Indiana Chapter 7 Bankruptcy

What you need to know...

When someone speaks about the different types of bankruptcy (e.g., Chapter 7, Chapter 13, etc.), what they are really referring to are the chapters of the U.S. Bankruptcy Code which deal with the specific type of bankruptcy. Chapter 7 Bankruptcy provides for the selling of many of your assets to pay your creditors (e.g., the sale of nonexempt property and the distribution of the proceeds to those you owe the money to, such as your credit card company, bank, hospital, etc.).

Who files for Chapter 7?

Individuals and married couples file for Chapter 7 bankruptcy when they need to discharge unsecured debt(s) and when there is not a lot of equity in the home, vehicle or other personal property. Chapter 7 is also known as “liquidation” and it is often the easiest form of bankruptcy.

What are examples of "unsecured debt"?

The following are some examples of "unsecured debt":

• Medical bills (e.g., hospitals, doctors, etc.)
• Credit card bills (e.g., both Visa/Mastercard and store cards)
• Various loans (e.g., car loans, etc.)
• Car accident judgments
• Deficiencies on repossessed vehicles

Will I be able to save my home? Will I be able to keep my car?

Those filing for Chapter 7 have a good chance of saving their home and/or vehicle.

What do I do now?

Hensley Legal Group understands that filing for bankruptcy is a stressful and sometimes scary experience. The number one goal of our law firm has always been to provide trustworthy and encouraging personal service. We understand that our clients have very little experience with bankruptcy and may not know which legal route is best for them.

The bankruptcy attorneys at Hensley Legal Group, PC have a great deal of experience in this legal arena and they will provide you with all the information you need to make an informed decision. Contact us today either by calling 1.888.HENSLEY or by filling out the form at the top of this page. We provide the following services for our bankruptcy clients:

• Free Initial Consultation
• Payment Plans Available