If you have reached the point where your debt is so far out of control that you have stopped even bothering to open your bills, you need to take action. As painful as it can be to face up to your situation, continuing to ignore it is only going to allow matters to spiral further out of control. Only once you sit down and figure out exactly where you stand can you figure out whether your next step should be to declare Bankruptcy Indianapolis IN.
For people who are deeply in debt, bankruptcy can be a viable solution. If you have little to nothing in the way of assets, in particular, going through a Chapter 7 Bankruptcy filing can leave you relieved of most or all of your debt at very little cost to you. Ordinary unsecured debts can be entirely wiped out, leaving behind those special categories like child support and student loans that receive special protections to ensure that people must pay them. Part of the requirement for this process is that you agree to give up any valuable assets you may have, outside of exempted ones like retirement accounts, but most people at the stage where they want to file end up having little enough that they don’t have to surrender anything.
If you do have assets that you want to keep and would lose in a Chapter 7 filing, such as a home or a car, you may still have options. Chapter 13 is designed to allow you to restructure your debt and to get it under control. You have to pay the money you owe in this case, but a three to five year plan is established to allow you to do so. This is a good choice if you have fallen behind on something like a mortgage and can now make the payments, but can not immediately muster the money to catch up all at once.
If you think you might want to declare Bankruptcy Indianapolis IN, you should seek legal guidance to help you to work out the details and to make sure that you understand the implications of your options. The Wright Law Group, LLC helps people in situations similar to yours on a regular basis, and understands what it takes to help someone sort out a difficult financial situation.