By the time someone is considering bankruptcy, the pressure and stress are usually almost unbearable. Employees of both large and small businesses have suffered lay-offs. Unemployment insurance eventually runs out; when people have found new jobs, it has not been unusual for that job to pay only half of the salary earned at the previous job. Older people, especially, have found it very difficult to replace the lost income.
Chapter 7 Bankruptcy will relieve a debtor of most debts. Certain debts, such as child support and taxes, are not dischargeable. The Court will require a complete list of monies owed. It is critical that this list be complete and accurate; any debt that is not listed or that is listed falsely will not be included. Individual circumstances will determine whether or not certain debts can be included in the bankruptcy. Education loans, for example, can only be included in a bankruptcy if repayment would cause undue hardship. Most consumers will find it advantageous to consult with an experienced bankruptcy attorney before filing for bankruptcy protection.
Once the bankruptcy petition has been filed, the Court will issue an “automatic stay” and the harassing letters and phone calls must stop. Technically, Chapter 7 bankruptcy allows a debtor’s assets to be sold with the proceeds divided among creditors. However, the law allows the debtor to retain certain assets. Determining which assets are exempt is complicated and varies from state to state.
The Wright Law Group, LLC is exclusively focused on representing consumers undergoing Chapter 7 and 13 bankruptcies. Mr. Wright has devoted the last 12 years of his 18 years of legal experience to debtor and creditor relations. He graduated from DePauw University with a major in Economics and Management; subsequently, he received his Juris Doctorate from the Indiana University Robert H. McKinney School of Law in May, 1993. He is a member of both the Hendricks County and Indiana State Bar Associations and the Indianapolis Bar Association including its Commercial and Bankruptcy Law Section.
Mr. Wright is actively involved with his community and St. Thomas Aquinas Catholic Church and enjoys spending free time with his wife and four children. Anyone who is considering Chapter 7 Bankruptcy in Avon, IN can find more information at visit us website. Mr. Wright offers a free initial consultation.