South Bend Chapter 7 and Chapter 13

You know you need help. That lay off or divorce last year really ruined your financial outlook and now you can't seem to pay anything on time and the harassing phone calls and threats to take your belongings is more than you can take. Anyone in that position would feel the same way. As much as it disappoints, even financially secure people sometimes find themselves in situations that they can't get out of without help. That's why the South Bend Indiana bankruptcy laws and policies were put into effect in the first place. It's not like the laws are all that clear to the layperson, so to make things simpler here is a look at Chapter 7 and Chapter 13 bankruptcy options.

• Chapter 7 bankruptcy
• Chapter 13 bankruptcy
• what you need to know about your options

Chapter 7 bankruptcy in South Bend Indiana is harder to achieve than Chapter 13. This particular type of bankruptcy clears away all debt, but legitimate need can be hard to prove. The government would prefer to keep the economy up and running and have you pay at least part of what you owe back. However in extreme cases, a Chapter 7 bankruptcy option can be successful. It's important to note that it may be harder to get your credit status back; and car and home buying may have to wait longer than you would like.

Chapter 13 bankruptcy is far more popular in South Bend than just about anything else. This form of bankruptcy can save your home if it is in foreclosure and stop the harassing phone calls from irate bill collectors. You and your bankruptcy attorney will visit the trustee and set up a livable payment plan. You will be required to mail the predetermined amount once a month to the trustee, who will then pay your outstanding bills for you. If the creditors have a problem, they have to contact the trustee instead of you.

The best way to determine how to approach a South Bend bankruptcy is to see an attorney. They can review the requirements of each type and instruct you on how to proceed in your best interest. Chapter 7 and Chapter 13 bankruptcy are designed to fulfill different needs. A lawyer can make the differences clear to you. With the bankruptcy laws in South Bend there to help you, you can get out from under debt and finally breathe again.