Indianapolis Chapter 7 bankruptcy attorney
About Chapter 7 bankruptcy
The most common type of bankruptcy is a chapter 7, commonly referred to as a “liquidation” proceeding. The objective of chapter 7 bankruptcy is to discharge as much of your debt as possible and to protect your assets. Many of my clients are shocked when they learn they are allowed to keep most if not all their property, including cars, retirement accounts, cash, household goods, and furnishings when filing bankruptcy.
The entire process usually only takes 4 to 6 months. Filing chapter 7, bankruptcy almost always provides immediate relief. After filing chapter 7, creditors are forced by law to stop actions against you like those below.
- Lawsuits
- Repossessions
- Harassing Phone Calls
- Garnishments
- Foreclosure
In chapter 7 bankruptcy, you do not make payments to your creditors, unless there is a debt “YOU” decide you want to keep paying.
If you would like more information or are interested in a FREE consultation, call our office now. We are one of Indiana’s largest consumer bankruptcy firms and would be happy to assist you. Take the first steps to get you back on your financial feet. We have helped tens of thousands of Hoosiers just like you. Not a failure, but a fresh start!
Frequently Asked Questions
Q1: What is Chapter 7 bankruptcy?
A1: Chapter 7 is the most common form of bankruptcy, often referred to as a “liquidation” process. Its main purpose is to discharge eligible debts and protect your assets, providing a clear path for a fresh financial start by eliminating overwhelming obligations.
Q2: What is the main goal of Chapter 7 bankruptcy?
A2: The primary objective of Chapter 7 bankruptcy is to eliminate or significantly reduce as much of your unsecured debt as possible. It’s designed to give you immediate relief and a chance to rebuild your financial future without the burden of overwhelming obligations.
Q3: Can I keep my property if I file for Chapter 7 bankruptcy?
A3: Yes, many clients are surprised to learn they can retain most, if not all, of their essential property during Chapter 7 bankruptcy. This typically includes items like cars, retirement accounts, cash, and household furnishings, thanks to specific legal exemptions designed to protect your assets.
Q4: How long does the Chapter 7 bankruptcy process typically take?
A4: The entire Chapter 7 bankruptcy process is usually quite efficient. From the initial filing of your petition to the final discharge of your debts, the procedure generally takes only 4 to 6 months to complete, offering relatively quick financial relief and a new beginning.
Q5: What immediate benefits does filing Chapter 7 bankruptcy provide?
A5: Filing Chapter 7 provides immediate relief by legally stopping most collection actions. Creditors are compelled to cease lawsuits, repossessions, harassing phone calls, wage garnishments, and foreclosure efforts, giving you crucial breathing room and legal protection.
Q6: Am I required to make payments to creditors during Chapter 7 bankruptcy?
A6: In most cases, no. Chapter 7 bankruptcy generally means you are not obligated to make payments to your creditors. The only exception is if you choose to reaffirm a specific debt, meaning you voluntarily agree to continue paying it, such as a car loan.
Q7: How can I get more information or start the Chapter 7 bankruptcy process?
A7: For more information or to begin the process, you can contact our office directly for a free consultation. As one of Indiana’s largest consumer bankruptcy firms, we are prepared to guide you through your options and assist you every step of the way toward financial freedom.
