Severe financial hardship can happen to anyone. A prolonged illness or unemployment can force you to rely on credit, and pretty soon you’re left with debts you cannot possibly hope to pay back. Fortunately, you have legal options, including Chapter 7 bankruptcy. Chapter 7 is known as “clean slate” bankruptcy, because it allows you to discharge eligible debt in a short period of time. Bankruptcy is not a step to take lightly, so you should only seek advice from reputable attorney whom you can trust to put your interests first. At Patterson Law LLC in Fort Wayne, we can help you perform a prudent assessment of the pros and cons. If you agree there’s a bottom-line benefit for you and your family, we can guide you through the process to give you a fresh start.
The great advantage of Chapter 7 bankruptcy is the quick discharge of all qualifying debt. Through Chapter 7, you can shed unsecured debts, such as:
Debts you cannot discharge in bankruptcy include:
If you’re considering Chapter 7, it’s important to discuss the type of debt you’re holding with an experienced bankruptcy attorney so you can be certain the process will work to your benefit.
Chapter 7 is called dissolution bankruptcy because the bankruptcy trustee takes possession of certain assets and sells them to partially repay your debt. After that process, the bankruptcy court discharges your remaining eligible debt. The idea of dissolution can be a little scary, but the law allows bankruptcy filers to exempt many assets in various categories. Indiana exemptions include:
Other exemptions include tools of your trade, health aids, and unemployment and workers’ compensation benefits. Discussing your exemptions with an attorney also helps to clarify the advantages of Chapter 7 for your specific situation.
Indiana applies a means test based on income to determine whether you can file Chapter 7. Your current monthly income must be below the average amount for a household your size in the state. Certain filers, such as disabled veterans who incurred their debt during active-duty service, are exempt from the means test. If you cannot pass the means test, you can consider filing for Chapter 13 bankruptcy.
The following documentation helps us accurately evaluate your situation:
Organize these documents, familiarize yourself with them and bring them to your first consultation with our bankruptcy attorney so we are fully prepared to help.
Patterson Law LLC in Fort Wayne helps Indiana clients who are suffering from overwhelming debt get a fresh start through Chapter 7 bankruptcy. To schedule a consultation, please call 260-267-7588 or contact us online.
"Rex was very helpful and understanding of my situation. He was honest and upfront. For everything that he did for me, I am very thankful. I highly recommend Patterson Law LLC." - Hailee Gordon
"Rex is absolutely amazing at what he does! I have to say that his professionalism is above and beyond! You knocked it out of the park today my friend! I will speak highly of you and your staff to every single person I know! Thank you!" - Bryan Sanders
"I've been working with Rex for what it seems like forever now, he hasn't let me down one time! He works his hardest to get what needs to be done, done! I'd recommend him to anyone!!" - Megan Mitchell
"I would highly recommend Patterson Law to anyone! Everyone there is so professional and helpful! Rex took the time to get to know my case and handled it remarkably! Though I hope to never need their services again, I would most certainly if the need arose. Thank you to Rex and the entire staff! You are truly excellent stewards of your profession!" - Amy Gilbert-Koch
"Rex Patterson is a great person and lawyer! I would recommend this law firm to anyone looking for a straightforward no-nonsense approach to legal matters! I am very thankful that while sitting in a law firm in Ft. Wayne explaining my situation I was advised to go to Rex!! Best decision ever! Thanks again Rex for your calm approach to crazy!!!;)" - Abby Richards
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