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Personal Bankruptcy

Chapter 7 Bankruptcy Information

Fresh Start

  • Stop Garnishment
  • Stop phone calls from harassing creditors

Chapter 7 bankruptcy allows you to wipe out your debts and get a “Fresh Start”.  Chapter 7 bankruptcy is a liquidation where the Trustee collects all of your assets and sells any assets which are not exempt.  The vast majority of Chapter 7 cases are deemed “no asset cases”.  This means the Debtor’s assets are all covered by Indiana exemptions and the Trustee and/or creditors are not able to sell or liquidate the assets.

Certain debts cannot be discharged in a Chapter 7 bankruptcy, such as alimony, child support, fraudulent debts, certain taxes, student loans, and certain items charged.

You may keep certain secured debts such as your car or your furniture or your house by reaffirming those debts.  To do so, you must sign a voluntary “Reaffirmation Agreement”.

Chapter 7 Bankruptcy for Individuals.

Individuals who reside, have a place of business, or own property in the United States may file for bankruptcy in a federal court under Chapter 7 (“straight bankruptcy” or “liquidation”).

In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property.  Most liens, however (such as real estate mortgages and security interests for car loans), survive.  Many types of unsecured debt are legally discharged in the bankruptcy but there are various types of debt that are not discharged in a Chapter 7.  Common exceptions include child support, income taxes less than 3 years old and property taxes, student loans (unless the debtor prevails in a difficult-to-win adversary proceeding brought to determine the dischargeablility of the student loan) and fines and restitution imposed by a court for any crimes committed by the debtor.  Spousal support is not covered by the bankruptcy nor are property settlements through divorce.  Despite their potential non-dischargeability, all debts must be listed on the bankruptcy schedules.

Contact Lake County, Indiana bankruptcy attorneys – certified specialists* in Chapter 7 and 13, consumer, business, Chapter 11, and Chapter 12 farm bankruptcy.  We serve Northwest Indiana, Lake and Porter Counties, and surrounding communities.

Your decision to file for bankruptcy depends upon numerous factors and requires close consultation with knowledgeable attorneys. To schedule a free initial appointment with Daniel L. Freeland & Associates, P.C., call us at 219-922-0800 or contact our Highland, Indiana, office online.

*Certified by the American Board of Certification.