Lynch & Belch, P.C.

Indianapolis Indiana Bankruptcy Law Blog

The surprising reason most Americans declare bankruptcy

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.

Overwhelmed by Student Loans? 4 Steps to Find Relief in Bankruptcy

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Student loans are a growing problem for many young Americans. With an average student loan debt load of $37,172 in 2017, ballooning debts often become unsustainable and prevent graduates from doing many normal life activities - even starting a family, buying a home, or changing jobs.

Unfortunately for these borrowers, student loans are also one of the hardest debts for which to get forgiveness. While discharging student loans is possible, it's a long road. To help you get started on that road, here are a few steps to take in order to find relief from your student loans.

3 Signs You Should File for Chapter 7 Bankruptcy

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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. 

What Are the Common Causes of Bankruptcy?

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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.

Has A Creditor Placed A Judgment Against You? 5 Things You Must Know

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Creditors have many tools at their disposal when trying to collect a bad debt, including placing derogatory marks on your credit report, turning your account over to a collection agency, and generally encouraging you to pay what's owed. One tool in particular, however, has more power than others. It's called a judgment, and it is granted by a court of law. If you have a judgment, you should know the following.

Timing Issues to Consider When Filing Bankruptcy

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Using bankruptcy to eliminate debts is an option many people turn to each year, and Chapter 7 bankruptcy offers a way to truly receive a fresh start with your finances. Before you make the decision to file, you should speak with a bankruptcy lawyer about your personal situation. When you meet to discuss your case, your lawyer may talk to you about timing issues. 

Tips to Help You Prepare for Personal Bankruptcy

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If you're struggling financially and are considering bankruptcy, you are not alone. In 2016, just under 800,000 people filed for bankruptcy. The decision to file for personal bankruptcy shouldn't be taken lightly, and it should start with contacting an attorney to learn more about your options. 

Worried About Filing? You Can Improve Your Finances After Bankruptcy

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One of the reasons why people might never consider filing for bankruptcy is because they are worried about the effect on their credit scores. They might be concerned that filing for bankruptcy will make it too difficult to get a car loan, buy a house or even find a good apartment to rent. 

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Lynch & Belch, P.C.
7210 Madison Ave.
Suite B
Indianapolis, IN 46227

Phone: 317-528-9549
Phone: 317-528-9549
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