People can lose control of their debts for a number of reasons. When this happens, the debtor can feel as if there is no way out of the financial mess that results. The good news is that filing for Chapter 13 Bankruptcy in Indianapolis IN, can be the best way to go. Here are some examples of when bankruptcy may be the answer.
Dealing with Debt After a Temporary Layoff at Work
For several months, the number of hours worked was less than the number needed to keep up with debts. While things are better now, the fact is that several debts are hopelessly in arrears. With creditors threatening legal action, filing for Chapter 13 Bankruptcy in Indianapolis IN, provides protection to prevent those threats from moving forward. While under the protection of the court, the debtor has the chance to repay the amounts owed according to a plan approved and overseen by the court. Eventually, all those debts are settled and the debtor will be free to start over.
Finances and a Medical Crisis
In some cases, the reason for the debt problems has to do with some sort of prolonged medical event. Perhaps the debtor was in an accident and out of work for several months before being released to resume his or her employment. In the meantime, quite a few bills accumulated. Rather than dealing with the collection calls and threats to sue, talking with an attorney about filing for bankruptcy protection makes a lot of sense. Even people who work hard and do their best to pay their debts on time can find themselves in situations beyond their control. When creditors are not willing to work with them to resolve the debt, seeking protection from the court is often the most practical way to proceed. For anyone who is facing this type of situation, it makes sense to contact the team at The Wright Law Group LLC. Schedule a consultation and bring along documentation that helps to illustrate exactly what types of circumstances apply. From there, the attorney can provide the client with information on all forms of personal bankruptcy available, what is necessary to meet the qualifications set by the court, and which approach is in the best interest of that client.
