Chapter 7 Bankruptcy

Eliminating Complications When Filing for Chapter 7 Bankruptcy

Our Attorneys at Church, Langdon, Lopp, Banet Law Firm Mitigate Chapter 7 Bankruptcy Hassles 

The thought of filing for bankruptcy is like a kick in the gut. It’s a downer when you’ve done all you can to find alternatives to keep the creditors at bay to no avail.

If everything else has failed and you want to avoid racking up more debt, Chapter 7 of the Bankruptcy Code may be a way out. While it may not seem like it, filing for Chapter 7 bankruptcy has advantages, one of which is giving yourself a well-deserved fresh start.

Are you considering filing for bankruptcy? If yes, having a great team of lawyers on your side is an upside, because we’ll handle everything on your behalf. We’ll prioritize your best interests, giving you the right information so you don’t lose more than you should.

Before filing a Chapter 7 bankruptcy claim, you must be properly equipped to get it right. Our attorneys at Church, Langdon, Lopp, Banet law firm will adequately prepare you and ensure you get the best result while at it. Reach us at 812-725-8224 to get started.

What Is Chapter 7 Bankruptcy in Indiana?  

Know What Chapter 7 Bankruptcy Means 

If you’re up to your neck in debt, you could be eligible for Chapter 7 bankruptcy relief. Chapter 7 Bankruptcy is also known as liquidation bankruptcy because the court liquidates (sells) any property that is not exempt.  This doesn’t mean you have to sell everything you own.  Your clothes, personal property and even your retirement accounts, for example, are all exempt and remain yours.  Even your home and your car may qualify for an exemption so long as they fall below a certain value.  In fact, most people who file a Chapter 7 keep all of their assets. A Chapter 7 Bankruptcy legally discharges all or most of your unsecured debts, such as credit cards and medical bills, giving you a debt-free fresh start.

When Should You File for Chapter 7 Bankruptcy?

Know When You Can File for Chapter 7 Bankruptcy 

Title 11 of the U.S. Code regulates filing for Chapter 7 bankruptcy. It provides for the instances where you can qualify for liquidation bankruptcy, and they include when:

Your Last Chapter 7 Bankruptcy Appeal Was Eight Years Ago

The general rule is that you cannot file for Chapter 7 bankruptcy more than once in 8 years. So, if your last bankruptcy was more than 8 years ago, you could qualify for Chapter 7 bankruptcy relief.

You Pass the Means Test

The means test is an important aspect of filing for Chapter 7 bankruptcy. It’s a formula that determines whether your assets and income are worth more or less than the median income of the households in Indiana.

If it’s less than average, then you qualify for Chapter 7 bankruptcy. On the other hand, you’ll need to file for Chapter 13 bankruptcy if your income is above the median household earnings.

The Nature of Your Debts

In most cases, Chapter 7 bankruptcy allows you to discharge all of most of your existing debts, allowing you to move forward free of the financial burdens. However, some debts, such as child support, most student loans, and taxes are not dischargeable.

A legal process like Chapter 7 bankruptcy has some complexities that you may be unable to figure out independently. That’s why we’re here—to help you make the process as simple and fast as possible. All you have to do is contact our office at 812-725-8224, and we’ll give you our full support.

How Can Our Indiana Chapter 7 Bankruptcy Lawyers Help?

Our Lawyers Will Handle the Nitty-Gritty of Your Case

While Chapter 7 bankruptcy doesn’t normally involve a formal court hearing, the law requires that you provide certain documents.

Here’s how we’ll help:

Clarifying Whether You’re Qualified for Chapter 7 or Chapter 13

There’s a difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy. You’d need our assistance in determining which one works for you.

Speeding up The Process 

You probably won’t know where to begin filing for and claiming Chapter 7 bankruptcy relief unless you’re an undercover attorney. That’s why you have us. With our experience, we can help you get freedom from creditors and control over your assets and livelihood.

Ensuring Things Are Done the Legal and Proper Way

To ensure you get a fresh start, you’ll need to make sure that things are done the legal and correct way. That’s where we come in—we guide you through getting out of the clutches of your creditors once and for all.

Why Choose Our Indiana Lawyers?

We Are Committed to Relieving Your Legal Burden 

You don’t need to go to trial to file a Chapter 7 bankruptcy, but you need a good team of lawyers on your side. Your attorney is your best friend and ally when going through this legal process.

At our firm, we have had to file for Chapter 7 bankruptcy relief. We’ll also empathize with you and demonstrate it through our compassion, thoughtfulness, and desire to help you start over quickly.

When you walk through our doors, you can rest assured that we’re skilled and experienced enough to pursue what’s best for your unique situation. This includes targeting the shortest litigation period and assertively claiming all your rights in the situation. We also work hard to ensure that you reap the full benefits of the law through Chapter 7 bankruptcy relief.

FAQs

The Complexities of Chapter 7 Bankruptcy Become Simpler When You’ve Got Our Help

We know you have questions, and we’ve got answers. Below, we’ve provided additional information on Chapter 7 bankruptcy:

How Long Is a Chapter 7 Bankruptcy Proceeding?

It depends on the circumstances of your case. However, Chapter 7 bankruptcy typically shouldn’t take more than 3 to 6 months. At Church, Langdon, Lopp, Banet law firm, we’re committed to fast-tracking the process so that you can move on with your life quickly.

Who Should File for Chapter 7 Bankruptcy Relief?

You can file for Chapter 7 Bankruptcy if your income is less than Indiana’s median income.  So, the answer to whether you qualify for Chapter 7 bankruptcy depends on whether you meet all the qualifications required.

What Does a Fresh Start after Filing for Chapter 7 Bankruptcy Entail?

A fresh start means freedom from the pressure your creditors have been dragging you through. It erases your debt and gives you the chance to start over, create a budget, set new financial goals, and rebuild your credit score. Note that while building your finances can be daunting, having a financial adviser and helpful resources can set you on the right path.

What Are Exempt and Nonexempt Assets?

Exempt assets are belongings that are off-limits to the court-appointed trustee. These assets are protected and may include your retirement accounts, furniture, clothing, your home and vehicle. On the other hand, a nonexempt asset is any other valuable property apart from the allowable exemptions

Navigating a Chapter 7 bankruptcy can be challenging, but we are here to support you all the way. So, if you’ve got more questions, contact our team at (812) 725-8224 for further clarification.

Ask Our Legal Team for Assistance

We’re Here to Ease the Process

Filing a Chapter 7 bankruptcy claim is not something you have to take on without assistance. You’ll always benefit from having a qualified law firm on your side.

Our team at Church, Langdon, Lopp, Banet Law is dedicated to helping you out of the legal troubles you have with your finances. We’ll provide timely legal advice and the necessary representation you need. Start a consultation with us today to discuss your case’s specifics.

Don’t take on a Chapter 7 bankruptcy claim without legal support. Call us now at (812) 725-8224 to get the assistance you need.

Attorney April Geltmaker

Well known Southern Indiana Attorney, April Geltmaker, has joined CLLB (Church, Langdon, Lopp, Banet) Law as the newest attorney. Geltmaker joins the CLLB Firm after serving as General Counsel for Greater Clark County Schools. . [ Attorney Bio ]