Bankruptcy Attorney In Fishers Can Help You Determine If You Need To File For Bankruptcy

Posted byPaola Nadeau on Oct 2020 in Business | 0 comments

Find a bankruptcy attorney in Fishers to consult with about your accumulated bills and debts. No one plans to fall into debt but with the current economic challenges if you do see yourself or your business struggling to keep up, it is time for a professional help. Delaying this consultation to find an alternate solution can sometimes backfire and aggravate your financial problems.

Your bankruptcy attorney will review and analyze your financial situation and might recommend for filing for bankruptcy.

Discuss alternate options with your bankruptcy attorney in Fishers

Bankruptcy filing stays on your credit history for at least eight years. Bankruptcy does provide you with a fresh start but getting new credit could get complicated in the future. Discuss the disadvantages of a bankruptcy filing with your attorney and if your debt situation is at a point of no return then this might be the most viable option.

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 does require individuals to go through insolvency counseling from a U.S. trustee approved financial counselor at least 180 days prior to the bankruptcy filing. This is to ensure that all possible steps have been taken to find an alternate solution other than bankruptcy.

Talk to your bankruptcy attorney in Fishers about which chapter to file under

Chapter 7 and Chapter 13 bankruptcy are the two common insolvency cases under the bankruptcy code. Chapter 13 is a reorganization plan where the business or the individual has to produce a detailed plan to pay-off the debts within 3-5 years. You will probably need the help of a bankruptcy attorney or a credit counselor to work on such plan. This plan does allow you to maintain some control over your property.

Chapter 7 is also known as liquidation and is mostly used by individuals. This means that you have no way of paying your debts. All your assets are exchanged for cash and used to pay-off your debts and any leftover debt is written off. A recent legislative amendment in the Chapter 7 bankruptcy states that the applicants have to go through a means test. This test will qualify the candidate’s eligibility for a chapter 7 bankruptcy filing.

Discuss with your bankruptcy attorney in fishers about the next steps

Once you and your bankruptcy attorney in Fishers have been able to determine the chapter that you should be filing against, discuss the next steps with your attorney. If you are filing under Chapter 13, start working on the reorganization plan to show the debt pay-off in the next 3-5 years. If you are filing under Chapter 7, start working on the list of your assets.

Discuss the attorney fee and the filing cost which may vary depending upon your state and region. Some Chapter 7 filings are for free if your income is 150% below the poverty line.

Consultation with your bankruptcy attorney Fishers is highly recommended to understand the detailed requirements of the filing procedure. For more information, go to Website domain