You Included My House and Car in the Bankruptcy?

July 9, 2015

What Do You Mean? You Included My House and Car in the Bankruptcy?  Our clients frequently request that we do not include their house or car in their Indianapolis Chapter 7 bankruptcy. You can usually keep your house and cars when you file for Chapter 7 Bankruptcy in Indianapolis. However, the bankruptcy system requires that everything that you own or anybody that you owe money to be included and listed your Indianapolis bankruptcy filing.

Why You Must Include Your House and Cars in Your Indianapolis Chapter 7 Bankruptcy

You must include your house and cars in your Indianapolis bankruptcy because the court must have an accurate picture of everything that you own. The Indianapolis Bankruptcy Court must be able to determine whether you have any non-exempt assets. Although almost all of our clients are able to keep their house and cars as long as they keep making the payments, the court must have full access to your financial information.

Including Your House or Car in Your Indianapolis Chapter 7 Bankruptcy Does Not Mean That You Will Lose Your House or Car During the Bankruptcy

Our office has “included” our clients house and cars in hundreds of Indianapolis Chapter 7 bankruptcy filings. In these cases are clients were able to keep their house and cars if they were able to continue making the payments. Therefore, perhaps a redefining of times is all that is in order. Instead of “not including your house and cars,” perhaps including the house and cars with the intent to retain them is a more accurate picture of the bankruptcy process.

Conclusion: You Must Disclose All of Your Property and Debts When You File Bankruptcy

Just because you must disclose all of your property and debts when you file for a Chapter 7 bankruptcy in Indianapolis, it does not necessarily mean that you will lose any of your property. In almost all of our cases, the Bankruptcy Trustee will allow our clients to keep their property because it is protected by Indiana’s bankruptcy exemptions.

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