The average person has over fifteen thousand dollars in credit card debt. Many carry over thirty five thousand in student loan debt, and homeowners, on average, have over one hundred and fifty three thousand in mortgage debt. Not everyone has this much debt, as some people have more. Be able to open a line of credit in order to make purchases, buy a home, or go to school is great, but not if there is no way to pay back the debts. Things happen, and when they do it can be hard to make ends meet. When things get out of control, it seems like there is no way out. Some people would be surprised at how many options are available. Credit consolidation, refinancing, and acquiring another loan are just some options.
Unfortunately, there are some situations where those options are not available. If an individual has tried to arrange payments for their debt, has no way to make payments, and cannot in the foreseeable future repay their debts, bankruptcy might be the only solution. If there are no other options, it might be time to talk a lawyer about filing Bankruptcy in Indianapolis IN. For most people, the filing process is pretty straightforward. The lawyer will have to know about any property, personal or business holdings, and any debts. The debtor will start by taking the Means Test, and if they qualify to file, the process can begin. The debtor must complete a credit counseling course as part of the process. A certificate of completion will be required for the initial paperwork.
Once the initial paperwork is filed, the debtor will have to wait for their appointed court date to receive a ruling. If the claim is accepted, there are two ways to proceed. Depending on what chapter of bankruptcy is filed, the debtor must either work with a court appointed mediator to arrange a payment plan or liquidate their property to help resolve as much debt as possible. Working with a lawyer to file Bankruptcy in Indianapolis IN, will make the process much easier. Individuals who are considering filing for bankruptcy should Click here for more information about how to take the Means Test and begin the filing process.
