Bankruptcy Attorney in Connersville & Richmond Indiana | Thompson Law

Bankruptcy

Bankruptcy Law Offered From Two Locations

We know it’s not easy for anyone to file bankruptcy. It’s a situation that forces you to take such a difficult step when you are unable to pay you and your company’s debt. And, at this point, anyone can feel stuck so, why don’t you come to the Thompson law office? Here, you can solve any kind of bankruptcy case whether it is personal or corporate.

Thompson Law is a debt relief agency that helps individuals, couples, and businesses file bankruptcy under the U.S. bankruptcy code. Bankruptcy law is federal law and it is drafted by Congress following Article I, Section 8 of the United States Constitution, which authorizes Congress to enact “uniform laws on the subject of Bankruptcies”.

Debt Relief

Over the decades, we have been representing our clients by filling numbers of bankruptcy petitions and successfully pursuing motions to stay garnishment proceedings and stop collections already in progress. Debt relief is a partial or complete release of debts. Here, we believe in finding the right chapter of the code so that we could help each client preserve their assets according to the law.

Debt Relief is categorized into three ways:

  • Debt Settlement- In this, debt negotiation companies use their negotiation tactics and convince your creditors to settle older debts.
  • Credit counseling- This type of debt relief permits a credit counseling company to convince your creditors for lowering interest rates.
  • Bankruptcy- It allows you to eliminate or restructure your debt.

Bankruptcy Chapters

Bankruptcy is a court proceeding in which a person or business that can’t pay its bills may have those debts discharged by a federal court and relieving them from paying those debts. The Bankruptcy Code (11 U.S.C.A.) is a federal law that helps debtors from paying their debts.

 However, there are different types of bankruptcy such as Chapter 7, 9, 11, 12, 13, 15 but, we represent our clients under Chapter 7 and Chapter 13 of the code.

Chapter 7 Bankruptcy– It is also called “Liquidation” or “Total Bankruptcy”, which focuses on canceling most debts. In this, Trustee will check whether you have any assets above the exemptions for where you live and after the Chapter 7 Bankruptcy Proceeding you get a complete cancellation of your debts.

Chapter 13 Bankruptcy– It is also known as “reorganization” or a “wage earner plan” that focuses on reorganization of your debts rather than outright discharge. With this, you can propose to the U.S Trustee to do payments for 36-60 months, depending on your situation.

We don’t judge our clients! We help them to get their financial freedom back. Get your filing for Chapter 7 and Chapter 13 by calling us at 765-827-1111.