EXPERIENCED BANKRUPTCY ATTORNEYS SERVING INDIANAPOLIS AND MARION COUNTY
Bankruptcy in Marion County
Due to the recent economic recession, many Marion County, Indiana residents are facing foreclosure and other serious financial difficulties. If you are facing foreclosure, repossession of your car or other assets, or are having trouble staying on top of your credit card and other debt payments, filing for Chapter 7 or Chapter 13 bankruptcy might be the solution to your financial situation. With over 60 years of combined legal experience, the Indianapolis bankruptcy attorneys at Redman Ludwig, P.C., help Marion County residents find relief from their debts by offering committed and compassionate legal counsel before, during, and after the bankruptcy process.
WHAT IS THE DIFFERENCE BETWEEN CHAPTER 7 AND CHAPTER 13 BANKRUPTCY?
Under Chapter 7 bankruptcy, you may be required to liquidate certain assets, and use that money to pay off your debts, usually at a greatly reduced balance. However, some assets are exempt from liquidation, meaning you don't have to sell them as part of your Chapter 7 bankruptcy filing. Not everyone qualifies for Chapter 7 bankruptcy, so it's important that you consult with a knowledgeable bankruptcy lawyer serving Marion County who can help you determine whether you qualify, and will fight to help you keep the exempt assets you don't need to sell.
Chapter 13 bankruptcy entails reducing and consolidating your debts into a bankruptcy trust, toward which you will be required to make regular monthly payments until the balance is paid off. The good news is that by making these monthly payments on time, you will immediately begin to rebuild your credit after bankruptcy. At Redman Ludwig, P.C., our experienced bankruptcy attorneys will help you determine which form of bankruptcy is right for your situation, and develop a plan to get you back on track toward your future financial goals.
HOW CAN I RAISE MY CREDIT SCORE AFTER BANKRUPTCY?
While declaring bankruptcy may bring your credit score to an all-time low, and bankruptcy can remain on your credit report for up to ten years, by staying on top of your payments toward your bankruptcy trust or any other remaining debts, you can raise your credit score after bankruptcy. Obtaining a secured credit card can be another effective tool for raising your credit score after bankruptcy. Virtually anyone can qualify for a secured credit card, because you make a deposit to cover the entire credit limit when you open the account. This deposit can be used by the bank to pay off the credit card should you fall behind on your payments.
By following these two simple steps, many of our clients are surprised to see how quickly their credit score rises following bankruptcy. At Redman Ludwig, P.C., our skilled bankruptcy attorneys will work with you even after your bankruptcy is filed to help you rebuild your credit and restart your financial future.
CALL TODAY FOR A FREE CONSULTATION
If you live in Indianapolis, Lawrence, Warren, Decatur, Wayne, or anywhere else in Marion County, Indiana, our dedicated personal bankruptcy lawyers are ready to help. Contact the Indianapolis, IN offices of Redman Ludwig, P.C. at (317) 800-6181 today to schedule a free evaluation of your financial situation.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.