Indianapolis Chapter 7 Bankruptcy Lawyer
Legal Counsel for Options in Chapter 7
A Chapter 7 bankruptcy is what some call a "straight bankruptcy". Most people file a Chapter 7 bankruptcy primarily to discharge debt. It can be as short as four months in bankruptcy from filing to discharge. With some exceptions related to prior bankruptcy filings, bankruptcy laws stop all collection efforts at the time of the filing of a Chapter 7.
How the New Bankruptcy Laws Work
Under the new laws effective October 17, 2005, a person or persons must either be below the median income or pass a means test to qualify for Chapter 7. The means test is a complicated mathematical formula which is designed to determine if the person filing the bankruptcy can afford to pay something back to his or her creditors. The median income is a set amount based on the county you live in and the number of people in your household. There is a specific period of time which is used to determine if you are above or below the median income.
While all this math seems complicated, a bankruptcy lawyer can walk you through this process with relative ease. We have the resources and experience to calculate your eligibility for Chapter 7.
Can I Keep My Car and House?
Most people who want to file a Chapter 7 bankruptcy are also concerned about keeping their homes and cars. Whether you can keep your real property and personal property is determined by the fair market values of your property in relationship to the liens against your property. For example, if a single person owns a home that is valued at $100,000, and he owes $85,000, he can protect the $15,000 in equity and continue to make the affordable house payment. After debt on your credit cards is wiped clean, you should have more disposable income to apply to your mortgage. In general, however, if you are able to continue making monthly mortgage payments, you should be able to keep your home.
What you can protect and how much you can protect is an important part of the bankruptcy counseling service and should be done with a bankruptcy lawyer.
This Is Not My First Bankruptcy — Can I File Again?
You cannot file Chapter 7 bankruptcy if you have filed Chapter 7 in the last eight years. In the situation where you have filed chapter 7 in the last eight years, you will want to talk to a bankruptcy professional about your options in Chapter 13, Reorganization.
Our attorney, Portia Douglas, works closely with clients to help find the best and most appropriate path through bankruptcy protection. If you want to know if you may be eligible for a Chapter 7, attorney Douglas can help you determine your current eligibility status. The above information is only an overview and is not intended as legal advice for your particular situation. Do not make any financial decisions or take any financial actions without discussing your specific situation with an experienced professional. With a focus on personalized counsel and support as well as 20 years of bankruptcy law experience, we work with clients throughout the Indianapolis area to help build a better financial tomorrow.
Providing Clients Protection and Liquidation Options
Many people think of Chapter 7 as a traditional bankruptcy, where at the end you have discharged and eliminated most, if not all, of your debt. There is a sense of having a clean slate following Chapter 7, though many people are still able to protect and continue to pay on their home and automobile.
Chapter 7 can be a way for clients to address:
- Garnishments
- Credit card debt
- Medical expenses
- Personal loans
- Surrender of real estate and cars and the debts associated with them
Find Out More About Bankruptcy and Our Attorney
Having worked with Indiana clients for more than two decades, our bankruptcy lawyer can provide dependable, intelligent and personalized support through the Chapter 7 process. We can also explain what steps you can take to begin rebuilding your credit. Call us at 317-204-2292 today to schedule an initial consultation to discuss your case.
We are a debt-relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
