When overwhelming debt and mounting bills are your main source of distress, you may be thinking of creative ways to pay them off and get out from under them. But, at some point, when the costs of your financial obligations start to incur more and more fees and interest, the reality may be that you just do not have the ability and funds to pay them off. Arriving at this conclusion may motivate you to think about bankruptcy as a remedy to your situation.

It is normal to have questions about how bankruptcy works and how it can help you get a fresh start in life. If you would like to learn more about bankruptcy and if it can assist you with your current financial situation, then the Indiana bankruptcy attorney Christopher L. Arrington can advise you on your best options.

Transferring Property Before Filing for Bankruptcy

Looking at your assets and considering how to keep as many as possible before you file for bankruptcy is a common reaction. Transferring your most high-value assets, like your home, to another party may sound like the right thing to do, but this is really not the case.

It is almost impossible to just transfer your property as a way to avoid losing it when you file for bankruptcy. This is because your actions to transfer your property can actually be reversed as you work through your bankruptcy.

For instance, homes are some of the highest valued assets that people possess. If you are suffering in a financial dilemma and you know that filing for bankruptcy is right for you but your spouse does not have to be involved, then you may think that transferring your home to your partner can alleviate the risk of losing it. It is important to understand that even years after you transfer an asset, bankruptcy may be able to negate this action. Also, when a judge is hearing your case and believes that you intentionally tried to evade your creditors with a transfer, they may decide to void the move. This means that your home is still fair game and can be relinquished from your family.

Wanting to maximize your wealth even while you are facing or actively going through bankruptcy is only natural. Preserving one’s best interests is human nature. However, there are many considerations to make before filing for bankruptcy; it can be a complicated process. This is why when you are dealing with out of control debt and you have to make a decision on how to handle it, speaking with a bankruptcy lawyer is the recommended approach.

Speak to an Indiana Bankruptcy Attorney Today

Christopher L. Arrington is a bankruptcy lawyer in Danville who has great compassion for people struggling with debt. When you call Christopher L. Arrington at (317) 745-4494, you can schedule a free consultation to discuss your debt situation and learn more about what potential options exist that could help.