People who are deeply in debt wonder if there is any way that they can ever get out of the hole. For some, filing for bankruptcy is the only logical approach. When seeking the advice of a Bankruptcy Attorney in Sullivan Indiana, it pays to listen closely to what he or she has to say. In the long run, listening is the key to earning that fresh financial start.
Qualifying for Bankruptcy Protection
Before any type of action can take place, the Bankruptcy Attorney in Sullivan Indiana must determine if the client is eligible for any type of bankruptcy protection. Those qualifications are based on a number of factors, including the amount of debt, the income that the client generates, and any assets that could be converted into cash. Contrary to what some people believe, it is possible to work full time and still be eligible for bankruptcy protection.
Choosing the Best Form of Bankruptcy
The attorney will also provide information about each of the forms of personal bankruptcy. Some are designed to pay off part of the debt after selling assets the court deems eligible for sale. Once that money is applied to the debt, the rest is dismissed.
A different type effectively places the debtor under the protection of a debt repayment plan. With this solution, the debtor tenders a set amount from each paycheck to the court. The court then distributes the funds to the debtors in accordance with a set plan.
Depending on the personal situation of the debtor, one approach may be a better choice. The attorney will point out the pros and cons of each method. During those conversations, the attorney will make a specific recommendation about which approach to take. At that juncture, the debtor will need to decide whether to pursue bankruptcy, and what type to seek.
For anyone who is drowning in debt and sees no way to regain control of his or her finances, Visit the website and make an appointment today. After that first meeting with the attorney, it will be much easier to see what must be done, and claim the opportunity to put financial woes in the past.