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Chapter 7 Bankruptcy

Trusted Fort Wayne Attorney Assists with Chapter 7 Bankruptcy

Skilled lawyer helps Indiana clients discharge debt and get a fresh start

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.

Dedicated advocate advises on debt discharge in Chapter 7 bankruptcy

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:

  • Credit card balances, including late fees
  • Personal loans
  • Medical bills
  • Overdue rent

Debts you cannot discharge in bankruptcy include:

  • Alimony
  • Child support
  • Fraudulent debts
  • Most taxes
  • Student loans
  • Court fines
  • HOA fees

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.

Knowledgeable counselor explains what “dissolution bankruptcy” means for you

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:

  • Homesteads — Filers may exempt real or personal property used as a residence up to $17,600 for an individual. A husband and wife filing together may double this amount.
  • Insurance — You can exempt the proceeds and cash value of your group life insurance policy if your policy names an insured spouse, children, dependent relatives, or any creditor as a beneficiary.
  • Pensions — In Indiana, many public employees can exempt their pension assets, and tax-exempt pension plans are exempt in all states.
  • Earned but unpaid wages — You may exempt a minimum of 75 percent of these wages.

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.

Experienced attorney explains the means test

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.

Established firm recommends preparing for your first appointment

The following documentation helps us accurately evaluate your situation:

  • Your last two years of tax returns
  • Recent pay stubs
  • Bank account statements
  • Credit card statements
  • Medical bills
  • Any other outstanding bills or collection notices
  • An itemized household budget

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.

Contact a trustworthy Indiana attorney for a Chapter 7 bankruptcy consultation

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 260-247-8383 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

  • "Rex is a great attorney. The clients we mutually served shared how Rex was a good attorney and fair in his pricing. Would highly recommend Rex for any of your legal needs." - Ron Nicolet Owner of Nicolet Counseling LLC

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