Indianapolis Bankruptcy Attorneys

What is Chapter 7 Bankruptcy?

This is the most common type of bankruptcy filed in the United States today. If you want to file a Chapter 7 bankruptcy, you will need to meet certain criteria first. You need to pass the means test which proves that your income is less than the median income for a family of your size in your state. If you make more than this amount, it means you will have to file a Chapter 13 bankruptcy instead.

In addition to passing this test, you will also have to receive credit counseling from a credit counseling agency that has been approved through the U.S. Trustee Program’s website.

When you file Chapter 7, you will find that you are able to keep some types of property that are exempt. This will include most of the real estate mortgages, as well as car loans that you might have. If you have other assets, they are going to be liquidated and the money is going to go toward paying back the creditors. 

How to File Chapter 7 Bankruptcy

Filing for Chapter 7 bankruptcy in Indiana involves the following key steps:

• Eligibility Check: Determine if you qualify based on your income and the means test.
• Credit Counseling: Complete a mandatory credit counseling course.
• Gather Financial Documents: Organize income, expenses, assets, debts, and tax returns.
• File Bankruptcy Petition: Submit your bankruptcy petition and pay the filing fee or request a fee waiver.
• Automatic Stay: Once filed, an automatic stay halts creditor actions.
• Meeting of Creditors (341 Meeting): Attend a meeting where the trustee and creditors may ask questions.
• Financial Management Course: After the 341 Meeting, take a financial management course.
• Discharge of Debts: Approved Chapter 7 discharges eligible unsecured debts.
• Post-Bankruptcy Counseling: Complete a post-bankruptcy financial management course.
• Comply with Court Orders: Follow court orders and consult a bankruptcy attorney for guidance.

Navigating bankruptcy is complex; consult an attorney to understand your rights and responsibilities, and to address your unique circumstances. They can also offer guidance on exemptions and property protection.

For experienced guidance, reach out to our Indianapolis Chapter 7 lawyers at (317) 743-7958.

Going Through Chapter 13 Bankruptcy

The debt is not going to be erased or discharged with a Chapter 13 bankruptcy as it would be with a Chapter 7. This is an option for those who are making more than the median amount of money for a family of their size in their state, but who are unable to pay their bills temporarily for some reason or another.

With this type of bankruptcy, the court will reorganize the debt. Some of it might be discharged, but not all of it. The court will come up with a plan that will reorganize the debt to be paid back over the course of three to five years in most cases. At the end of the period, remaining debt is likely to be discharged. One of the reasons that some people choose this option when filing is so they can keep more of their property, which could potentially be lost when they are filing a Chapter 7 bankruptcy.

Want to know more? Discuss your financial matter with our Chapter 13 bankruptcy lawyer in Indianapolis – your consultation will be confidential. Call (317) 743-7958 today.

Never File Bankruptcy on Your Own

You might have seen or heard about products that you can use to file for bankruptcy on your own. However, this is one of the biggest mistakes you could make. There are certain requirements that need to be followed, and paperwork that needs to be filed. The best – and really only – course of action is to get in touch with a bankruptcy attorney who has plenty of experience in the field and who can help walk you through each step of your case.

The bankruptcy attorney in Indianapolis that you choose should be able to answer all of your questions, and they should be able to take care of your creditors, so you no longer have to deal with them on the phone. Great bankruptcy lawyers will help you determine what type of bankruptcy is right for you, as well. Ultimately, they should provide you with a clear path that you are going to follow through the bankruptcy process that will help you to get clear from debt so you can start over.

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Speak to seasoned Indianapolis Bankruptcy Attorneys at Law Offices of Eugene Mogilevsky. Contact us or call (317) 743-7958 to make an appointment. We're available 24/7.

We are ready to help you with your bankruptcy questions and needs.

If you want to know whether filing bankruptcy is going to be the right choice for you, or whether you should seek a different route to financial peace of mind, you will want to get in touch with us today. You can visit our site and schedule a consultation, give us a call, or send us an email. Law Offices of Eugene Mogilevsky, LLC are ready to help you with your bankruptcy questions and needs.