Bankruptcy in Indiana Might Be First, Not Last Resort

August 11, 2012 6:25 pm Published by

 The headline appeared in a United Kingdom newspaper, but when one of my Richmond, Indiana bankruptcy lawyer colleagues saw it online, he at first thought the reporter was talking about our country.

“300 people a day going bust…and 6 million households living ‘on the edge’”, the title read. “Experts warn the official figures are the tip of the iceberg,” the head of the British Insolvency Service pointed out, because “roughly one in ten adults can only afford the interest charges on their credit cards.”

That last line of the article might have been copied from one of my Bankruptcy in Indiana articles, it was so on target with what I keep saying:

“Those who find themselves in this situation need to be able to access free, expert advice as soon as they begin to struggle with their debt.”

That’s precisely why I and all the Indiana bankruptcy lawyers who work in the Mark Zuckerberg bankruptcy law offices offer free consultations and why we believe that’s the right thing to do. That free advice is what makes it possible for people to access advice at the very first signs of financial trouble, rather than waiting until their backs are up against a wall and creditors are calling.

 In a Chapter 7 bankruptcy, all attorney and filing fees must be paid before filing bankruptcy in Indiana. (Under Chapter 13 bankruptcy law in Indiana, on the other hand, the fees are paid over an extended period of time). Before you have a consultation with an experienced bankruptcy lawyer, though, you probably don't know which “chapter” you qualify for and which best fits what you're trying to accomplish.

One of my Columbus, Indiana bankruptcy lawyer colleagues brought in another interesting article, this one referring to bankruptcy in good old U.S.A.. “Bankruptcy Should Be the Last Resort, Many Say, But That’s Just Not True.”  Again, this idea might have come straight from one of my articles, since it’s so in tune with my 25 years’ experience offering Indiana bankruptcy help.

“For all those that think bankruptcy is a last resort, I’d love to show you the damage you’ve done in espousing that fairy tale. I’ve watched countless numbers of people lose everything just to live up to your imaginary and fictitious belief that bankruptcy should be a last resort,” says author Steve Rhode.  Instead, Rhode explains, “Bankruptcy is often the least expensive way to deal with debt in the shortest period of time.”

“It’s not the first or last resort,” concludes the author, “but one of the options consumer have to deal with their debt  There is no way to know if bankruptcy is the most appropriate solution in a particular situation unless the consumer talks to a local bankruptcy attorney.”

I have only a two-word comment regarding that last statement – “I agree!”

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