12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

Frequently Asked Questions about Personal Bankruptcy in Indianapolis, IN

Frequently Asked Questions about Personal Bankruptcy in Indianapolis, IN


Bankruptcy represents a longstanding commitment in this country to helping people get a fresh start.
 
- Tim Johnson


Bankruptcy is a legal procedure that allows an individual or company to eliminate debt and stop their creditors from harassing them.

What does "Chapter 7" and "Chapter 13" bankruptcy mean?

There are different types of bankruptcy, referred to as "chapters" because of their chapter location in the bankruptcy laws. For example, Chapter 7 refers to the seventh chapter in the Bankruptcy Codes. Bankruptcy Chapter 11 is for business reorganization, while Chapters 7, 12, and 13 can apply to families and individuals.

What is the difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is known as a "fresh start "or "liquidation bankruptcy." It is used to sell off assets in an attempt to satisfy the outstanding debts. On the other hand, Chapter 13 bankruptcy does not require assets to be sold. Instead, the filer follows a payment plan which typically gives them several years to pay off a percentage of their debts based on their income.


What are the advantages and disadvantages of choosing to file Chapter 7 rather than Chapter 13 bankruptcy?

  • Under Chapter 7 bankruptcy, the basic principle is to sell off the majority of your assets and properties so that creditors can reclaim part of the money that is owed to them. Certain assets, such as a primary residence or a vehicle, can be declared exempt and may be retained even after Chapter 7 bankruptcy has been filed. Certain debts, such as taxes and student loans, may not be eliminated under Chapter 7 bankruptcy. By contrast, under Chapter 13 bankruptcy you may be able to keep all of your assets, and are only required to pay off a percentage of the debt over time.
  • You only qualify for Chapter 13 bankruptcy if you have a regular source of income and your debt is below a certain amount. This ensures that a restructured payment plan is workable. If you don't have the means to pay off your debt over time, then Chapter 7 bankruptcy may be the only option for you.

  • How does filing for bankruptcy help me deal with creditors?

    After you have filed your paperwork, the court clerk will inform all of your creditors that they may no longer contact you in pursuit of payment.

    What happens to my assets during Chapter 7 and Chapter 13 bankruptcy?

    If you file for Chapter 7 bankruptcy, you are required to make a complete list of all of your assets and properties. There are a limited number of assets that you may keep, depending on the laws of your state. If you file for Chapter 13 bankruptcy, you are able to keep all of your assets.


    Can I keep any of my current or old credit cards once I have filed for Chapter 7 or Chapter 13 bankruptcy?

    Your credit card company will decide if you can keep your credit cards after you file for bankruptcy.

    Can I apply for new credit cards after filing for bankruptcy?

    Credit card companies may perceive you to be a greater credit risk once you have filed for bankruptcy. This may cause them to offer you lower credit limits, higher interest rates, and additional fees and penalties. As an alternative, some companies may offer you a secured credit card (or prepaid card) in which you are required to pay a specific amount of money up front. That money acts as the credit limit for your credit card.

    Do I have to file for bankruptcy if I am in debt?

    If your debts are significantly higher than the value of your assets and income, then you might consider filing for bankruptcy.

    Do I have to disclose all of my assets and property when I file for bankruptcy?

    Yes. Full disclosure of all of your assets is required by the bankruptcy law. In fact, it is a felony to fail to list all of your assets or to transfer them to another party in an attempt to hide them.


    Does filing for bankruptcy require that I go to court?

    If you are able to resolve all issues between you and your creditors, it is not necessary to go to court.

    Will everybody know about my bankruptcy?

    Bankruptcy filings are public, but personal information is withheld. Your creditors and co-debtors will be given direct notice of your bankruptcy. If you have an ex-spouse who receives child support from you, he or she will receive a letter regarding your bankruptcy and what to do if child support cannot continue.

    If I am married, does my spouse have to file for bankruptcy too?

    If you and your spouse have co-signed debts together, then you can file for a joint-bankruptcy petition and eliminate or restructure the debt for both spouses. If the debts are only in your name, then you can file for bankruptcy individually.

