Our Indiana Lawyers Help You File Chapter 7 Bankruptcy
Turn to our Merrillville office when filing Chapter 7 in the Northern District of Indiana
When filing for bankruptcy, you may find it best to liquidate your non-exempt assets all at once and make one lump payment to your creditors. This expedited process lets you get a fresh start and move forward with your life as quickly as possible. If this is your primary goal, then a Chapter 7 bankruptcy may be a good idea for you. The chapter 7 bankruptcy attorneys of Gouveia & Associates are here to answer your questions through every step of the process.
A Chapter 7 bankruptcy lets you wipe out your debts quickly by liquidating your non-exempt assets. In these cases, all of your non-exempt assets are sold and the proceeds of the sales are distributed to a trustee of the liquidation who distributes payments to your creditors.
How should I decide whether or not to file a Chapter 7 bankruptcy?
In the state of Indiana, some property is exempt from liquidation during bankruptcy. This means that when you file bankruptcy you will be able to keep certain assets that are worth up to specified dollar amounts. Our attorneys provide you with a comprehensive explanation of exempt assets in Indiana, but one of the most significant assets included for exemption is property which has little or no equity. Under Indiana state law, if you have property such as a house or car that is secured through a loan and you are current in your loan payments, an exemption applies to any equity you have in that property. Equity is the difference between the property’s value and the amount owed. You can choose to continue making payments on the property loan and usually are able to maintain possession of the property during this process.
Chapter 7 is not able to eliminate all types of debt, so it is not suitable for everyone considering bankruptcy. If any of the following makes up a large portion of your outstanding debt, you might be better served filing for a Chapter 13, the other commonly applied form of bankruptcy:
- Alimony payments
- Child support
- Debt from fraudulent debts
- Student loans
Speak with a skilled Indiana bankruptcy attorney for guided assistance in determining which form of debt resolution is right for your individual situation. Much of the time, a person who files a Chapter 7 bankruptcy has large credit card debt and other unsecured bills and few assets. Often in these cases a Chapter 7 is able to completely clear the person’s outstanding debt. For others who have property not covered by the equity exemption or with large types of other debts, a Chapter 13 bankruptcy may be a better option.
Our Indiana law group guides you through the process of filing your Chapter 7 Bankruptcy
If you are considering bankruptcy, contact the experienced attorneys of Gouveia & Associates. We offer a thorough one-on-one review of your financial situation free of charge. Our office is conveniently located near the intersection of Route 30 and Interstate 65 in Merrillville, Indiana, with free parking available. Email us or call us at 219-576-6192 to schedule your free initial consultation.