Chapter 7 Bankruptcy | Indianapolis Bankruptcy Attorney

Indianapolis Chapter 7 Bankruptcy Lawyer

Chapter 7 Bankruptcy is the type of bankruptcy that most people think of when they discuss bankruptcy.

A person who files chapter 7 bankruptcy is able to eliminate his/her debts except for debts that cannot be eliminated. The person who files bankruptcy gets to choose whether to keep his/her house and car.

Bankruptcy is a “no fault” situation so it does not matter why the person is filing bankruptcy or why these debts were incurred.

The filing of the chapter 7 bankruptcy stops all collection activities such as, garnishments, lawsuits, hate mail, harassing telephone calls, and any other type of debt collection.

If a creditor or debt collector continues to call you or send you bills after the bankruptcy has been filed, then contact my office and we may sue the creditor/debt collector and you may be able to recover money from this violation of federal law.

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Should You File Chapter 7 Bankruptcy?

Typically, chapter 7 bankruptcy is the best option for most people. Of course, we will evaluate your financial situation to determine which option is in your best financial interest. People who have filed a chapter 7 bankruptcy case in the past 8 years cannot file chapter 7–they have to file chapter 13. Numerous other factors determine which type of bankruptcy is the your best financial interest.

A Brief Description of Chapter 7 Bankruptcy

The case begins with the filing of the bankruptcy petition which contains a lot of financial information about the client’s recent financial past. A hearing called the first meeting of creditors or 341 hearing is scheduled in about 5 weeks. Typically, creditors do not attend this hearing.

The hearing is not in front of a judge and it is not in a courtroom. The hearing is conducted by a trustee–which is simply an attorney who attends the hearing on behalf of all of the creditors to determine whether the debtor has any assets that he or she cannot legally protect.

In Indiana, most people get to keep all of their assets and personal belongings. Most of my cases are called, “no-asset” cases which means that my clients get to keep all of their belongings and personal assets and there is no asset that can be taken from them.

The attorneys at this office have had numerous hearings with each trustee so once we see who your case is assigned to we will be able to tell you almost verbatim what you will be asked during the hearing.

A chapter 7 bankruptcy case takes approximately 5 months or so. At the end of the case, the client will receive a discharge of his/her debts which means that all debts are eliminated except for debts that cannot be eliminated or debts which that the client wants to keep, such as a house or car.

What Happens After a Chapter 7 Bankruptcy?

Bankruptcy is not the end of credit. It is just the beginning. Typically, most clients receive numerous offers for credit after the filing of the bankruptcy case. If the client is careful about credit, the client’s credit score will rebound very quickly.

After the bankruptcy has been completed, my office will obtain your credit reports to ensure that all of your creditors are properly reporting your debts.

Credit reporting errors occur very frequently and we advise all clients that, for the next five years, if they ever try to obtain financing and they are declined, then contact us. We will not charge the client anything to review their credit reports to determine whether a creditor or debt collector is reporting an error on the credit report.

If any debt collector or creditor continues to call or harass you after your bankruptcy has been completed, please contact this office and we will sue the creditor or debt collector and you may be able to recover money from this violation of federal law.

Why Call My Chapter 7 Bankruptcy Firm

Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for Chapter 7 bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.

I have helped 1,000s of people to a fresh start
My firm is backed by strong client recommendations
14+ years experience handling only bankruptcy cases
Affordable, hassle-free payment plans

Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for Chapter 7 bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.

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