Miller Flannery Law LLC
Serving Clients In Lawrenceburg And Throughout Southeast Indiana
Call Today (812) 496-3666

Bankruptcy

Taking The Shame And Judgment Out Of Bankruptcy

Most Americans have debt — our economy seems to be based on it. The differences between someone who can pay back their debts and someone who must file for bankruptcy are smaller than you may think. In many cases, unforeseeable circumstances are to blame.

The leading cause of bankruptcy in the United States is medical debt. Even if you have health insurance, a single medical emergency or serious illness can lead to financial ruin. An economic downturn or job loss can also lead to or exacerbate a financially unsustainable situation.

Contrary to the misconceptions that linger, there is no shame in filing for bankruptcy. It is a valid legal tool for discharging or reorganizing overwhelming debt and getting your finances back on track.

What Are Your Personal Bankruptcy Options?

At Miller Flannery Law LLC, we can help you determine if bankruptcy is right for you, and if so, which kind of bankruptcy is most appropriate. In most cases, personal bankruptcy is filed in one of two ways:

Chapter 7 Bankruptcy, also called liquidation bankruptcy, focuses on discharging most debts. Common dischargeable debts include credit card debts, medical bills, utility bills and personal loans. Student loans typically cannot be discharged, but strategically discharging other debts can make student loan payments more affordable.

Not everyone will meet income requirements to qualify for Chapter 7. Another consideration is that the impact to your credit score will last longer than other forms of debt relief.

Chapter 13 Bankruptcy focuses on reorganization of your debts rather than outright discharge. You will work with an attorney to create and negotiate manageable repayment plans, allowing you to pay off most creditors within three to five years. This is a good option if you do not qualify for Chapter 7 or if you want to minimize the risk of lost assets.

How We Can Help With Asset Protection

Most people filing for bankruptcy are concerned about losing their most important assets, including their vehicle, their home and valuable family heirlooms. Thankfully, these losses can often be avoided.

When you call the experienced lawyers at Miller Flannery Law LLC, we will take the time to learn about your most highest priorities and address your questions and concerns. We will then work with you on the strategy that is most likely to bring appropriate debt relief while avoiding or minimizing asset losses.

Relief For Certain Small-Business Owners

While our firm focuses primarily on personal bankruptcy (rather than business bankruptcy), there are times when the two are essentially the same. If your small business is set up as a sole proprietorship or another structure without limited liability protection, we can guide you through the bankruptcy process in much the same manner as a personal bankruptcy.

Contact Us For Answers To Your Bankruptcy Questions

With an office in Lawrenceburg, Miller Flannery Law LLC serves clients throughout southeast Indiana. For a free initial consultation about your bankruptcy questions and your legal options, call us at 812-496-3666. You can also fill out our online contact form.

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