Dealing with the stress of financial burdens is often difficult for people to handle. Not only are you having to scramble to try and make ends meet, but you are also most likely getting harassing phone calls, from creditors threatening to take you to court or garnish your wages. Often, people make the mistake of ignoring these calls, leading to further problems. It is important for you to contact your creditors and make them aware of your financial difficulties. Many companies are willing to work with people who make a concerted effort to try.
What are Your Options in Filing for Bankruptcy?
Before you begin the process of filing for bankruptcy, you first need to meet with the Bankruptcy Attorneys in Ft. Wayne IN, so you can go over your options. There are two types of bankruptcy you can file for as an individual. The first type is chapter 13 bankruptcy and is often most popular among individuals who are in debt. This bankruptcy allows you to keep all your belongings and assets, so you do not have to worry about the sale of your property. You will be required to pay a payment that will go through the court system each month. This amount is decided on by the judge and will be used to pay off your debts over a period of a few years, depending on the amount of debt you owe. Most people file for bankruptcy to cover them from two to five years. If you have done all you can to get rid of your debt and have not found relief, you can receive help through the Bankruptcy Attorneys in Ft. Wayne IN. They can give you information on your rights to file bankruptcy, so you can make an informed decision to help your financial needs.
The second option you have is chapter 7. This type is faster in settling your debt, but you will be required to have all of your assets, other than essential property, to be sold. Your essential property includes your home, car, furniture and clothing. A trustee will be in charge of your case and will see your assets are sold and the money is given to those you owe. This type of bankruptcy is most often settled within a period of six months.
