Bankruptcy provides individuals and businesses with a fresh start when faced with overwhelming financial burdens. However, there are several misconceptions surrounding bankruptcy that can cause unnecessary anxiety and confusion. 1. Bankruptcy means losing everything...
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Medical debt and personal bankruptcy
Americans spend trillions of dollars on health care every year and medical debt is one of the leading causes behind the number of Americans filing for personal bankruptcy. In fact, some studies have found that it is a factor in two-thirds of all personal bankruptcy...
Does bankruptcy clear student loans?
For many who took debts to finish their education, declaring bankruptcy is their only hope. However, with claims here and there that student loans are nondischargeable, worries continue to flood their minds. While it is true that bankruptcy proceedings cannot...
What debts are nondischargeable in bankruptcy?
Filing for bankruptcy could be a stressful process. It could involve a series of procedures, such as filing a bankruptcy petition with the court. All these steps are necessary to organize and resolve debts or repayments. A vital part of this process is determining...
When filing for bankruptcy, know the facts about a discharge
People in and around Indianapolis, and elsewhere, who have reached their financial breaking point and do not know where to turn to clear overwhelming debt may want to consider the benefits of bankruptcy. Whether it is a Chapter 7 liquidation or a payment plan with...
What assets are nonexempt in Chapter 7 bankruptcy?
Filing for bankruptcy can be a way to start over when debt has grown beyond what you can repay. However, bankruptcy is not without its drawbacks. Without fully understanding the consequences, there's a chance you might lose a significant portion of your personal...
Will my credit score drop to zero after I file for bankruptcy?
During this time when creditworthiness holds considerable sway over financial well-being, it is only natural to worry about the repercussions of bankruptcy on your credit score. After all, your credit score serves as a critical measure of your financial reliability....
Can I keep my car if I file for Chapter 7 bankruptcy?
Most people in Indianapolis find having a car to be indispensable in their daily life, especially to get to work to support their families. Given the importance driving has in our society, if you are facing Chapter 7 bankruptcy, one of your major concerns might be...
Will I be able to get another loan after a Chapter 7 bankruptcy?
If you have filed for Chapter 7 bankruptcy in Indiana, you may wonder if you will ever be able to get another loan. The answer is yes, but it will take some time and effort on your part. Here are some tips on how to rebuild your credit and qualify for a loan after a...
How do I decide between Chapter 7 and Chapter 13 bankruptcy?
Indiana residents who are facing overwhelming debt and dealing with the daily stress and fear that they will lose everything might not know where to turn. Making the monthly payments could be impossible and they are often thinking about whether they will lose their...