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Five Signs Bankruptcy May be Right for You

Bankruptcy is a process by which people and businesses that are overwhelmed by debt they cannot pay down can find relief from their financial burdens and start over again with a clean slate — or at least with one that is more manageable for their situation. Bankruptcy is not something that anyone wants to have to think about, but in some cases, it is the right approach to take when it comes to securing a more favorable financial future. 

If you live in Indiana and you are unsure about whether you should be considering bankruptcy, or if there may be other means to manage your debt, speaking to an attorney could be advantageous. Christopher L. Arrington is an experienced and compassionate Danville bankruptcy attorney who can advise you of your options and help you figure out what the best solution may be.

When Should You File for Bankruptcy?

When you cannot get through a day without creditors calling you and harassing you about payments and you are feeling the pressure of your financial obligations that show no sign of easing up, you may be wondering what you can do to remedy your situation. Each person’s financial circumstances are unique and how they manage them largely depends on the details. There are different strategies to getting ahold of debt and better positioning yourself to get everything under control. Consolidation, debt management plans, and bankruptcy are just a few of the methods you may think about.

The proposition of filing for bankruptcy is often emotional and stressful and can make anyone feel hopeless and even humiliated. But there are significant benefits to the legal process and learning more about how bankruptcy can help you ease the financial tensions you are going through, may give you more peace of mind.

If you are experiencing any of the following, then speaking with an Indiana bankruptcy attorney could be well worth your while.

  • The amount of money you owe is so much that you cannot figure out how to get the funds to even start to make a dent with payments in the next three to five years.
  • Your debt obligations are substantial and more than 40% of the money you earn and bring home.
  • You spend so much on your debt you have nothing left to put into other important funds like retirement or savings.
  • You see no changes or movement with your debt no matter how much you continue to pay on it.
  • Creditors are hounding you with no sign of slowing down.

Speak to a Danville Bankruptcy Attorney Today

If you decide that bankruptcy is right for you, you may be considering either Chapter 7, 11, or  13 bankruptcy. Each has its role and each works in different ways. Your knowledgeable Danville bankruptcy lawyer, Christopher L. Arrington can advise you on the way that the different filings function and which would be appropriate for your situation. 

When your debt has become more than you can manage, Christopher L. Arrington can help. Call today to schedule a free, no-obligation to learn more at (317) 745-4494.

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