Chapter Seven Bankruptcy Lawyers Near Me
Bankruptcy is a genuine reality for many people in the current world climate. More people are looking at their options and how they can alleviate some of the stress surrounding their debts. If you don’t have significant debts, you can consider filing for Chapter 7 bankruptcy. When you contact a Chapter Seven bankruptcy lawyer near you, they can help you squash certain debts, which will grant you a fresh financial start.
Since 2005, Chapter 7 bankruptcy filings have been on the rise. In fact, Chapter 7 bankruptcy is the most common form of bankruptcy filed by lower and middle income-earners. Filing for personal bankruptcy can be a challenging and stressful time, so it’s essential to have a grounding in what Chapter 7 bankruptcy entails and if you are eligible for it.
What Is Chapter 7 Bankruptcy?
When deciding if you should file for Chapter 7 bankruptcy, it’s essential to learn what exactly it is. This form of bankruptcy deals with asset liquidation. A person’s non-exempt assets will be liquidated to pay creditors, and once the funds from the assets are exhausted, the remaining debt will be discharged.
In essence, Chapter 7 bankruptcy is the straight or liquidation chapter of personal bankruptcy. Both married couples and single individuals can file with a bankruptcy lawyer who will assist them in gaining immediate protection against creditors with the Bankruptcy Court.
Who Is Eligible For Chapter 7 Bankruptcy?
Ascertaining if you are eligible for Chapter 7 bankruptcy is reasonably straightforward. If you haven’t filed for Chapter 7 bankruptcy in the last eight years and Chapter 13 bankruptcy in the previous six years, then you will more than likely qualify. In 2005, the bankruptcy laws were altered. It is now a requirement that any individual or married couple needs to take an income test called the means test to establish if they are eligible based on their individual or combined incomes.
Who Should Consider Filing For Chapter 7 Bankruptcy?
Although everyone who is considering filing for bankruptcy should look into Chapter 7 bankruptcy first. However, some can and should consider it seriously if they meet the below parameters.
- If you have minimal equity in assets or minimal assets.
- If you have trouble making consistent payments on your monthly installments.
- Those who have trouble making payments for basic goods and services and necessities.
- If you are always on top of car and house payments.
What Debts Are Not Dischargeable In Chapter 7 Bankruptcy?
It can be estimated that approximately three months after filing for Chapter 7 bankruptcy, you will officially receive a notice stating you are discharged from your debts. This discharge will grant you financial freedom in the form of a letter stating your debts are eliminated. However, certain debts cannot be discharged, and we will briefly state them below.
- Student loans.
- All divorce property settlements.
- Child support and maintenance for your spouse.
- All debts incurred through fraudulent behavior.
- Select tax debts.
- Most debts associated with injuries received due to DUI accidents.
How Long Does A Chapter 7 Bankruptcy Claim Take?
Once you have filed for Chapter 7 bankruptcy through your attorney or on your own, the process usually takes roughly three to four months. This is because the bankruptcy laws require specific mandatory waiting periods until the process can be finalized.
Get In Contact With An Indiana Chapter 7 Bankruptcy Lawyer Today To Discuss Your Options
At the law firm of Kevin Schmidt, Attorney at Law, we always go the extra mile. Filing for Chapter 7 bankruptcy can be confusing and, at times, challenging, so it would be ideal to consider utilizing the services of a law firm. Without the aid of a Merrillville bankruptcy lawyer, you run the risk of incurring more financial debt, which could put more strain on all aspects of your life. Contact us today if you would like to learn more about the process and your options regarding Chapter 7 bankruptcy.
Schedule A Free Consultation
At the Law Office of Kevin M. Schmidt, P.C., we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed