If you have found yourself in debt, with no way out, you are not alone. Many people these days are getting themselves in too much debt and then finding it difficult to crawl out of. Whether you are dealing with credit card debt or medical bills, there is hope available. Though not for everyone’s financial hardship, this option has helped many people to be able to permanently overcome their debt.
What Happens When You File Chapter 13 Bankruptcy?
Your Bankruptcy Lawyers in Marion IN can assist you through the process of filing for bankruptcy. You will first need to make sure you bring in all of your debt information and proof of your monthly income. Each and every debt you owe will need to be listed in your bankruptcy. If you leave any out, you can still be pursued by the creditor, by any means allowed under the law. If your debt is listed in the bankruptcy, the creditor cannot pursue you or contact you in any way. To come out of their debt and see a brighter financial future, many people work through the Bankruptcy Lawyers in Marion IN, to file for Chapter 13 bankruptcy.
Providing all of this information will assist your lawyer in being able to draw up your paperwork so it can be filed with the court. This information will also be used to calculate the period of time for your bankruptcy and how much your monthly payments will be. You will pay a monthly payment through the court, to be distributed among your creditors. This helps to pay down your debt, eventually paying it off entirely and freeing you from your debt.
To have your bankruptcy approved, your case will need to be heard by a judge. The judge will also need to approve your monthly payment amount and will make sure it is an amount you can reasonably afford to pay. Bankruptcy can last as many as five years, depending on the debts you owe. This gives you time to pay down your debt and work on having a better financial future, by making wise choices.
If you are in need of help in filing your bankruptcy and learning what your options are, visit . They will be glad to assist you in every aspect of your case, and will help you to overcome your debt.
