What Is Chapter 7 Bankruptcy?
How Do I Qualify?
What Does It Cost To Get Chapter 7 Bankruptcy Protection?
What Are The Benefits Of Chapter 7 Bankruptcy?
So What Are The Downsides To Filing Chapter 7 Bankruptcy?
What Is A Reaffirmation Agreement?
I Want To File For Chapter 7 Bankruptcy.  Now What?
Where Is The 341 Meeting Of The Creditors Held At?
What Can I Expect At The 341 Creditors Meeting?
What Classes Do I Have To Take?
Where Can I Get A Free Credit Report?
What Information Do I Have To Provide To You?
What Happens If I Hide Assets or Don't Disclose All Of My Debts?
How Long Does This Process Take?

What is Chapter 7 Bankruptcy:   
Chapter 7 Bankruptcy is a legal process under the federal law that allows a person to seek protection and relief from creditors.   A trustee is appointed to take over your property and apportion your assets to creditors.   This chapter of bankruptcy is typically known as a “clean slate” type of bankruptcy because your debt is wiped out.*
*Except for debts associated with most taxes, child support, alimony, most student loans, court fines and criminal restitution, and personal injury caused by driving drunk or under the influence of drugs.

How Do I Qualify:   
During your free initial consultation, one of our attorneys will go over with you, your household income, debts, and assets and will determine whether you qualify for Chapter 7 Bankruptcy protection.   The qualification rules take into account the number of people in your household, household income, and debts, along with your personal property and real estate.

What Does It Cost To Get Chapter 7 Bankruptcy Protection:   
There is a $299 filing fee that is paid to the federal government when you file your bankruptcy process.   In addition, there is also an attorney fee that is due before you file.   You can set up a payment arrangement with our office, but both the filing fee and attorney fee must be paid in full before we file your bankruptcy petition with the United States Bankruptcy Court.   During your free initial consultation, our attorneys will cover how much the cost is for you to get the protection that you deserve!

What Are The Benefits Of Chapter 7 Bankruptcy:
Chapter 7 Bankruptcy allows you to get a fresh start from oppressive debts that you have been struggling with.   During your free initial consultation, our attorneys will discuss with you, which of your debts would be dischargeable (debts that would be erased).

So What Are The Downsides To Filing Chapter 7 Bankruptcy:  
A Chapter 7 Bankruptcy can only be filed once every 8 years.  It stays on your credit record for up to 10 years.  It can greatly affect your ability to receive credit in the future.   It also can increase the interest rates that you will be currently charged or charged in the future.   Bankruptcy can even affect your insurance rates and can affect your ability to be employed in certain fields.  Our attorneys will explain the downsides of filing Chapter 7 Bankruptcy with you during your free initial consultation.

What Is A Reaffirmation Agreement:   
A reaffirmation agreement is an agreement that is made between you and the creditor and basically keeps the debt “alive” after your bankruptcy is granted.  It is typically used when a debtor wants to keep a house or car and not turn this secured collateral back over to the creditor.  Reaffirmation agreements are also typically used to reaffirm a debt with a family doctor or dentist.  This will allow you to maintain your relationship with that professional provider.  There are certain requirements that have to be met in order to have a reaffirmation agreement.   Our attorneys will discuss with you debts that you would like to reaffirm during your free initial consultation.

I Want To File For Chapter 7 Bankruptcy.  Now What: 
You need to call our office and schedule your free initial consultation with one of our attorneys.  During that meeting, the attorney will discuss with you what information is required and what information you need to provide our office.  Only after all of the information has been provided AND the attorney fee and filing fee have been paid, will your bankruptcy petition be electronically filed.   Within 20-40 days, you will have to attend what is known as a 341 Meeting of the Creditors.  This is a very brief and informal meeting between you, the trustee, and your attorney.   Depending upon a number of different factors, your bankruptcy will be discharged sometime after the 341 meeting.

