Being in debt can be a stressful situation, especially when you cannot make your payments. Creditors will begin calling your home, and may even begin harassing you at work. There are several things that you can do to try and get out of debt, such as debt consolidation loans, and payment modification programs. However, when those options fail you may have to consider bankruptcy.
Financial problems can develop quickly, especially following a death in the family, or a loss of employment. Some creditors will be willing to work with you in developing a payment plan that works with your present circumstances. Many creditors will still insist on their payments, and be unwilling to assist you in any way. Bankruptcy Lawyers in Fort Wayne, IN will help when it is time to file for bankruptcy protection.
Ripke Law, PC has attorney on staff who are experienced in all aspects of bankruptcy law. They are there to answer any questions that you might have. Most individuals will qualify for either chapter 7, or chapter 13 bankruptcy protection. The chapter that you file for will depend upon your particular circumstances, including whether or not you are employed, as well as your level of debt.
Chapter 7 bankruptcy is best for individuals who do not have a reliable source of income, and have limited debt, and assets. Under chapter 7 bankruptcy you will liquidate all of your assets, and the money will be used to pay as much of your debt as possible.
If you do have a reliable source of income, such as a full time job, you will be able to file for chapter 13 bankruptcy. With chapter 13 you will get to keep your personal and real property. You will be required to make payments to your creditors in order to pay off most of your debt. In most cases you will be required to make payments for about three years, however, depending on your income, you may have to make payments for up to five years.
Your bankruptcy will be discharged as soon as you have made all of your required payments. Bankruptcy Lawyers in Fort Wayne, IN will help you through the entire process. They will also ensure that your paperwork is filed properly.
Visit for more details.
