Choosing Prudence with Your Indiana Bankruptcy

Choosing Prudence with Your Indiana Bankruptcy

Chapter 7 and chapter 13 bankruptcy

Nearly 10,000 people filed for bankruptcy in Indiana during the third quarter of 2012. Throughout the entire year of 2011, over 40,000 Indianans did the same. Some people may look at numbers like these, and think that they are dismissible as products of poor financial planning. However, numbers so high as this show an underlying problem. At some point people felt more financially secure than they do today. That is not something to be ashamed of. In fact, most people found themselves more financially comfortable before the recession than they do now.

Filing for bankruptcy in the state of Indiana, or anywhere else, dos not make you a financial leper. Actually, it makes you just the opposite. While filing for bankruptcy is never an ideal decision it can be the most prudent one. There are many different circumstances that can lead a person to wonder, “should I declare bankruptcy.” Each of these circumstances is unique. Filing for bankruptcy is much like hitting the ejector seat on a fighter jet. If you are certain that you are going down, then it provides you a way out. The bad news is that what was once a fighter jet is now just a chair.

As filing for bankruptcy is a serious matter, there are professionals who can help you determine whether or not filing is right for you. Bankruptcy law attorneys can help you decide if and when bankruptcy is the right option for you. They will be able to give you bankruptcy tips and help you sort out which bankruptcy option will yes benefit you. One of the most common bankruptcy myths is that once you file you cannot recover. In fact, it is just the opposite. After filing you can clear away the rubble and start anew. The business mogul Donald Trump has filed for bankruptcy three times. The most important aspect of filing for bankruptcy is knowing what to do afterward.

After the initial consult with an Indiana bankruptcy attorney during which you can ask, “should I declare bankruptcy,” the next step is to know what your possibilities are. There are multiple forms of bankruptcy. For private individuals these options can be split in two basic categories. The biggest difference between these fillings is in the filer’s ability to pay back the debt owed. Most people do not owe the federal limit of $922,975 in secured debt or $307,675 in unsecured debt, but any amount of debt can be a burden when there is no regular income.

Ultimately, the answer to, “should I declare bankruptcy,” is up to you. With the careful help of a dedicated bankruptcy attorney you can move toward recover financial security.

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