Sometimes our bills and expenses can become overwhelming. They can even reach a point where we can’t continue our payments. When this occurs, filing for bankruptcy may be an option. It’s important to know there are several different types of bankruptcy and understanding each can help you determine the best course of action for you.
For most personal debts, there are two best options when considering what type of bankruptcy to file: Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 bankruptcy involves liquidating your assets to come up with the money needed to pay off part of your debts (the remaining balance is forgiven, or discharged). The policies outlined on the U.S. Courts website points out that choosing this method to pay off your debts will allow you to keep certain property through exemptions, such as your vehicle or your home.
If you don’t want to sell off your property and you have a means of income, you may also have the choice of filing Chapter 13 bankruptcy. This allows you to establish a payment plan that will gradually pay off most of your expenses and debts without incurring further penalties. This method will also allow you to exempt and keep certain types of property.
Regardless of how you choose to file for bankruptcy, the process can be complicated and it may be in your best interests to have legal representation by your side.
At Fleschner, Stark, Tanoos & Newlin, our Indiana bankruptcy lawyers are standing by to discuss your bankruptcy case with you. Feel free to give us a call anytime at (800) 477-7315 to begin your financial recovery.
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