The need to file bankruptcy is a very difficult thing to accept for most people. This is the case if it is personal or commercial. When it is necessary with a business setting, this can cause those involved to feel as if it will forever define them as failing. At the very least, it is often viewed as putting an end to their heartfelt dream of business success. With personal bankruptcy, people often must deal with the feeling of letting down colleagues, friends, family and most of all, themselves. Dealing with bankruptcy provides a set of mental and emotional challenges that doesn’t begin with just the financial and legal issues associated with it.
Facing serious indebtedness is a situation where intense desperation can be experienced every day. Those who must deal with the constant contact from creditors want relief from something overwhelming them and controlling their life. It is possible to provide legal, personal and financial relief. When using the court system for debt relief is chosen in Fort Wayne, IN, it should be handled by experienced legal professionals. They will understand what is happening. Salvaging dreams as well as assets is something they have successfully helped people achieve and then move on with their life.
When To Consider a Fort Wayne Bankruptcy filing
It is important to know when using the court system for debt relief should be a consideration.
*It is unrealistic to anticipate repaying of unsecured debt like medical bills, personal loans and more within five years. This is the case even after drastic spending cuts.
*The total of unpaid and unsecured debt is equal to or more than an amount that is approximately half of gross income.
Types of Bankruptcy
Each situation requiring debt relief is different. This is why there are different types of debt relief provided by the court system. They can be used to accommodate an individual need. Those who are legal experts are able to carefully assess a set of circumstances and determine what type of debt relief is when using the court system.
*Chapter 7 – This is an effective way for people to eliminate their personal debt. It is also a way for someone to pay their creditors and still maintain possession of their autos, home as well as other types of major assets.
*Chapter 11 – This is designed to help a small business successfully address their excessive debt. It has been used to keep many small companies operating.
*Chapter 12 – This is intended to help those in the farming industry. It will help deal with the debt associated with having a farm as well as all the maintenance requirements and more.
*Chapter 13 – This is able to help those involved in long-standing cases of debt. It is the type of debt that has been sitting in the court system for eight years or more. This type of debt relief can also be used for situations where there is a debt repayment process involving a significant amount of assets.
During the process of dealing with overwhelming debt, the last thing anyone needs is an additional financial burden. It is possible to get high-quality legal advice from Fred Wehrwein P.C. at an affordable rate. The court process is something that should be handled by a bankruptcy professional. An innocent mistake during the court process can result in experiencing serious problems in the future.
Should anyone be facing overwhelming personal or business debt, it is possible to use the court system and obtain debt relief. It can end the majority of collections actions that are taken by creditors. This usually involves their constant telephone contacts, an attempt at garnishment of wages as well as a possible lawsuit and more.
Fort Wayne Bankruptcy attorney Fred Wehrwein P.C. has been assisting the Fort Wayne community residents with their bankrutcy needs since 1984. Their office has an experienced attorney, experienced staff, offers free consultations and unlike most firms , only prctices in the fielf of bankruptcy.