Some people have said that one of the worst periods of their lives was the months – or even years – before they decided to file for bankruptcy protection. The creditors were calling constantly, it seemed. Threatening letters arrived in the mail. The bills piled up and there was just no way to pay them all. Families sometimes break up because of the situation. People get sick from stress, have heart attacks or strokes. Severe depression is common. It’s not a good place to be.
Is it time to file for bankruptcy protection?
Every situation is unique, but if you answer ‘Yes’ to some or all of these questions, you may want to consider bankruptcy.
* Do you know how much you owe? Many people get so upset they don’t want to figure it out.
* Have you been out of work long enough to no longer receive unemployment income?
* If you are still working, have your wages been garnished?
* Is the savings account empty?
* Are the bill collectors calling? Even worse, has one or more of the creditors filed a lawsuit against you?
* Are you having trouble making even minimum payments on the credit cards?
* Do you use credit cards to pay necessities, like the electric bill?
* Is the home facing foreclosure?
* Do you have delinquent taxes or child support? These will not be discharged in a
* Chapter 7 Bankruptcy in Plainfield IN
* or elsewhere, but without the other debts, these can be paid.
There are some myths about bankruptcy.
* I’ll never get credit again. That is not true. Paying bills on time after the bankruptcy will gradually improve the credit score.
* The bills are only in my name, but if I declare bankruptcy, it will damage my spouse’s credit report. This can be tricky. It shouldn’t damage the spouse’s credit, but if the bill is in both names and only one files for bankruptcy, the creditors will go after the spouse for the entire amount.
* The bill collector said that I’ll go to jail if I don’t pay them. Untrue, there are no debtor’s prisons.
Anyone who wishes to learn more about Chapter 7 Bankruptcy in Plainfield IN should call The Wright Law Group LLC. They offer a free initial consultation to explain the bankruptcy process. Chapter 7 was designed to allow people to discharge debts that they are unable to pay and to get a fresh start.
