If you have been saddled with enormous debts that you haven’t been able to pull yourself out of on your own, speak with an experienced Terre Haute Chapter 7 attorney who can help you through this difficult time.
When you have minimal income and a mountain of debt, figuring out how to rid yourself of financial distress can be quite a challenge. Sometimes, the only option to clear your name of debt and pick up the pieces of your life is declaring Chapter 7 bankruptcy.
With Rowdy G. Williams Law Firm on your side, you can expect that your Terre Haute Chapter 7 lawyer will go over each and every available option before resorting to bankruptcy and do whatever it takes to help you get through this financial disaster and into a better monetary position moving forward.
Getting started is simple. Just give our firm a call as soon as you’re able.
Eligibility for Chapter 7
Individuals, business partners, and corporations are all eligible to file for Chapter 7 bankruptcy in Terre Haute. The purpose of Chapter 7 is to discharge the debts of the debtor and give him or her a fresh start with his or her financial reputation. You must also meet certain income requirements. If your income is too high compared to Indiana’s median income, you may not qualify to file for Chapter 7 bankruptcy.
Chapter 7 is usually the last resort for debtors who are considering bankruptcy because it involves the liquidation and sale of possessions and assets. The funds earned from this sale will then be applied to the debts you owe.
For help understanding whether you’re eligible to file for Chapter 7 bankruptcy, call a Chapter 7 lawyer in Terre Haute.
The Chapter 7 Bankruptcy Process
When you file for Chapter 7, you’ll need to submit a disclosure statement to the courts. A disclosure statement includes an inventory of your assets and liabilities, proof of your income and expenses, a statement of your financial affairs, and a compilation of your debts and creditors.
You should also include the same information for your spouse so the court is able to get an idea of your household’s financial situation. In addition, you will be required to submit a certificate of credit counseling.
There should be an automatic stay as soon as your petition is filed. This will prevent creditors from continuing to pursue your debt while we work through your Chapter 7 bankruptcy case in Terre Haute. This is also a good opportunity to negotiate with your creditors and work through any discrepancies there might be.
Your case will be assigned a trustee, who will be responsible for the oversight and sale of your assets. Then, we will have a meeting with creditors, where they will have the opportunity to ask you questions about your debts and financial future.
Discharging Your Debts
Unlike other forms of bankruptcy, in which debts are discharged once you make the agreed-upon payments, in a Chapter 7 case, your debts are discharged upon the sale of your possessions and assets, as you have forfeited everything you have in an attempt to resolve your debts.
There are many exceptions to this discharge, and individuals could have their discharge of debts denied for failing to keep appropriate financial records, failing to disclose assets that could have been sold for creditor repayment, perjury, or destroying property that would have otherwise been included as part of your estate.
Once you are granted a discharge of your debts, your creditors will no longer be able to continue to pursue your debts, and you’ll be given a clean slate in regard to your financial reputation—although you can expect a Chapter 7 bankruptcy to remain on your credit report for ten years once discharged. A Chapter 7 attorney in Terre Haute can help you determine how to move forward.
Call a Terre Haute Chapter 7 Attorney
Chapter 7 bankruptcy is often a last resort due to your forfeit and sale of any assets and disposable income. If you work with an experienced attorney at Rowdy G. Williams Law Firm, you can rest assured that there is a qualified professional on your side who will make sure you fully understand the upcoming bankruptcy process.
Schedule your no-cost consultation with a Terre Haute Chapter 7 lawyer today by filling out the contact form we have provided at the bottom of this page or giving us a call at 1-812-232-7400.