The Law Offices of Eugene Mogilevsky will be closed for Thanksgiving on Thursday, November 28th, and Friday, November 29th. We wish you a happy and safe holiday! Regular office hours will resume on Monday, December 2nd.
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Bankruptcy

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Indianapolis Bankruptcy Attorneys

Get a Fresh Start With An Experienced Team

When you are facing a substantial amount of debt, it is very easy to be overwhelmed and not to know where you should turn or what you should do next. You do not want to ignore the problem because it is only going to get worse. However, you might be frightened by the word “bankruptcy” worrying that it is going to cause you financial ruin for the rest of your life.

The truth of the matter is that bankruptcy is not nearly as scary as many have made it out to be. In fact, in some cases, it might be the best option for you. Before you make that decision, speak with an Indianapolis bankruptcy attorney at Law Offices of Eugene Mogilevsky, you will want to learn a bit more about what bankruptcy is and what options might be available to you.

Considering bankruptcy? Discuss your situation with an Indianapolis Bankruptcy Lawyer at Law Offices of Eugene Mogilevsky. Dial (317) 743-7958 or complete a form for an appointment.

What Is Bankruptcy?

When a person is no longer capable of meeting their obligations to creditors and lenders, they are allowed to relive some or all of their debts.

There are two types of personal bankruptcy that are typically used to help people who are in debt and who do not see a way out of the problem:

  • Chapter 7 bankruptcy, it means that the debtors are able to discharge all unsecured debt such as credit cards, medical bills or unsecured loans
  • Chapter 13 bankruptcy, the debtors will repay all or a portion of their debt based on a payment plan.
    When you are considering filing for bankruptcy, it is important to remember that there are some debts that cannot be removed. These include federal and state taxes, student loans, and spousal and child support.

It can take care of most other types of debt though, and it could be a great option for you. You will no longer have to worry about being called and pursued by creditors, and you can start over with your life. For many, it is the perfect way to find a new lease on life. However, you will need to think about which of these options is going to be the right choice for you.

Still, if there are other options available for you to get out of debt that avoid going through bankruptcy, they are still going to be a better option. When you file for a bankruptcy, it is going to stay on your record for about a decade, and this is going to affect your credit and your ability to get loans for real estate, vehicle loans, and more. Always think carefully and make sure it is your last choice before you file.

When Should You File for Bankruptcy? 

Filing for bankruptcy is a significant financial decision and should be considered when you are facing overwhelming debt that you cannot repay. 

Here are some situations where filing for bankruptcy might be appropriate:

  • Unmanageable Debt: If your debts are so large that you cannot make the minimum payments, and there is no realistic way to pay them off in a reasonable time frame.
  • Constant Collection Efforts: If you are being harassed by creditors and facing collection actions, such as wage garnishments, lawsuits, or repossessions.
  • Foreclosure or Eviction: If you are at risk of losing your home or being evicted due to unpaid debts.
  • Loss of Income: If you have experienced a significant loss of income due to job loss, illness, or other factors, making it impossible to meet your financial obligations.
  • No Other Options: If you have explored other debt relief options, such as debt consolidation or negotiation, and they have not been successful.

Before filing for bankruptcy, it's crucial to consult with a financial advisor or bankruptcy attorney to understand the implications, explore all available options, and determine the best course of action for your specific situation. Bankruptcy can provide a fresh start, but it also has long-term effects on your credit and financial future.

What Are the Benefits of Filing for Bankruptcy?

Is bankruptcy really worth it? If you are struggling against serious debt, filing for bankruptcy is one of a few options that you may take.

Common reasons why people file for bankruptcy:

  • Bankruptcy eases stress because it immediately stops creditor harassment
  • Stops lawsuits from creditors
  • Stops wage garnishments
  • Stops or delays foreclosure
  • Stops repossession of some property
  • Ends debt and allows you to get a fresh start and an opportunity rebuild your credit immediately

Want to know more? Contact Law Offices of Eugene Mogilevsky to set up an appointment with a skilled bankruptcy lawyer in Indianapolis. We have years of experienced and rare are ready to answer your questions and guide you through the filing process. There is no need to continue the struggle and avoid creditors -- let our attorneys help you find the best solution starting today.

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Hear From Our Happy Clients

At Law Offices of Eugene Mogilevsky, your satisfaction is our priority! See for yourself what our clients have to say about working with us.

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OUR VALUES

What Sets Us Apart

  • Our Commitment to You
    Our commitment is to helping people just like you who are facing a variety of legal problems. We are committed to helping you find bankruptcy relief, to stay in your own home, and even remain within the United States legally.
  • Our Understanding
    One of the most important benefits of working with our experienced attorneys is our understanding of how many of the challenges we face in our daily lives are actually interrelated.
  • We Help You Feel at Ease
    Most people do not feel all that comfortable speaking with an attorney. It’s natural to be nervous. We want to put you at your ease. To that end, we do everything possible to make your experience as positive as possible from the initial consultation onward.
  • We Chose Our Portfolio of Services Carefully
    Our goal is to ensure that you are able to achieve a positive outcome with us in virtually any situation, whether you need to create a living will, you want to avoid dying intestate, you need to set up a power of attorney, or you need help pursuing and achieving US citizenship.
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    The Law Offices of Eugene Mogilevsky will be closed for Thanksgiving on Thursday, November 28th, and Friday, November 29th. We wish you a happy and safe holiday! Regular office hours will resume on Monday, December 2nd.