When to Consider Filing Bankruptcy in Indianapolis, IN

by | Nov 14, 2014 | Bankruptcy


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Just about everyone has experienced some sort of financial difficulties. In many instances, people are able to find ways to resolve those problems without the need for taking legal action. At other times, seeking protection with help from the court is the most practical approach. Here are some situations that would merit discussing the idea of Filing Bankruptcy in Indianapolis IN, with an attorney.

Other Possible Solutions Have Failed

When the debtor has tried other ways to regain control of his or her debt and failed, it does make sense to talk with an attorney about Filing Bankruptcy in Indianapolis IN. For example, perhaps the debtor went to his or her creditors and sought to come up with some sort of settlement arrangements, but those efforts were rebuffed. Maybe the client sought help through a debt settlement program, only to learn several creditors do not participate in those kinds of programs. With legal action on the horizon, there is a good chance that seeking some form of bankruptcy protection is the only real solution.

There is No Longer a Source of Income

When there is no job, and the chances of finding employment are somewhere between slim and none, the fact is that there will be no money on hand to keep paying those debts. With no type of relief in the foreseeable future, it makes sense to talk with an attorney and explore the possibility of filing for bankruptcy protection.

Unexpected Debt is Crushing the Debtor

Perhaps the debtor does still have a job, but an accident has left quite a few medical bills and other types of obligations. While it is possible to pay them off over time, there is not enough money coming in every month to comply with the current terms of payment. In this scenario, seeking bankruptcy and repaying the debts according to a court approved plan will take off a lot of pressure. For people who just need some time to honor those obligations, this approach can go a long way in preserving a sense of self-worth. Bankruptcy can be the best approach. Contact The Wright Law Group of Indianapolis and discuss the options. In many cases, bankruptcy will mean immediate relief from financial stress and the chance to begin moving forward once again.