Many Americans are only one paycheck away from financial disaster. When they get sick or have their hours cut, they are no longer able to pay all of their bills. It’s only natural for them to think that they will recover their health or get their hours back and then they will be able to catch up on their bills. Unfortunately it doesn’t work that way. They get into a financial hole and can’t make enough money to crawl out. Because of embarrassment, they often wait too long to ask for help.
Attorneys at the Law Office of Colby J. Leonard LLC have prepared thousands of bankruptcy petitions and work to accommodate the needs of their clients. The first consultation is always free. The client can opt to continue to work with their lawyer in person or they can work online to complete the process. Most people want to use Chapter 7 to file for bankruptcy. This option is limited to people who make less than the median income in Indiana. If the client qualifies, then the court will appoint a bankruptcy trustee who will sell off all of the debtor’s assets. The money made from the sale will be distributed to the creditors. The remaining debt is forgiven. Then entire process usually takes less than six months. Their best strategy is to contact a professional Bankruptcy Attorney in Indianapolis for help as soon as they can’t cover their monthly obligations.
The Bankruptcy Attorney in Indianapolis IN makes sure that only the correct assets are sold by the trustee. Federal law protects certain assets and each individual state also has a bankruptcy law that prevents some types of assets from being taken. The general philosophy is to leave a person with a place to live and the tools they need to make a living.
It’s important for a debtor to work with a lawyer, because not all debt can be included in a bankruptcy. Student loans, taxes and child support must be paid. However a lawyer can often find ways to negotiate lower payments. A person can only declare bankruptcy once every eight years, so it’s important that all types of debt be brought under control.
For more information visit The Law Office of Colby J. Leonard, LLC.