If you believe your wages or your bank account will be attached, then it is time to file immediately because this stops all adverse action on the day you file. You can’t put a value on peace of mind, on freedom from harassing phone calls, or on the worry your family endures when they hear the phone ring.
Bankruptcy is an honorable way out from under your debt load, and especially when your creditors are really making your life miserable and your wife’s also. You may not have any way to pay your debts ever. If you have too many debts as a lot of people do after the recession, then you need to escape from the horrible effects of this debt by declaring bankruptcy. The best Bankruptcy Lawyer in Fort Wayne IN can advise you.
Another advantage to filing bankruptcy is all creditor contacts must now be made with your attorney. The creditors are prohibited from contacting you or any member of your family. This means that the legal minds take over and your emotional mind is free of worry. There is no price that can be put on this.
Bankruptcy does not take everything you have and sell it off. Of course, there is a limit to how much cash you can keep but you are eliminating your debt. There is a limit to how many cars you can have, but again your creditors are concerned about being paid. An antique car may have to be sold to pay a creditor. These matters are negotiable and if the judge agrees, you should be okay. However, the judge has more of a tendency to interfere with these kinds of deals. The Bankruptcy Lawyer in Fort Wayne IN can inform you more about this process.
Bankruptcy can absolve you of all debts, or there is a Chapter 13 Bankruptcy which will allow your debts to be restructured for payment at a much lower rate. At the end of three years, the remaining debt is wiped away. Most people prefer Chapter 7 Bankruptcy because it removes all of their debts and you pay nothing more. Ripke Law PC can help you understand the aspects of bankruptcy which will impact you the most.