Article provided by: O'Bryan Law Offices
If you’re thinking about filing for bankruptcy but are worried you’ll lose everything you own, we invite you to contact OBryan Law Offices about bankruptcy in New Albany. OBryan Law’s expert lawyers have helped thousands of clients file for bankruptcy with successful outcomes and can help you determine the right type of bankruptcy for your needs.
If you’re worried about losing your home, vehicle or other assets, there are options available that can allow you to keep most or all of your possessions. It’s important that you schedule a meeting with an attorney to take a closer look at what you own and which Chapter of bankruptcy will best suit your needs. Chapter 7 bankruptcy offers the most complete relief from debt, with numerous exemptions to ensure that you get the full benefit of filing for bankruptcy. In most cases, those who file for bankruptcy under Chapter 7 are able to keep the possessions they have and transition into becoming debt free without losing their assets.
Those with substantial equity in their homes, or who own nonexempt property often find Chapter 13 bankruptcy to be a better option. You can avoid the risk of liquidating assets by this valuable debt consolidation and repayment plan that has helped so many people before you take control of their debt and finally begin repaying in a way that is more comprehensive.
Chapter 7 bankruptcy in New Albany completely discharges most debts for an individual or a business. Best of all, in most cases, an individual may keep most or all of their assets. Businesses can even continue with operations. You may have been led to believe that filing Chapter 7 bankruptcy was an admission to failure or the mark of irresponsibility, but the truth is that it can be the turning point in your finances that leads to a better financial future.
Chapter 13 bankruptcy, on the other hand, is a repayment plan that will allow you to repay a portion of your debt over a 3-5 year period, often at a much lower monthly payment than you are currently paying. Chapter 13 offers numerous benefits and offers some additional advantages you may not find under any other repayment program, making it one that should be seriously considered in the process of rebuilding your finances.
Let an expert on bankruptcy in New Albany advise you on the benefits of filing Chapter 13. If you’re currently behind on your home mortgage payments or on your vehicle loan payment, and you wish to keep your home or vehicle, Chapter 13 may allow you to bring your loan current to avoid foreclosure, or to cram down your car loan. If you own property that cannot be exempted with your state or federal exemptions, Chapter 13 bankruptcy may help you avoid losing it.
Find out more by visiting the ‘Considering Bankruptcy’ link on the OBryan Law Offices home page, where information and articles are available for you to read. Don’t forget to check out the Bankruptcy Blog to learn more about filing for bankruptcy in New Albany.Bankruptcy New Albany
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