Greenwood Chapter 7 Bankruptcy Lawyer
Searching for Debt Relief? Call (317) 830-5993 Today.
The Law Office of Matthew M. Cree, LLC is here to help you assess your debt relief options. For many of our clients, Chapter 7 bankruptcy is just the solution they need to get a fresh financial start. Having been through bankruptcy before, Attorney Matthew M. Cree has extensive knowledge of bankruptcy proceedings, as well as a proven track record of successfully guiding clients through the process.
What Is Chapter 7 Bankruptcy?
By far the most common form, Chapter 7 bankruptcies comprise about 70% of filings each year and generally take only four months to complete. While Chapter 7 bankruptcies are often referred to as "straight liquidation bankruptcy," most filers retain all their property. In turn, the court wipes out most or all unsecured debt (credit cards, medical bills, and past-due utility bills). Civil judgments often can be eliminated, too.
To take advantage of Chapter 7, filers must first pass the “means test.” By reviewing your annual gross income and household size, we can quickly determine whether you qualify for a Chapter 7 bankruptcy. If you don’t, fear not! A Chapter 13 bankruptcy may be a suitable alternative.
Frequently Asked Questions About Chapter 7
How long will this process take?
Chapter 7 bankruptcies typically last 4-6 months, from the moment you file to when the court grants a debt discharge. In some cases, a trustee may keep a case open to collect tax refunds or other non-exempt property, but you can generally count on receiving a discharge in a timely manner.
Will I lose all of my property?
No. Individuals filing Chapter 7 bankruptcy in Indiana can keep up to $19,300 in home equity, $10,250 in personal property, and $400 in cash. Because property is priced at the fair market value (i.e. used, rather than new), many filers are able to protect most—if not all—of their property by claiming exemptions.
What about my home and vehicle?
Usually, Chapter 7 filers owe more than their properties’ fair market values, which means they can most likely claim them as exemptions. However, you must be current on the payments. If not, lenders may request that the bankruptcy court terminate the special protections afforded by bankruptcy and either repossess the property or sue you.
Is there a debt limit for Chapter 7?
There is no minimum or maximum amount of debt allowed in a Chapter 7 case.
How much does a Chapter 7 bankruptcy cost?
The cost to file Chapter 7 bankruptcy can vary from attorney to attorney. When searching for a bankruptcy attorney, always ask what services their attorney fees cover. As we guide filers completely through the case from start to finish, our fee for a Chapter 7 bankruptcy is a flat $1,800 for either single or joint filings. This amount can be paid in installments prior to filing. This amount includes the court’s filing fee of $335 and the cost of obtaining your credit reports electronically (which saves you time and a ream of paper).
- Can You Discharge Medical Debt in Bankruptcy?
- 8 Important Steps for a Brighter Post-Bankruptcy Future
I had a great experience with Matthew! He made the whole process simple.- Justin M.
Matt was professional, he handled everything.- Deanna B.
Attorney Cree made sure he explained everything making sure I understood.- Lisa L.
Mr. Matthew Cree is an AMAZING Attorney! He always answers your questions very promptly.- Kellie C.
Every time we had a question or concern he would get back to us that day.- Tyler H.