If you find yourself in a position where you are unable to pay back your debts, perhaps you are ready to consider filing for bankruptcy. This is not a decision that anyone should be taking lightly, and we always recommend making every effort to repay your debts. But we understand that this is not always possible if help hasn’t been sought before getting to this point. Here are the steps that we take to help our clients through the bankruptcy process.


Understanding your position

To consider filing for bankruptcy, you have to be in quite a difficult financial situation. And our team at Debt Consolidation Indianapolis, Indiana, is here to help clarify that position for you. We like to work closely with our clients so that they can understand their options. It may be that you have other options that you weren’t aware of, and these conversations with us can help you to make an informed decision about how you want to proceed with your finances. Our mission is to help you and solve your financial worries in a way that is best suited to your position.


See if you Qualify

Once we understand if bankruptcy is the right path for you, we then need to go through the qualifying process. The ability to declare bankruptcy can only be made by a federal judge, so you need to have everything lined up before we present your case. This means making sure that every ‘t’ is crossed and every ‘i’ is dotted. By understanding if you qualify and ensuring that you are well prepared, you will have the best opportunity at a quick resolution so that you can move on with your life. However, our main goal is to help you avoid bankruptcy with one of our debt relief programs


Types of bankruptcy

There are different chapters of bankruptcy you can file for, but typically the type will already be apparent by the position that you are in. There are three main types of bankruptcy, one for individuals, one for businesses that want to keep operating, and another for individuals who earn a higher amount of money. The latter is more of a repayment plan but still comes under bankruptcy law. There are also numerous others, but these are the main three that we deal with on a regular basis. Some of your assets will be protected under each of these types, and we can help you to understand what that will mean for your individual circumstances.


What it means for the future 

By filing for bankruptcy, you are effectively removing your responsibility to pay your debts. And understandably, this is something that creditors will be looking at when you need credit in the future. When you make the decision to file for bankruptcy, you need to be aware that this will remain on your credit record for between seven to ten years. Although this seems to be a long time, it can also provide you with some much needed relief from the stress of being unable to pay your debts. That’s’ why we can try and help you not go this route. Give us a call!

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