Bankruptcy Is A Means To Begin Anew

Bankruptcy is no longer a measure of last resort. Rather, since the economic downturn in 2009, many individuals and businesses have learned to use bankruptcy as a means to disentangle from past obligations and establish a fresh financial start.

Tim Hayes Law helps guide clients through the legal nuances of bankruptcy, making sure they avoid the most common mistakes. For several years Tim served as a financial adviser at First Financial Bank; he has a keen understanding of debt, how creditors pursue it, and how to keep them at bay. Serving in Terre Haute and throughout western Indiana, Tim now leverages his experience to help his clients achieve their financial goals.

Can I Declare Bankruptcy And Keep My Assets?

There are two primary types of bankruptcy that enable individuals to clear their debt while still retaining their necessary assets.

Filing under Chapter 7 — commonly referred to as "liquidation bankruptcy" — is, for many, the simplest means to begin anew. Essentially, under Chapter 7 an individual's assets are sold off and the proceeds are distributed amongst one's creditors. Once the process is completed, individuals are freed from their debts. Moreover, a great number of one's assets are protected from liquidation. Individuals are permitted, up to a certain value, to keep their primary vehicle, the equity in their home, jewelry, household furnishings, pensions and other considerations.

Meanwhile, a Chapter 13 bankruptcy filing is available for individuals who want to retain additional assets that might be liquidated through a Chapter 7 filing. Individuals seeking to pursue Chapter 13 must have sufficient income to pay their creditors, and they work with the courts to establish a favorable payment schedule over a course of three to five years.

Each bankruptcy type has certain requirements that debtors must meet in order to file; it is important for individuals to consult with an attorney so they can understand their options.

Consult With A Knowledgeable Financial Advisor

For many, the act of filing for bankruptcy brings relief — once the petition is submitted, creditors are prohibited from contacting individuals, and this alone can alleviate a great deal of anxiety.

If you would like to speak to a lawyer, contact Tim Hayes Law. We will review your finances, and help you decide whether bankruptcy — and which type thereof — is the right option for you.

You can call us at 812-645-7057 or arrange an appointment online. Initial consultations are free.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Timothy R. Hayes, Attorney At Law
118 N. 3rd Street
Terre Haute, IN 47807

Phone: 812-645-7057
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