Filing Chapter 7 Bankruptcy in Indiana
Myth: I will lose all of my assets if I file Chapter 7 bankruptcy.
Fact: While Chapter 7 is known as liquidation bankruptcy, many assets are exempt — meaning you get to keep them. You can keep your retirement plan accounts. You can also often keep your home, car and personal belongings.
Chapter 7 bankruptcy is the simplest form of bankruptcy protection. After certain exemptions, any remaining assets can be liquidated (sold) and the proceeds used to pay as much of your debt as possible. Most, if not all, of your remaining debt will be discharged by the bankruptcy court. During our consultation, I will advise you if you have any assets that may be at risk of being liquidated. I don't like surprises, and I know you don't either! I take every step possible to ensure there are know surprises before we file a case. Before your case if filed, you will know if you qualify, which of your debts are dischargeable, and if you are at risk of losing any assets.
Filing Chapter 7 bankruptcy will discharge unsecured debt: things like credit card bills, hospital bills and loans that are not secured by property. There are some types of debt that can't be discharged such as past-due child support, student loans and certain types of taxes. So be sure to get an attorney's advice before you file Chapter 7 bankruptcy.
To file Chapter 7 bankruptcy, you must first meet certain court requirements. You must qualify based on your income, provide certain documentation, and complete a credit counseling course. At the Law Office of Colby J. Leonard, we offer a free initial attorney consultation to determine if you qualify. Even if you have been told that you aren't eligible for Chapter 7 bankruptcy by other lawyers, attorney Colby J. Leonard may still have other ideas that will be able to assist you in filing for Chapter 7 bankruptcy.
Did You Know?
- In Indiana, you can keep up to $15,000 in home equity for a single person and up to $30,000 jointly, when you file Chapter 7 bankruptcy. In certain circumstances your equity is 100% exempt regardless of how much equity you have!
- Chapter 7 bankruptcy will put an immediate stop to creditor harassment, wage garnishments, bank account levies, as well as collections on lawsuit judgments.
- Chapter 7 bankruptcy can discharge certain income tax debts.
- Our fees for filing Chapter 7 bankruptcy are reasonable and payment plans are available.
- Even after your discharge, we are still here to help assist you with your fresh start. We can advise you on rebuilding credit, or disputing discharged debts that are still present on your credit report.
Free Attorney Consultation
If you are facing debt problems, you have nothing to lose by seeking an attorney's advice. You have a lot to lose by postponing it. Call 317-622-0385 (866-654-5889 toll free) or fill out the contact form on this Web site to arrange a free initial consultation with the Law Office of Colby J. Leonard. We have offices in Indianapolis and Muncie, Indiana.
"We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code."
