Anderson Chapter 7 Attorney
Will Filing Bankruptcy Provide the Debt Relief You Need?
Myth: Under the new laws, bankruptcy won't discharge credit card or medical debts.
Fact: This is a myth that was often heard after the new bankruptcy laws took effect. Even under the new laws, filing bankruptcy will discharge credit card bills, hospital bills and many other types of unsecured debt. However, there are some debts that bankruptcy won't discharge: student loans, past due child support, certain types of tax debts, and debts secured by property such as your home and your car (these secured debts can only be discharged if you surrender the property back to the creditor).
Filing bankruptcy is a big decision. Before you file, you need to know:
- Will filing bankruptcy discharge the types of debts you want to get rid of?
- Will filing bankruptcy cause you to lose any assets you want to keep?
- Are there other solutions, short of filing bankruptcy, that will provide the debt relief you need?
At the Law Office of Colby J. Leonard in Indianapolis and Muncie, Indiana, our bankruptcy attorneys offer a free initial consultation to explain how bankruptcy works and to evaluate whether there are alternatives short of filing bankruptcy that will solve your debt problems. We're here not only to provide legal services, but to help you understand your choices.
Chapter 7 and Chapter 13 Bankruptcy
There are two forms for bankruptcy protection for consumers: Chapter 7 bankruptcy and Chapter 13 bankruptcy.
Chapter 7 bankruptcy, also known as debt liquidation, is the most effective bankruptcy option for discharging debt. However, it may also wipe out much of your property through asset liquidation. It is available for individuals and families whose financial situation meets the Chapter 7 bankruptcy means test. Chapter 13 bankruptcy allows you to set up a debt repayment plan that makes it more possible to pay your debts while keeping your property.
Small businesses also have options in bankruptcy: a business may choose to liquidate its assets through Chapter 7 or arrange a debt repayment plan through Chapter 11 bankruptcy.
Alternatives to Bankruptcy
Our Indianapolis bankruptcy attorneys can discuss the following alternatives to bankruptcy with you:
Debt settlement is less damaging to credit than filing for bankruptcy. However, it is not available to everyone. Contact us to learn more about debt settlement or about how bankruptcy affects your credit.
Are you being harassed by creditors? $50.00 is all it takes to retain us and help put an end to embarrassing calls at home and at work. Once you have retained our law firm, you can tell your creditors that you have hired a lawyer and to call us from now on!
Free Attorney Consultation
If you are facing debt 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 website to arrange a free initial consultation with attorney Colby J. Leonard.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
