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The Bankruptcy Option: Is it for You?

While we are all worried during these uncertain times, there are basic steps you can take to protect your family, and your finances.

In a Chapter 7 Bankruptcy, you can discharge all debt associated with running a business, regardless of your income.

If you need to file a Chapter 7 Bankruptcy for your consumer (or personal) debts, then you can discharge debt associated with medical bills, credit card bills, utilities, unpaid rent, and other expenses that you may not be able to afford during this difficult time.  We often advise people that if they want to keep their home, then they need to do their best to keep up on their mortgage. The same rules apply to car payments.

In a Chapter 13 Bankruptcy, you can discharge your debts (and catch up on your mortgage), as long as you have routine income.  Generally, in a Chapter 13 Bankruptcy, you repay a percentage of your debts (based on your income) over a period of 36 to 60 months.  We provide you counsel on the best way to protect your wages and assets, while completing the terms of your Chapter 13 Bankruptcy.

Also, if you have owned your vehicle for more than 2 years, then we can assist you with cramming down your car payment, as the interest rates continue to drop, and our economy recovers.

We offer free consultations for bankruptcy.  Bankruptcy is a business decision that people make to protect their homes, vehicles, wages from garnishment, and their assets.  We are here to help, and give advice on what bills are dischargeable in bankruptcy, and how to prepare for your future.

Call Trapp Law at (317) 423-1823 to start your free consultation today.