Chapter 7 Bankruptcy Indiana
Chapter 7 Bankruptcy Lawyers Serving Indianapolis and Central Indiana
A Chapter 7 Bankruptcy May:
- Provide Automatic Court Protection From Creditors
- Stop Harassing Calls and Letters
- Stop Lawsuits and Garnishments
- Give You a Permanent Discharge of Most Debts in a Few Months
- Let You Keep Your Car and House
Consider a Chapter 7 Bankruptcy if:
- You Have Minimal Assets or Equity in Assets
- You Have Trouble Making Monthly Payments on Necessities and Basic Expenses
- You are Current on House and Car Payments (When Applicable)
Call us now at 317-759-1483 or send us an email to schedule a free consultation with an attorney
What is a Chapter 7 Bankruptcy?
A Chapter 7 Bankruptcy is the straight or liquidation chapter of bankruptcy. A single person or married couple files papers with the Bankruptcy Court asking for immediate protection from their creditors and ultimately for an elimination (discharge) of most debts.
What Can I/We Keep in a Chapter 7 Bankruptcy?
You may have heard chapter 7 bankruptcy referred to as a “liquidation”. The term is a little misleading. In the vast majority of cases people keep everything they have.
Can I/We Keep Our Home/Car?
In a chapter 7 bankruptcy you will have the option of “reaffirming” secured debts like houses or cars. Reaffirming a debt makes you responsible on the debt again. House/Car creditors are generally happy to allow reaffirmations on their debts as long as you are current on payments.
What About Credit Cards?
Credit cards are dischargeable in chapter 7 bankruptcy.
Can I/We file a Chapter 7 Bankruptcy?
If you have not filed a chapter 7 in at least eight (8) years or a chapter 13 in the last six (6) years you may qualify for a chapter 7 bankruptcy. Since the change in the bankruptcy law in 2005 a person or married couple must also qualify for a chapter 7 bankruptcy under an income based test called the Means Test. Estimates indicate that approximately 96% of people that qualified for a chapter 7 prior to the law change are still eligible to file a chapter 7. In the unlikely event that you are not qualified for a chapter 7 it is possible to significantly reduce your debt obligations with a chapter 13.
How Long Does Chapter 7 Bankruptcy Take?
From filing to discharge, a chapter 7 bankruptcy usually takes between three and four months. Much of this time is the result of mandatory waiting periods the law requires.
Is a Chapter 7 Bankruptcy Right for Me?
We offer a free, no obligation consultation with an attorney. Your creditors have attorneys, collection agents, and money. Allow us to explain your rights. Together we can level the playing field against them and find a solution to your debt problems.
Please Call us now at 317-759-1483 or send us an email to schedule a free consultation with an attorney to review your personal situation