Bankruptcy
Consumer bankruptcy is designed to provide a fresh start for those struggling with unsecured debts. By filing bankruptcy, you can start the process for getting rid of those debts, clearing the way for a more stable financial future.
There are two main types of bankruptcy:
- Chapter 7, also known as liquidation, is a swift process that usually takes only three to six months. Because of generous exemptions at the state and federal levels, most people can get rid of their debts through Chapter 7 without losing their property. However, you must meet a means test to show that you qualify.
- Chapter 13 involves setting up a three- to five-year repayment plan to consolidate your debts into a single, affordable monthly payment. At the end of the plan, any qualifying debt that remains will be discharged. This option can be especially beneficial for homeowners who need to catch up on their mortgage payments and avoid foreclosure.
After examining your financial situation and goals, our attorneys can help you determine which path is right for you.
The Convenience Of A Law Firm In Terre Haute
Bankruptcy takes place in the bankruptcy division of Federal Court. In West-Central Indiana, only Terre Haute is home to a Federal Bankruptcy Court. As a result, you will find it far more convenient to work with a bankruptcy attorney in Terre Haute rather than your own county seat.
Our firm has been a pillar in Terre Haute for more than 80 years. Here, you can feel confident that you will receive trusted and competent legal guidance on all aspects of your bankruptcy case.
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We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.