Indianapolis Indiana Bankruptcy Law Blog

Credit card debt is a national problem. The Federal Reserve reports that the total U.S. credit card debt reached more than $1 trillion in 2018. A snowballing credit card bill can quickly overwhelm you. It can seem like you will never get out from underneath it.

Frightening and frustrating as it can be, situations like this are what personal bankruptcy protection are for. Chapter 7 and Chapter 13 bankruptcy are there for people who need a fresh start and do not want credit card debt to stop them from advancing their careers or finding a decent place to live.

When you hear the word ‘bankruptcy’, you probably think of credit card debt. It is true that many people fall victim to taking out multiple credit cards and misusing them as if they were extensions of their actual income. Bankruptcy in general affects millions of Americans who get in over their head with financial obligations they are helpless to satisfy.

What finally puts an anchor around someone’s foot in the waters of debt is not always credit cards. The surprising fact is that many Americans file bankruptcy due to unexpected medical expenses. When families and individuals fail to have an adequate amount of savings to keep themselves afloat, it becomes highly difficult to come out of the storm unscathed.

After juggling bills and stressing over finances, you might be considering bankruptcy. For someone who is overwhelmed with debt, bankruptcy can be an ideal option. However, even that process can be overwhelming. For example, you could be unsure of whether you should file Chapter 7 or Chapter 13 bankruptcy. This guide lists a few signs that Chapter 7 bankruptcy might be the ideal choice for you. 

If you are considering bankruptcy, you may be feeling unsure about whether or not you qualify. While anyone can attempt to declare bankruptcy, certain financial hardships are routinely dealt with and more likely to be resolved smoothly. These are six common situations that lead to bankruptcy and how they may be applicable to your unique situation.