Get Your Life Back! Talk To Experienced Bankruptcy Lawyers In Marion, IN

Filing for bankruptcy could be one of the best things that a person could do for their health. That isn’t really very surprising. Research has shown that severe stress has physical and emotional repercussions that will make most medical conditions get worse. It’s difficult to focus on the more positive aspects of living when overwhelming debt consumes our thoughts. When a person isn’t really making any progress in getting out of debt but is just sinking deeper, something has to change.

Bankruptcy is nothing new. The Constitution authorized Congress to pass “uniform Laws” on bankruptcy. In 1978, Congress passed the Bankruptcy Reform Act, commonly known as the Bankruptcy Code. From time to time, the Code is amended, most significantly in 2005. State laws also have a significant effect on how bankruptcy will affect any particular person.

More individuals and families file for Chapter 7 bankruptcy protection than under Chapter 13. Under either Chapter 7 or 13, the harassing phone calls and letters will stop after the bankruptcy is filed with the court, providing an immediate sense of relief. An ‘automatic stay’ essentially tells creditors to back off and wait for the bankruptcy process to proceed.

Chapter 7 concerns debt forgiveness for most debts, typically credit card and medical bills. Not all debts can be forgiven; child custody, alimony and most student loan debt will still need to be repaid. A debtor must be ‘qualified’ to file for Chapter 7, depending on whether or not the household is above the median income for the state (approximately $47,000 in Indiana in 2012). Most people filing for Chapter 7 walk away from the bankruptcy with most, if not all, of their property.

Chapter 13 is debt reorganization and repayment for at least part of the debt. This is typically filed by someone who has a steady income and is struggling to keep their home. A payment plan will be drawn up with the assistance of Bankruptcy Lawyers in Marion IN and must be approved by the court and creditors. The debtor will make a monthly payment to the trustee to repay back mortgage payments and other negotiated debt while staying current on remaining debt. The repayment plan will last for 3-5 years.

Ripke Law P.C. focuses on bankruptcy law. These Lawyers in Marion IN have been providing bankruptcy counsel for over 13 years. Visit to schedule a free consultation to review your options.

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