All About Debt Relief in Brownsburg IN
There is nothing that is more frustrating than knowing that you have gotten into a debt trap that you may not be able to get out of in for a long period. Luckily, the law has provisions that make it possible to file for bankruptcy and get time to reorganize oneself financially. Here are a few of the things that you need to know about the process of getting Debt Relief in Brownsburg IN.
Determine what debt relief you qualify for
There are several options available when it comes to debt relief. These include chapter 7, 11 and 13 debt reliefs. There are criteria used to determine what you should file for. For instance, businessmen are encouraged to file for chapter 13 because it is the most appropriate way to deal with corporate debt. On the other hand, if you are just having some personal debt issues, the chapter 7 debt relief will be a better option when compared to chapter 13. Other factors that may affect the debt relief include whether you have received debt relief before and whether you are willing to repay the money that you owe.
Guidance through the process
To file for bankruptcy successfully, you have to prepare many months in advance. This is because before you start the process, you have to start by thinking about getting into a debt counseling course. This is a requirement, especially before filing for chapter 13. There is also a lot of paperwork related to filing for bankruptcy. For instance, you need to make sure that you have provided a statement of all income and expenditure. You also have to list all your debtors and the amount of money that you owe them.
The legal proceedings
The other thing that you need to think about is getting a lawyer to assist you through the legal proceedings. After a successful filing, the judge will probably rule in your favor. This will give you legal protection from all your debtors. The court will appoint you a bankruptcy trustee. This is the person who is the link between you and your creditors.
These are a few of the important things you should know about Debt Relief in Brownsburg IN. The Wright Law Group of Indianapolis is one of the best people that can help you with debt relief.