     
    Personalize & Print a Free IN Last Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Page 9
    Page 10
     
    Personalize & Print a Free IN Living Will Create This Document
    Page 1
    Page 2
    Page 3
    Page 4
    Page 5
    Page 6
    Page 7
    Page 8
    Related Legal Services near Indianapolis, IN
    Doehrman Chamberlain
    100, 10333 N Meridian Street
    Indianapolis, IN 46290
    (317) 844-9999
    Personal Injury Law Attorneys, Attorneys
    Ramey & Haley
    9333 N Meridian St # 105
    Indianapolis, IN 46260
    (317) 634-9978
    General Practice Attorneys, Attorneys
    White Stanley
    1408 N Pennsylvania St
    Indianapolis, IN 46202
    (317) 803-9933
    Attorneys
    Klopchin Andrew G
    9000 Keystone At The Crossing
    Indianapolis, IN 46240
    (317) 573-9930
    Attorneys
    Mark F. Nichols
    8234 Madison Avenue
    Indianapolis, IN 46227
    (317) 641-9916
    Criminal Law Attorneys, Family Law Attorneys, Divorce Attorneys
    Holmes Christopher
    6100 N Keystone Ave # 454
    Indianapolis, IN 46220
    (317) 255-9915
    Attorneys, Legal Service Plans
    Tom Scott & Associates
    6100 N Keystone Ave Suite 454
    Indianapolis, IN 46220
    (317) 255-9915
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Financial Services
    Taylor Law Firm
    8730 Commerce Park Pl
    Indianapolis, IN 46268
    (317) 228-9910
    General Practice Attorneys, Attorneys
    Lieb James M Attorney
    136 E Market St
    Indianapolis, IN 46204
    (317) 634-9900
    Attorneys
    McNally Law Offices Sc
    136 E Market St Ste 901
    Indianapolis, IN 46204
    (317) 634-9900
    General Practice Attorneys, Attorneys, Legal Service Plans
    VILLARRUBIA LAW OFFICE PC
    129 E. Market Street, Suite 500
    Indianapolis, IN 46204
    (317) 822-9900
    General Practice Attorneys, Attorneys
    Stevens & Associates
    3755 E 82nd St
    Indianapolis, IN 46240
    (317) 915-9900
    Elder Law Attorneys, Attorneys, General Practice Attorneys
    Jackson & Borgmann Attorneys
    431 E Hanna Ave
    Indianapolis, IN 46227
    (317) 782-9890
    Attorneys, General Practice Attorneys, Legal Service Plans
    Corley Jr James R
    120 E Market St # 445
    Indianapolis, IN 46204
    (317) 972-9856
    Attorneys, General Practice Attorneys
    Brennan, Timothy L
    9011 N Meridian St
    Indianapolis, IN 46260
    (317) 848-9855
    Bankruptcy Law Attorneys,  Attorneys,  Bankruptcy Services,  Legal Service Plans,  Financial Plannin
    110 Law Offices
    110 N Delaware St
    Indianapolis, IN 46204
    (317) 634-9800
    Attorneys, General Practice Attorneys
    Hillman George A
    110 N Delaware St
    Indianapolis, IN 46204
    (317) 634-9800
    Criminal Law Attorneys, Attorneys, General Practice Attorneys
    Kuntz Tom
    110 N Delaware St
    Indianapolis, IN 46204
    (317) 634-9800
    Attorneys, General Practice Attorneys
    Young Kelli
    4016 S Meridian St
    Indianapolis, IN 46217
    (317) 624-9800
    General Practice Attorneys, Attorneys
    John Steinkamp & John Kassis
    6229 S East St
    Indianapolis, IN 46227
    (317) 782-9800
    General Practice Attorneys, Attorneys
    Mack R Gayle
    3891 Eagle Creek Pkwy # C
    Indianapolis, IN 46254
    (317) 684-9786
    Attorneys, Legal Service Plans
    Burroughs Kathryn Atty
    3925 River Crossing Pkwy
    Indianapolis, IN 46240
    (317) 815-9736
    Attorneys
    Green, Thomas M - Pennamped & Assoc
    3925 River Crossing Pkwy
    Indianapolis, IN 46240
    (317) 815-9736
    Family Law Attorneys, Attorneys, Legal Service Plans, Divorce Attorneys
    Borland & Gaerte
    141 E Washington St
    Indianapolis, IN 46204
    (317) 920-9720
    Attorneys, Legal Service Plans
    12Law.com   |  NASHVILLE, TN USA   |  CONTACT US