Chapter 7 Bankruptcy Laws
Many people who are facing serious debt wonder: How does Chapter 7 bankruptcy work? If you are unable to keep up with your bills month by month and you keep falling further into debt, you might be wondering about this as well.
Do not keep wondering and worrying, and do not believe the bankruptcy myths that are out there. Call Walton Legal Services and talk with one of our Indiana bankruptcy attorneys at a free initial consultation. We can help you understand how Chapter 7 bankruptcy works, and we will help you find the road to financial freedom.
Walton Legal Services: More than 30 years | More than 30,000 bankruptcies filed
Chapter 7 Bankruptcy Step by Step
If you are thinking about filing for Chapter 7 bankruptcy, this is a general view of what the process might look like for you:
- The free initial consultation: The first thing you should do is contact us to schedule a free initial consultation. We will look over your financial situation to help you determine whether you qualify for Chapter 7, if Chapter 13 might be a better option or if there are other debt-relief options available to you. During this time, we will also explain all of the fees that you will have to pay.
- The means test: This is a test to see if you are eligible for Chapter 7. Your income needs to be below a certain level to qualify, and most people who come to us for bankruptcy relief qualify with no problems.
- Filing: If you qualify, we will guide you through all of the paperwork and filing requirements, file your petition, appear at your hearing with you and assist you in obtaining your discharge.
- Credit counseling: Everyone who files for bankruptcy must first take a short credit counseling class.
- Keep some of your property through exemptions: Bankruptcy law in Indiana allows generous exemptions. As long as your assets are below the mandated exemption level, you can retain those assets, and you will not lose them in Chapter 7 bankruptcy.
- Reaffirm good debts: You can reaffirm the debts that you can still afford, allowing you to secure those assets.
- Discharge: After you go through the process and complete your second counseling session, your debts will be discharged, and you will be on the road to financial freedom.
If you are looking for an Indianapolis debt-relief lawyer to help you find the road to financial freedom, call one of our Indianapolis law offices, call our Columbus, Indiana, office or contact us online. We offer free initial consultations, and we give you detailed up-front information about our fee arrangements, so there will be no surprises.
