If you are considering bankruptcy, then you probably have several questions about the bankruptcy process and the consequences.  It is important to have legal counsel on your side and guiding you through the Indiana Bankruptcy process.  Below are some frequently asked questions about bankruptcy.  The answers give you a basic background to help you become familiar with Chapter 7 and Chapter 13 bankruptcy.  If you have specific questions or need some skilled legal assistance, don’t hesitate to contact our office.

Who should file for bankruptcy?

In general, the first thing you want to do is to consider all your options before filing for bankruptcy.  If you only have a couple debts, sometimes creditors are willing to settle those debts.  Also, you want to think about the types of debts that you have and find out if they can be discharged in bankruptcy.  Most debts can be discharged in bankruptcy, but some debts are more difficult to get discharged in bankruptcy.  Another thing you will want to determine is if you qualify for bankruptcy.  Both Chapter 7 and Chapter 13 Bankruptcy have certain eligibility requirements.  To qualify for Chapter 7 bankruptcy your income must be low enough to pass the bankruptcy means test.  To qualify for Chapter 13, you must be a wage earner and your debts have to be below a certain dollar amount.  To find out if you qualify for bankruptcy, call our office to set up a free consultation with Indianapolis Bankruptcy Attorney John Bymaster.

How do I start the Indiana bankruptcy process?

Filing for bankruptcy can seem overwhelming and that is why retaining skilled legal assistance can be very valuable.  A friendly and professional Indiana bankruptcy attorney can help guide you through the process so you can better understand all your options in bankruptcy.

Can I keep my property when I file for bankruptcy in Indiana?

When filing for bankruptcy, generally no skilled bankruptcy attorney would advise you to file for bankruptcy if it looked like property could be lost in the process.  This is why when most people file for bankruptcy, they get their debts discharged without losing any of their property.  Federal bankruptcy law and Indiana bankruptcy law provides exemptions that allow you to keep property in bankruptcy.  These exemptions allow you to keep items that you need like your house, car, and household goods.

Although this doesn’t happen very often, we do see people that lose property when filing for bankruptcy.  This is because they stopped paying for their house or car.  If you want to keep these items whether you are filing for bankruptcy or not, it is important that you keep paying the regular payments on these items.

Will I be able to re-establish my credit if I file for bankruptcy?

We have clients ask us this question all the time.  If you are considering bankruptcy, it is possible that your credit records have already been damaged by late payments, missed payments, and collections accounts.  It is likely that filing for bankruptcy could actually improve your credit score.  For example, a lot of our clients have “D” or “F” credit before they file for bankruptcy and after they file, their score is brought back up to a “C.”  This usually makes our clients more attractive to creditors.  Remember that the biggest challenge after filing bankruptcy usually isn’t re-establishing a credit score or looking attractive to creditors.  It is establishing and maintaining a realistic budget so they can begin saving money.


Let My Indiana Bankruptcy Experience Work for You

As an Indianapolis bankruptcy attorney, I have helped thousands of Hoosiers just like you achieve financial freedom.  Your situation is important to me and you can rest assured that when you seek my skilled legal assistance, that I will work to pursue the financial freedom that you need.  My law office is different.  We are friendly, professional, and most importantly, we care about you.  Contact our office today to schedule a free consultation.  Financial freedom is closer than you think.

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