What Happens When You File for Bankruptcy in Avon, IN

You know you’re going to file for bankruptcy, but that’s all you know and can’t figure out just what is involved. Bankruptcy in Avon, IN is not a simple process, although it does get rid of your debt for good. It takes months, sometimes years, to get through a bankruptcy successfully, and you need to be prepared for what is about to come. Your life is going to change drastically in a short amount of time, and ultimately it is for the better.

Bankruptcy in Avon, IN, progresses in a predictable fashion. That is, everything about the process moves forward according to a time line. You have so much time to do certain things before discharge regardless of the chapter you filed under. Some of this time is spent investigating your petition, some of this time is spent waiting for any creditors to object. If the court is satisfied with everything you have submitted, you either pay down your debt (Chapter 13) or wait until discharge (Chapter 7). A Chapter 13 can last up to five years whereas a Chapter 7 takes about four months on average.

In order to start a Bankruptcy in Avon, IN, you need to fill out the petition and submit it to the local branch of the federal courts. You also have to take a credit counseling class and submit a certificate of completion with your petition. There is a lot of work to be done before you can even submit the petition to the court for consideration. Some of the things you have to do is uncover all of your assets and list them, figure out what is exempt and find all of your creditors so you can list them. All of this is a lot of work, but Bankruptcy in Avon, IN, is not intended to be easy.

It is best to go through this process with a lawyer at your side. The petition itself is written in legal language that is not easy to understand if you are not a lawyer. Having someone who helps you with the filing increases your chances of success while helping you avoid mistakes.

For more information about bankruptcy, contact Thewrightlawgroupllc.com about setting up a consultation.

 

 

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