Crown Point Bankruptcy Lawyers Can Help You File for Chapter 7
If you are considering bankruptcy, it is important for you to determine whether or not Chapter 7 bankruptcy is the appropriate form of bankruptcy proceeding for you based on your particular circumstances. It is possible that there could be certain factors or conditions that could render you ineligible for Chapter 7 bankruptcy. Additionally, Chapter 7 bankruptcy is not right for every particular situation. Certain circumstances might exist where it might be more appropriate for you to consider a different type of bankruptcy filing, such as Chapter 13, or other alternatives to bankruptcy.
Eligibility For Chapter 7 Bankruptcy
One of the biggest reasons that debtors choose a different form of bankruptcy besides Chapter 7 is that they are ineligible for Chapter 7 bankruptcy in the first place. There can be many reasons why a debtor is ineligible for Chapter 7, the most common being that the debtor does not satisfy the means test. The means test is a mathematical comparison between the debtor’s eligible monthly income level compared to the median income level of others in the state of Indiana who are similarly situated, i.e., have the same number of household members to support. Debtors who have too much disposable income are usually ineligible for Chapter 7 bankruptcy because they are considered to have enough money to enter into a repayment plan under Chapter 13 bankruptcy.
Certain Types of Debt Can Survive A Chapter 7 Bankruptcy, So Be Aware
Chapter 7 bankruptcy can be a great option for discharging your debts so long as the types of death that you hold are dischargeable through bankruptcy proceedings. There are several types of debt which simply cannot be discharged through bankruptcy, which means that you will still be held personally liable for these debts even after your bankruptcy has concluded. Some examples of non-dischargeable debts include:
- Debts associated with student loans.
- Domestic support obligations, such as child support or spousal support obligations.
- Recent state and federal tax debt or back taxes.
- Fees or restitution owed for a conviction of a criminal offense.
- Taxes associated with a trust fund.
- Judgement for damages associated with a drunk-driving automobile accident conviction.
If the debts that you are trying to discharge through Chapter 7 bankruptcy are of the types listed above, then Chapter 7 bankruptcy might not actually do you as much benefit as you would like. Indeed, you might need to consider other options concerning these types of debts.
Bankruptcy Attorneys You Can Trust
Bankruptcy is a complicated area of law that is challenging for people to navigate without the help of an experienced bankruptcy lawyer. Bankruptcy cases are filed in their very own court system, and bankruptcy filings must be completed very precisely and submitted and just the right format. That being said, it is important for you to work closely with an experienced Indiana bankruptcy lawyer if you are interested in filing for Chapter 7 bankruptcy. The bankruptcy attorneys at Schmidt Whitten & Whitten are highly familiar with bankruptcy procedures and can help you file for your bankruptcy in Crown Point. Let us help you with your Chapter 7 petition. Contact us today.
Schedule A Free Consultation
At Schmidt Whitten & Whitten, we offer a free consultation during which we will examine the facts of your case and advise you on how best to proceed