What To Know About Filing for Chapter 7 Bankruptcy With A Winfield Bankruptcy Attorney
If you are considering Chapter 7 bankruptcy as a way to deal with your debt problems, it is important that you understand the basics about what Chapter 7 bankruptcy involves. Chapter 7 bankruptcy is a type of bankruptcy that requires a debtor’s assets to be liquidated in order to generate cash so that the Chapter 7 bankruptcy trustee can use that money to pay back as much of the debtor’s outstanding debts as possible. To say this another way, if you file for Chapter 7 bankruptcy, your bankruptcy trustee will conduct an inventory of your nonexempt assets and will sell them in order to make money to repay your debts. Chapter 7 bankruptcy will leave you with your personal assets, but it will also result in most of your debts being discharged.
Property Can Be Protected From Bankruptcy Through Exemption
There is a way to exempt certain assets from your bankruptcy proceeding. By exempting your assets from Chapter 7 bankruptcy proceeding, you effectively protect these assets from being liquidated by the bankruptcy trustee. You will get to keep these assets after your bankruptcy proceeding has concluded. There are certain limitations on what assets and how much value from the exempt assets can be protected from bankruptcy proceedings. An experienced Indiana bankruptcy attorney can help you understand what the rules are concerning exempting property for Chapter 7 bankruptcy purposes.
You Are Going To Be Asked Many Questions
Part of the Chapter 7 bankruptcy process is your meeting with your creditors. At the meeting with your creditors, your bankruptcy trustee and your creditors will have the opportunity to ask you a number of questions about your financial affairs, your income level and sources of income, the debts you owe, and what personal property you have that could be liquidated in order to repay your debts. These questions are all part of the bankruptcy process.
You should have an experienced bankruptcy attorney by your side as you go through the meeting with your creditors so that you are not taken advantage of by the bankruptcy trustee or your creditors. You do not want to be on the hook for any debts that are not legitimately your own, and you need an experienced bankruptcy lawyer to challenge your creditors’ claims when something seems amiss. Your bankruptcy lawyer will know how to handle a challenge to a creditor’s claim and will fight to protect your rights.
Dedicated Lawyers With Experience Handling Chapter 7 Bankruptcies
It is important to weigh your options carefully when it comes to deciding whether to declare bankruptcy. There are a number of bankruptcy options, such as Chapter 7 and Chapter 13, but there are also a number of alternatives to bankruptcy that can be pursued as well. Whatever you decide is the appropriate solution to your debt problems, an experienced bankruptcy attorney in Winfield, Indiana can help you if you choose to file for Chapter 7 bankruptcy. Let the knowledgeable and skilled Indiana bankruptcy lawyers at the Law Office of Kevin M. Schmidt, P.C. help you with your Chapter 7 bankruptcy today.