Chapter 7 Bankruptcy Lawyer in Indianapolis Helping you get a Fresh Financial Start with Bankruptcy Relief
Too many people saddled with financial hardship face losing their homes, vehicles, and other assets due to too much debt and no solutions for relief. Dealing with the hopelessness of never-ending debt can cause emotional stress, trauma, and sometimes illness.
This doesn’t have to be you. You can get rid of your debts in as little as four months and start fresh.
Chapter 7 bankruptcy is a powerful legal tool that allows you to course-correct your financial affairs and erase several secured debts and unsecured debts weighing you and your family down. More common than you might think, Upsolve.org estimates that more than 39 million Americans have filed for chapter 7 bankruptcy to start financially.
A fresh financial start is possible with bankruptcy relief when debts and bills become too much, and you feel there’s no way out. Chapter 7 relief will protect you from creditors and remove future liability related to your debt.
Avoid the high cost of working with a debt relief agency, stop creditor harassment and wage garnishment, and freeze your assets. Our bankruptcy attorneys can advise you on bankruptcy basics and determine if you have a bankruptcy case.
See if chapter 7 relief is right for you, and book a free consultation with our law firm today: (317) 623-4546
Is Chapter 7 Bankruptcy Right for me?
Chapter 7 bankruptcy affords a person with money owed and not enough income a blank slate, rather than debt consolidation or a debt management plan through other types of relief. An option for debt settlement and financial relief, chapter 7 protection doesn’t have limitations on debt; it allows you to keep future income and doesn’t require any repayment plans.
Chapter 7 bankruptcy, also known as “straight bankruptcy” or “liquidation,” erases several debts in bankruptcy court, except alimony, spousal maintenance, child support, taxes, student loans, large purchases over $500 made within 90 days of filing, fraudulent debts and considerable cash advances received within 70 days of filing.
We know every person and family has unique circumstances, and filing for bankruptcy gets personal. If you are considering relief or ready to file bankruptcy, take confidence in knowing that our law firm never takes a one-size-fits-all approach.
Chapter 7 bankruptcy might be a good option for you if:
- You are being harassed or threatened by multiple creditors daily.
- You live paycheck to paycheck and cannot pay all your monthly bills.
- You are receiving notices that your mortgage or loans are being foreclosed on.
- You are receiving threats that your vehicle will be repossessed.
- You are experiencing a significant financial setback, such as a divorce, costly illness, or job loss.
- You do not have sizable assets or secured loans and simply need a fresh start.
Whether undue hardship or other life circumstances, we can relieve your financial worries and manage your case with ease. See if chapter 7 bankruptcy is right for you, and book a free consultation with our experienced attorneys: (317) 623-4546.
How do I Qualify for Chapter 7 Bankruptcy?
Chapter 7 bankruptcy generally discharges unsecured debts, such as credit card debt, medical bills, and unsecured personal loans. If you make too much money and can pay back some or all your debts, or you don’t want to lose your property or good credit history, our bankruptcy attorneys can quickly assess whether chapter 7 bankruptcy protection makes sense or another type of relief, such as chapter 13 bankruptcy.
The bankruptcy process is confusing and laden with complexities. Our team can help you prepare and determine the best path for you and your family.
A bankruptcy “means test,” as designed by federal bankruptcy laws, will determine whether you are eligible for relief and chapter 7 protection. Generally, you will likely qualify if your income is at or below the median level per the U.S. Census Bureau.
If you make more money than the median income for families in Indiana, the following will be considered, up to a certain amount:
- Income over the last six months
- Car and mortgage payments
- Back taxes
- Child support
- School expenses
An experienced chapter 7 bankruptcy attorney with the Law Office of Corey L. Scott LLC can quickly assess whether you qualify for protection when you book a free consultation.
If you are considering bankruptcy, we can help you understand bankruptcy filing and arm you with proactive measures to prepare for bankruptcy courts, such as credit counseling and financial management. Call our law firm today to see how we can help you get on the right track: (317) 623-4546.
How Does the Chapter 7 Bankruptcy Process Work?
An experienced bankruptcy attorney with the Law Office of Corey L. Scott LLC will walk you through every step of your bankruptcy case, from filing bankruptcy to representing you in the hearing to ensure a favorable outcome.
Filing: Before filing a petition with the court, you provide our team with the necessary documentation, including three pay stubs, three years of recent tax returns, and an updated credit report you provide or that we help pull on your behalf. We ask that you also complete a bankruptcy questionnaire to work from.
Your participation is also required leading up to the hearing, as the new federal bankruptcy law requires that any overdue tax returns be filed within weeks of chapter 7 bankruptcy filings.
A statement of affairs and petition filing trigger the bankruptcy court to commence. This includes a complete list of assets, creditors, income, personal lawsuits, and inheritances. All creditors receive notice that you have filed for chapter 7 protection, and an “automatic stay” immediately goes into effect. This prevents your creditors from making further attempts to collect your debts and stops garnishments once my team provides your payroll department with a notice of your filing.
Hearing: A month after filing your petition, the bankruptcy trustee will hold the first meeting of creditors. This is the only hearing most people have to attend and allows creditors to voice any objection to you discharging your debt, though most don’t. The bankruptcy trustee will ask questions to verify your information and assure you have accurately listed your assets, creditors, and income. A typical 341 meeting lasts about five to 10 minutes.
Following the hearing, you will likely receive notification that your unsecured debts have been discharged and that you are no longer obligated to pay them.
Can a Chapter 7 Bankruptcy Attorney Protect my Assets?
Chapter 7 bankruptcy protects your property and assets and allows you to eliminate lingering unsecured debts, broken leases, credit cards, medical bills, personal loans, car repossessions, lawsuits, and more.
It is the most common type of bankruptcy and the quickest approach to discharging your debts. An experienced bankruptcy attorney with the Law Office of Corey L. Scott LLC can help you reduce financial strain, save money, and provide outside-of-the-box solutions, such as reaffirmation agreements that preserve your home and car.
From the moment you file for chapter 7 bankruptcy, we help you understand bankruptcy basics and bankruptcy laws and proactively help you meet the requirements of the bankruptcy court leading up to the hearing, including taking care of any overdue tax returns, completing approved credit counseling, and debt management, or setting you up with an approved credit counseling agency.
Don’t let your financial problems, medical bills, personal injury, or other life events impact your future. From unsecured debts, payday loans, unsecured creditors, child support issues, and more, rely on our bankruptcy attorneys to get you through to the other side.
Book a free consultation with the Law Office of Corey L. Scott LLC to see if you qualify for chapter 7 bankruptcy today:(317) 623-4546.