Hope For People With Crushing Debts
Overwhelming debt payments can cause people to fall into a cycle of instability that magnifies their financial problems. The process of reaching out for help with debt can feel shameful, and some people may struggle with their finances for years. Bankruptcy is a useful legal process that may be able to help you discharge or reorganize your debts into a more manageable payment.
If you struggle to pay your debts, the attorneys at Bayliff, Harrigan, Cord, Maugans & Cox, P.C., can help. We work closely with our clients in Indiana to find the best option to get financial relief. You can schedule your free consultation at our Kokomo office by calling us at 765-459-3941.
Understanding The Common Debt Relief Options
There are two common types of bankruptcy filings that you should know:
- Chapter 7: Chapter 7 bankruptcy filings, also called liquidation or straight bankruptcies, allow a person to fully discharge all or some of their debts so that they can have a fresh start. You must pass a means test to be eligible to file for a Chapter 7 bankruptcy. This test checks your income, your ability to pay your debts and the number of debts that you have. Chapter 7 bankruptcy filings require the filer to sell their property or assets to pay off as much debt as possible. Some pieces of property, such as a family home or single vehicle, may be eligible for exemption from sale.
- Chapter 13: Chapter 13 bankruptcy filings are also known as reorganization bankruptcies because the filing requires a person to reorganize their debts so that they can set up a reasonable repayment plan. To qualify for Chapter 13 bankruptcy, a person must have sufficient income to repay their debts and have gone through credit counseling. This type of filing does not require a person to sell their assets, and it may have less of an impact on his or her credit score.
Our attorneys will review every aspect of your finances to help you decide the best way for you to obtain debt relief. If bankruptcy is in your best interests, we will guide you through the process of filing and help you resolve your financial issues. Our lawyers will minimize your anxieties and worries by guiding you step-by-step through the bankruptcy.
Stop Creditor Harassment And Threatening Letters
Bankruptcy filings have helped many people who had overwhelming debts, from schoolteachers to the President of the United States. We will help you find the best possible solution to your debt problem. Call us now at 765-459-3941 or send us a message to schedule your free consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.