It isn’t necessary to follow business news and trends to know that the economy still seems to be stalled. Unemployment is still a problem and prices are rising. A trip to the grocery store seems to cost more to bring home even less. Those who have been struggling to hang on financially for months or even years may find themselves pushed over the edge of the debt cliff.
Bankruptcy will stop the creditor harassment. Chapter 7 bankruptcy will eliminate most unsecured debt, such as medical bills and credit cards. Not all debt can be discharged, including child or spousal support payments, student loans and most tax debt. In 2005, the bankruptcy laws were tightened, making it more difficult for some filers to go through Chapter 7 bankruptcy. Chapter 13 debt allows a debtor with sufficient income to reach a repayment agreement with creditors to repay negotiated balances in a 3-5 year period. This also allows time to pay back mortgage payments while staying current and keeping the home. Bankruptcy Lawyers in Marion will be able to explain the all of the differences and which would be preferable in the particular circumstances.
While some may still think that reckless spending causes bankruptcy, that is not true. Financial hardship caused by unexpected expenses, such as medical bills, is the primary cause. This is especially true for lower income individuals without the resources to handle higher expenses.
The number of young people filing for bankruptcy has dropped significantly, causing the median age of those seeking bankruptcy protection to rise from 38 to 45. More senior citizens than ever are also filing for bankruptcy. More than 6 out of every 10 filers are married, middle-aged and earn less than $30,000 per year. Over half have at least a high school education and perhaps some college. In fact, one of the factors causing some of these people to be in such financial hardship is the burden of student loans.
A bankruptcy lawyer will focus their legal practice on bankruptcy law. They will have experience in assisting others through the often complicated bankruptcy process. Those who are struggling with insurmountable debts and constant stress should strongly consider contacting a bankruptcy lawyer to discuss the available options. An appointment with Bankruptcy Lawyers Marion IN can be scheduled at websites such as Sitename.
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