The Process of Filing Bankruptcy in Avon IN

by | Aug 14, 2014 | Lawyers

The state of the economy has been bad for quite a while now. This has led to many individuals and businesses struggling to stay stable. If you are struggling financially and you feel that the debt is overwhelming, the law allows you to get debt relief in the form of bankruptcy. Here are some of the tips that will help you have an easy time when Filing Bankruptcy in Avon IN.

Getting ready to file

If you want to be successful with your bankruptcy petition, you need to think and plan many months in advance. For instance, in case you have decided that a chapter 13 is the most appropriate form of debt relief for you, you need to start the process at least 6 months before you file. This will give you time to hire a good lawyer, and attend a credit counseling course with a certified body. This will also give you time to put all your finances in order and get an estimate of the assets you own versus the debt you owe.

The filing

The filing process involves getting the application forms from the court and having them filled out. The bankruptcy packet normally asks for a lot of information. You will need the help of an attorney to ensure that all the information you give is true and consistent. Note that in case there are inconsistencies in the information you give, you will end up getting the application turned down. The federal government treats any inconsistencies and attempts to hide information about assets owned with skepticism. You do not want silly mistakes to lead to you losing the case altogether.

After the ruling

With the help of an attorney, the judge may rule in your favor granting you legal protection from your debtors. A stay may be put on all exempt assets. In case of chapter 13, the ruling could stall a foreclosure and make you eligible for a lien’s stripping. These will help you at least preserve the most important of your property. The court will assign a bankruptcy trustee who will be the link between you and the creditors.

These are a few of the things that you should know about Filing Bankruptcy in Avon IN. Contact The Wright Law Group LLC and learn more about the services they offer.

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