Where Is The 341 Meeting Of The Creditors Held At:  
If you live in the following counties in Indiana: LaGrange, Steuben, Noble, Dekalb, Whitley, Allen, Huntington, Wells, Adams, Grant, Blackford, or Jay, you will attend the 341 Meeting of the Creditors at:
United States Bankruptcy Court
Northern District of Indiana
E. Ross Adair Federal Building and
United States Courthouse
1300 South Harrison Street
Fort Wayne, Indiana 46802
This is next to where the new ball stadium is going in.

Metered Parking Available on the Streets.

What Can I Expect At The 341 Creditors Meeting:
The Bankruptcy Court schedules up to six of these every half hour in a small conference room setting.  It is an informal environment and is not like going to a regular court hearing.   You should dress in business casual, and you must bring your social security card and driver’s license.   Do not bring your cell phone with you into the court building.  Your attorney will be there along with the trustee.  The trustee will ask you certain questions.  These questions will be reviewed during your free initial consultation.

What Classes Do I Have To Take: 
You are required to take two classes; one before filing your petition and one after filing your petition.  These can be done over the phone or via the internet.  These classes generally discuss your qualifications for filing bankruptcy, budgeting, and whether bankruptcy is right for you.   During your free initial consultation, your attorney will discuss with you the third-party company that we recommend to our clients and the costs associated with the classes.

Where Can I Get A Free Credit Report: 
You can get a free credit report from www.annualcreditreport.com.  Please note that many sites claim to be free, but are not.   This site allows you to pull a credit report from all three of the reporting agencies.   Please note that we cannot pull your credit report for you because of the security questions that are asked during the process of pulling your report.

What Information Do I Need To Provide To You: 
You need to provide our office with the following information:

• Copies of your two most recent pay stubs
• Most recent state and federal tax returns including all schedules and the W-2’s
• Documentation of any cash-value (whole life) insurance policies
• Documentation of any 401K and retirement accounts
• Completed Debtor Questionaire Packet (this is given to you during your free initial consultation.)

We also require the complete listing of all of your assets and debts.  For each of your debts we must have the name of the creditor, the address of the creditor, the account number of the debt, and an approximate amount of the debt.  The majority of this information can be located on your monthly statements and/or on your credit report.  This information must be accurate.  If it is not accurate, the creditor does not get appropriate notice and the debt might be challenged and thus not discharged.   We will explain this in greater detail during your free initial consultation.

What Happens If I Hide Assets or Don't Disclose All My Debts:
Really, really bad things!  Your bankruptcy petition is filed under the pains and penalties of perjury.  Lying on your bankruptcy petition, e.g. not disclosing all of your assets, can result in federal criminal charges (jail time) and huge fines.  In addition, your bankruptcy might not be discharged.  If you do not list all of your debts, they will not be discharged.  There are additional costs that can be incurred if we have to alter your bankruptcy petition after it has been filed or after your bankruptcy has been discharged. We will explain this in greater detail during your free initial consultation.

How Long Does This Process Take:  
The amount of time from your initial consultation until we file your bankruptcy petition is entirely client-driven.  You can take as long as you would like to pay both the attorney fee and filing fee, but your petition will not be filed until both fees are paid in full.  In addition, you need to provide our office with all of the information that we need to accurately create your petition.  This again is determined by how fast you are able to gather together all of your information and documents.  Once you have paid your fees in full and provided us with all the information necessary to fill out your petition, we will ask you to come to our office in order to review the accuracy of your petition and sign the petition.   This typically takes less than an hour to complete.    There are also other considerations regarding timing of the filing of your petition.   After the bankruptcy petition is filed, your 341 Meeting of the Creditors is scheduled and your bankruptcy is discharged sometime after that.  Because each bankruptcy petition is unique, we cannot provide an exact time from for this process.   The attorney will discuss with you, when you come in for your free initial consultation, the timing of your petition filing and estimates of how long the process could take.