The modern era is marked by easy access to credit and relatively low interest rates. While these conveniences can make buying a house or car a relatively painless task, there is a dark side to credit. Unfortunately, it is common for individuals to get into trouble with debt. It is remarkably easy to accumulate large amounts of debt, and this can quickly cause individuals to experience major financial problems. Luckily, the courts have recognized this problem, and they offer protections to individuals that need protection from creditors. Sadly, navigating the court system is extremely difficult, and it requires years of experience. Luckily, for those needing Debt Relief in Indianapolis, IN, there is a local law firm that has been defending the rights of debtors for years. By working with these attorneys, it is possible to ensure that you get the fresh financial start you have been deserving.
There are two basic types of bankruptcy protections. Chapter 7 and Chapter 13 are the two most commonly used filings. However, they are remarkably different. Under a Chapter 13 filing, the individual’s assets may be sold to raise money to repay creditors. Yet, it should be noted that some of your assets will not be sold during this process. This is done to ensure you have enough assets to start anew. Not surprisingly, most individuals will attempt to avoid this type of filing. Generally, a Chapter 7 filing is considered more debtor friendly. Under this type of protection, the individual’s debts will be reorganized and possibly lowered. Typically, this type of filing is best suited to individuals that have a stable stream of income.
Like most financial topics, bankruptcies are extremely complex, and if any step is completed incorrectly, then it can have disastrous consequences for the debtor. Not surprisingly, most experts advise individuals to seek the advice of an experienced and knowledgeable attorney. These individuals have a thorough grasp of the nuances and intricacies of bankruptcy proceedings. By hiring these individuals, it is possible to ensure that you do not encounter any unexpected surprises during your bankruptcy filing. Fortunately, for those needing Debt Relief in Indianapolis, IN, The Wright Law Group, LLC has been aggressively representing clients for years.