Do you have debts that you are currently having a hard time repaying? If so, you are not alone. In fact, many people know how easy it is to find themselves in financial trouble and unable to uphold their end of the bargain. The good news is that there is help available for consumers in this type of situation. If you have yet to consider Chapter 7 bankruptcy as a solution, read on to discover why you may find it worth doing so.
Open and Shut Cases
Although Chapter 13 bankruptcy can be beneficial for some debtors, one of the drawbacks of filing that type of petition is that the cases typically take three to five years to complete. Fortunately, this is not so with Chapter 7 Bankruptcy in Indianapolis IN. If you are eligible to file for Chapter 7, you can expect your case to be opened and closed within a six-month period, which means your financial worries will be eliminated much sooner.
No Repayment Plan
Chapter 13 bankruptcy requires debtors to come up with a viable plan to repay at least some of the money owed to their creditors. However, this can be difficult to do when you are already struggling to pay your bills and take care of your daily necessities. A Chapter 7 bankruptcy petition helps relieve some of your financial stress by discharging most of your unsecured debt so that you do not have to be concerned about repaying it at any time.
Getting A Fresh Start
The federal government makes bankruptcy options available to consumers so that they will be able to wipe the slate clean with their finances, and Chapter 7 bankruptcy helps debtors do just that. While this rule does not apply to all property, much of what a debtor acquires after the Chapter 7 petition is filed will not end up being considered a part of the bankruptcy estate. Consequently, you’ll be able to begin rebuilding your financial portfolio with much more peace of mind.
Filing for Chapter 7 Bankruptcy in Indianapolis IN is a great way to regain control of your financial future, but only if it’s done right. If your financial outlook is bleak, get in contact with The Wright Law Group of Indianapolis. Allow their experienced team of legal professionals to review your case and help you come up with a plan to help you create a better future for your family.
