Dealing with tons of debt has become the norm for many people in the United States. If you are suffering from way more debt than you can handle, it can be stressful to deal with. This is especially true if you have lost your job or are dealing with an unexpected medical crisis. When trying to get your way out of debt, it is important to first try and work with your creditors. Explaining your situation and trying to work out payment arrangements can often go a long way towards you being able to overcome your debt. If you have done all you can to work through your debt and are still not finding relief, Chapter 7 Bankruptcy in Plainfield, IN may be a viable option for you.
What Happens When You File Chapter 7 Bankruptcy in Plainfield, IN?
Chapter 7 bankruptcy is a type of bankruptcy that involves your assets being liquidated to pay off your debts. The important aspect of this type of bankruptcy is you are allowed to keep your essential property. This includes the home you reside in, your car, furniture and clothing. All non-essential property will be sold, through the direction of a court-appointed bankruptcy trustee.
The trustee over your case has the power to absolve you of your debt and will work to liquidate your assets, to get the most money for your creditors as possible. It is important you get assistance from a lawyer during this process, so you can rest assured your rights are protected. The lawyer will help you to decide if Chapter 7 is your best option and will make sure your paperwork and petition are filed correctly with the court.
If you are drowning in debt and feel there has to be a better way of life, filing for bankruptcy can help. To find out more about filing for bankruptcy, contact The Wright Law Group of Indianapolis. They will be glad to assist you through the entire process and can help you to overcome your debt, so you can improve your financial future. There is no reason to continue dealing with the financial stress, when there is help available.