If you are experiencing difficult financial circumstances, you may be considering bankruptcy as a way to get out from underneath all the debt that you have accumulated. There are some debts that cannot be gotten rid of (“discharged”) in bankruptcy, such as child support and student loans. But many debts can be.

Dealing with debt is a problem as old as the hills.  Even the ancient Hebrews knew “the borrower is slave to the lender”.  If you have struggled with debt, and see no end in sight, perhaps you need a new way of looking at things.

Regardless of how you got into your situation, there must be a way out–a plan which will bring you financial freedom.  Continuing to pay without a plan to eliminate the debt will not solve the problem.  You must have a specific plan to pay off your debt over a specific period of time.

Not paying and avoiding the phone calls will not work either.  Even negotiating a smaller payment (or less interest) for six months will not work to give long range relief. They say that the definition of insanity is doing the same thing over and over again and expecting different results.   What hasn’t worked before won’t start working magically, just because you keep doing it.  Don’t keep making the same choices again and again, expecting something different to happen.

There are two primary kinds of bankruptcy that consumers can file to help them address their debt problems: Chapter 7 and Chapter 13. (Chapter 11 is primarily for businesses, to read it more about it click here. They are very different in their procedures, and experienced counsel should be consulted to see which chapter is right for you.  Chapter 7 bankruptcy is generally designed for people with lower incomes, who have a significant amount of what is called “unsecured” debt (such as medical bills or credit card debt).  This process normally takes three to four months, once the case is filed with the court. If you’d like more information about Ch 7 bankruptcy, click here.

Chapter 13 is generally chosen by people with higher incomes, who may have a substantial amount of equity in some secured asset, such as their home.  Because of accumulated debt, they find it extremely difficult or impossible to keep up with all of the bills.  They may have tax debt which needs to be paid off in a payment plan.

Most Chapter 13 filers will keep their home and cars, if they desire.  Under a Chapter 13 filing, the court supervises the creation of a three to five year payment plan, to pay off debts on a monthly schedule. If you’d like more information about Ch 13 bankruptcy, click here.

There are many things that need to be considered before filing bankruptcy. The attorneys at Mike Norris and Associates know all the questions that need to be answered before you make a decision to file. And our lawyers will advise you based on your particular situation, perhaps recommending a Chapter 7 or Chapter 13 filing, or possibly some other strategic solution. We will be happy to help you make the right decision.

So give us a call today at (317) 266-8888, or email Mike at

Note: We are a debt relief agency.  We help people file for bankruptcy relief under the Bankruptcy Code.

Indianapolis Small Business and Consumer Protection Attorney: bankruptcy, debt settlement, and student loan relief