Bankruptcy and Foreclosure Lawyers in Indianapolis, IN

Is Bankruptcy the Right Choice? Here are Some Thoughts.

Bankruptcy shouldn’t be undertaken lightly or emotionally. It should be a logical, financial decision. Chapter 7 or Chapter 13 bankruptcy could, on balance, improve your personal or business financial perspective, but only after careful consideration.

At the Thompson Law Office, we help clients determine whether a bankruptcy lawyer Indianapolis is the right option for them.  Andrew Thompson is an experienced debt relief attorney. We offer the whole range of creditor protection options as your Indiana bankruptcy attorneys.

Chapter 7 and Chapter 13 Bankruptcy

When you have come to the point you are prepared to consult a bankruptcy attorney or declare bankruptcy, you need to be prepared for the process that follows.  If you are overwhelmed by debt, you need help getting back to a place where you can manage your finances again.  You didn’t choose the job loss, illness or other factors that forced you into this position today.

Many people fear the effect that bankruptcy may have on their credit.  It’s true that bankruptcy shows on a credit report for ten (10) years.  However, each year that passes after your file, you will regain some of the points you lost.  If managed correctly, you may find you have earned a credit score back above 700 within a couple years of filing.

Bankruptcy Can Eliminate Many Obligations, but Not All

While Chapter 7 may be a nice way to gain a fresh start, it cannot eliminate every obligations. Specifically, it cannot discharge obligations for child support, court-ordered maintenance, taxes, student loans or court ordered, criminal restitution.

But Chapter 7 typically eliminates credit card debt, medical bills, credit lines, repossession or foreclosure deficiencies, business debts, personal loans and various bills. Chapter 7 can enable you to reacquire your driver’s license if suspended for a lack of insurance.

Halting Garnishments, Attachments & Foreclosures

Filing bankruptcy will immediately halt wage garnishments and will delay a foreclosure, sometimes for many months or longer. How much time a foreclosure is delayed will depend on where you are in the process when you file your bankruptcy.

Contact our offices today to schedule a consultation and decide whether bankruptcy is the best option for you.