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Should You Wait to File Bankruptcy in Indiana?

The bills are piling up and there is not enough money in your bank account to cover the costs. This is not a situation in which anybody wants to find themselves. The thought of filing for bankruptcy is devastating for most people. If you are unsure about what your options are regarding how to manage your increasing financial burden and you think that bankruptcy may be the answer, you should seek advice from an experienced and compassionate Indiana bankruptcy attorney. Christopher L. Arrington is a Danville, Indiana bankruptcy attorney who works with you to learn about your situation and explain what you can do to remedy it.

The majority of individuals who are contemplating bankruptcy are not doing so because they are fiscally irresponsible. Oftentimes, the high costs of healthcare can lead to bankruptcy, especially when a health issue is unexpected and severe. In 2019 alone, 750,000 individuals across the United States filed for bankruptcy, and 66% of those bankruptcies that occurred were attributed to costly medical situations. The stigma of filing for bankruptcy — that an individual was reckless and foolish with their money —  is just not the case in most instances. However, despite this, it is that shame that can make a person hesitant to move forward in filing for bankruptcy.

Why Bankruptcy is Helpful For Most People in Dire Financial Situations

A lot of people will put off the inevitable and continue the struggle of trying to pay down the never-ending debt, even when they know it is impossible. At some point, it becomes unrealistic to tackle debt alone and when this happens, learning about what options can help fix a bad financial situation is necessary. Plenty of people are stunned to find out that bankruptcy was their best option and that they should have explored how it worked sooner than they did.

If you believe that your situation may require bankruptcy in Indiana, do not put off meeting with an Indiana bankruptcy lawyer. The longer you avoid the issue, the more your bills are going to pile up and you will continue to accrue an exorbitant amount of debt. The calls from creditors are not going to stop; if anything, they will ramp up. You may even be tempted to raid your retirement savings to help you pay down your debt, which is a very bad idea.

Filing for bankruptcy may feel disappointing, but it should not. Bankruptcy can improve your quality of life in many ways, including:

  • Getting out from under crushing debt
  • Rebuild your credit score
  • Secure your retirement funds
  • Stop the calls from aggressive creditors
  • Give you a fresh start

People delay in filing for bankruptcy and continue to accumulate debt when they could instead experience the many life-changing benefits that come with bankruptcy. Your specific situation will determine which type of bankruptcy is best because, depending on the details of your case, you may be able to keep certain assets with Chapter 7 bankruptcy. If you are far behind on your financial obligations, then Chapter 13 bankruptcy may be the better option.

Speak to an Indiana Bankruptcy Attorney Today

The decision to file for bankruptcy can be confusing and emotional. This is why you should work with an Indiana bankruptcy attorney when you are struggling to pay your bills. Call Christopher L. Arrington, a Plainfield bankruptcy lawyer for a free consultation at (317) 745-4494.

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