Learn More About Bankruptcy and Bankruptcy Alternatives
There are many myths about filing bankruptcy. At the Law Office of Colby J. Leonard, we offer a free initial consultation to dispel the myths and help you understand the full range of debt relief options that available to you.
To learn more about a debt relief option, click on the heading:
- Filing bankruptcy: The right form of debt relief will depend on your assets, your income, and your type of debt.
- Chapter 7 bankruptcy: Chapter 7 bankruptcy is called "liquidation" bankruptcy since it wipes out your debts and assets. However, many assets are exempt — which means you get to keep them while still liquidating most, if not all, of your debt.
- Chapter 13 bankruptcy: Chapter 13 bankruptcy is a debt repayment plan that allows you more options than a Chapter 7, such as catching up mortgage arrears, or paying non-dischargeable tax debt without accruing interest or penalties, while still offering the full protection of the bankruptcy court.
- Debt settlement: Depending on how much debt you have, your income, and your assets, your lawyer may be able to negotiate a settlement where you pay less than the full amount owed.
- Home foreclosure alternatives: Bankruptcy isn't the only way to resolve issues with a home in foreclosure. Your attorney may be able to negotiate a short sale, a loan modification or a deed in lieu of foreclosure.
- IRS tax settlement: There are bankruptcy and nonbankruptcy solutions to tax debt. Contrary to popular belief, some tax debt is dischargeable in bankruptcy. Even if non-dischargeable, taxes can often be repaid without accruing penalties and interest through a Chapter 13 bankruptcy. Nonbankruptcy solutions include negotiating an offer in compromise, seeking an abatement of interest and penalties, and qualifying your tax debt as uncollectable.
- Post-bankruptcy counseling: There are many things you can do to improve your credit rating after bankruptcy. Among them: obtaining a credit card, not charging more than half of the available credit limit and paying your bills on time.
- Do your homework: Know who you're hiring. There are many high-volume bankruptcy law firms and document-preparers out there that follow questionable practices. Don't let them take advantage of you.
Free Attorney Consultation
If you are facing debt or tax problems, you have nothing to lose by seeking an attorney's advice. You have a lot to lose by postponing it. Call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this Web site to arrange a free initial consultation with attorney Colby J. Leonard. We have offices in Indianapolis and Muncie, Indiana.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
