Chapter 7 bankruptcy

 Sometimes called a “Fresh Start”

A person is eligible to file an Indiana Chapter 7 Bankruptcy every eight years from the filing date of the previous bankruptcy.  There are different rules for filing a Chapter 7 after filing a Chapter 13.  When you come in for your initial consultation, we will look up your previous bankruptcy to assure you are qualified. 

Chapter 7's are generally filed by people who are current in payments on secured debts like houses or cars.  

At your initial consultation, the attorney will discuss assets and your belongings and whether they are protected or not.   There are limits on the amount of property you can protect.  Indiana's personal property exemptions are generous and most people do not lose belongings in a Chapter 7 Bankruptcy.

What do I stand to lose in bankruptcy?

For most people, you stand to lose debt alone.   Each state has rules for exemptions or property you can protect.  If you have been domiciled in a state for 2 years before filing, you can use that state's exemptions or the federal exemptions if allowed by that state.  If this isn't the case, then Bankruptcy uses a 180 day rule to determine which
exemptions you use.  Confused?  Call one of our offices today to make an appointment to discuss your Bankruptcy rights.  

Debts you can get rid of in a Chapter 7

Credit cards, collections, medical, repossessions, and some older tax debts are just some of the debts you can get rid of in a Chapter 7.  Some of the debt you cannot generally eliminate are debts incurred through fraud, fines or restitution, child and most spousal support, student loans, and newer taxes.

Every case is different.  Bankruptcy laws are complicated.  Call one of our conveniently located offices and we can discuss your rights and responsibilities.