For Indiana farmers who are negatively impacted by the struggling economy, the term "bankruptcy" might not be viewed as an alternative for them. Most people classify bankruptcy as a step to get out of personal debt through a Chapter 7 liquidation or a Chapter 13 payment plan. Even businesses will use Chapter 11 to reorganize. Farmers are often reluctant to use these chapters. It is important to remember that there is another option for farmers - Chapter 12 - and given the current problems experienced by farmers in the U.S., congress is considering a reform of Chapter 12 to benefit farmers. This can be important to get back on stronger financial ground and save a farm.
Financial challenges can impact people across the spectrum in Indiana. Those who seemingly have great jobs and are financially secure can be hurt by debt just as easily as people who have been caught up in the struggling economy. There can be medical crises, job loss and mistakes made with credit and purchases that contribute to the financial turmoil. One strategy that is perfectly legal and has helped many on the way back to financial health is filing for bankruptcy.
Indiana residents who are confronted with financial challenges can find themselves in that circumstance for many reasons. These include medical debt, job loss, overspending on credit cards, marital problems and more. On top of the bills, creditor harassment is a never-ending cycle of phone calls, letters and messages that can multiply the stress a person's feels and will impact them negatively. Regardless of how a person got into the situation, it is important to know that they are not trapped and there are alternatives to get on stronger financial footing. Bankruptcy is one way to do that.
Financial challenges are nothing new to people in Indiana and across the nation. Given the current state of the economy and the difficult nature of government gridlock, people are increasingly finding themselves in need of assistance to get back on stronger financial ground. Filing for bankruptcy is frequently considered a last resort. People might think bankruptcy is an effort to avoid responsibility and not live up to their debts. However, once they understand that it is a legal strategy to obtain a better financial circumstance moving forward, they realize they can benefit from it. For those who want to stop foreclosure and stop repossession, Chapter 13 is the wisest step.
Financial challenges can impact anyone and Indiana residents who are experiencing these problems will frequently be unsure of what they can do to get into a better financial situation. While it might seem as if there is no way out, filing for bankruptcy is a viable and beneficial strategy to discharge a significant portion of debt or to even clear it completely. As with any legal issue, having a lawyer's advice is critical.
Frankfort residents who are drowning in debt and do not know where to turn should consider the advantages of personal bankruptcy. Before moving forward with the process, however, it is vital to understand certain aspects of it and if it is a viable alternative. For many, there could be a misplaced belief that the filing will automatically result in the debts being discharged. That is not always the case. Creditors can object to the discharge. Knowing the facts about these issues is imperative to a successful filing or finding another way to get out of debt if personal bankruptcy is not possible.
People can quickly become overwhelmed with debt. Sometimes finances become tight when a job is suddenly and unexpectedly lost. In other instances, the onset of a serious medical condition leaves a family struggling to get by. There are some debt options that may help prevent one from becoming overwhelmed, but even these options pose financial risks.
Life is full of changes. Some of them are planned for and expected, but others can take you by complete surprise. This is often the case with the onset of a sudden medical condition, loss of job or even the filing of divorce. Each of these scenarios can throw your finances into upheaval, making it difficult for you to make ends meet. Oftentimes, individuals who find themselves in this position find themselves too prideful to seek adequate debt relief options, but the truth is that these options, including personal bankruptcy, are often the best way to secure your financial future.
As we've discussed on this blog before, while divorce can be an emotionally trying time, it can also be a financially difficult time, too. Marriage dissolution often leaves individuals facing money woes, and quite frequently, those financial difficulties contribute to the divorce itself. When debts owed become too overwhelming to keep up with, it may be time to consider bankruptcy. But how does that play out when one is considering divorce?
Most of us think of our golden years, the years when we age into retirement, as a time of life that is defined by freedom from work, time constraints and financial obligations. The reality is far different, though. In fact, a recent study conducted by the Consumer Bankruptcy Project found that since 1991 the number of individuals age 65 and older has tripled.