Chapter 7 Bankruptcy in Lafayette and Monticello, Indiana

Offering you hope, protection, and security.

Stop Wage Garnishments

Protect your paycheck from garnishment of wages.

Stop Lawsuits

Stop lawsuits, intimidation, and harassment.

Protection from Collectors

Mr. Woolley will guard and protect you from incoming collector calls.

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CHAPTER 7 BANKRUPTCY

CHAPTER 13 BANKRUPTCY

WE'RE HERE FOR YOU

Sometimes circumstances beyond your control force you to suffer financial losses due to a recent job loss, reduction of income, illness or injury, death or other issues. When this happens, it seems the stress and anxiety of how to pay the bills is overwhelming. To further compound the stress, the bill collectors will call you with demand for payment and threaten you with garnishment, foreclosure, or repossession. Brad Woolley is here to assist you.

What is Chapter 7 Bankruptcy ?

Chapter 7 bankruptcy can do the following:

Provide a debtor with peace of mind and protection from collectors
Stop creditor harassment and intimidation
Stop garnishments of wages
Stop lawsuits
Stop foreclosure temporarily to allow possible workouts
Stop a wage levy by the IRS or Indiana Department of Revenue

FILING FOR CHAPTER 7 BANKRUPTCY

Chapter 7 is the bankruptcy that most people file. It is commonly used to discharge (get rid of) unsecured debts like:

credit cards
medical bills
unsecured personal loans
judgments
garnishments
repossession
bad mortgages and foreclosures
certain taxes owed to IRS or State of Indiana
and other debts.

Full disclosure and the listing in your bankruptcy of all of your bills is mandatory by law. You are required to sign the Bankruptcy documents under penalty of perjury and you are required to testify under oath at a Meeting of Creditors hearing that the documents truthfully and accurately show all of your debts and all of your assets.

affordable bankruptcy attorney lafayette indiana

There are certain debts that are non-dischargeable in chapter 7 and you should be sure to discuss all of your debts with your attorney. The following types of debts may not be discharged in bankruptcy and should be disclosed to your attorney prior to filing:

debts owed to ex-spouses for alimony and child support
debts due to driving the under the influence
debts based upon fraud or misrepresentation
certain types of taxes
court ordered fines
student loans (except in extreme cases)
purchases of luxury goods within 90 days of filing bankruptcy
recent cash advances on credit cards
and other items

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HOW DO YOU FILE FOR BANKRUPTCY?

Filing for bankruptcy in Lafayette, Indiana requires you to have a good bankruptcy attorney. There are several things that need to be done in order to file a bankruptcy. First and foremost, it is not necessary to hire an attorney to file bankruptcy but it is highly recommended. Having said that, this is generally the process for filing bankruptcy with a lawyer:

Meet with an attorney and sign an employment contract
Provide the required information to your attorney so that your bankruptcy petition can be typed and prepared correctly
Do not forget to list all of your creditors
Pay the required attorney fees and filing fees to get the case filed
Participate in a required pre-filing credit counseling session prior to the bankruptcy being filed and provide your attorney with a certificate of completion
Review and sign your bankruptcy petition for filing (Note that your bankruptcy cannot be filed without your signatures)
The Bankruptcy documents are electronically filed with the United States Bankruptcy Court and you are assigned a case number

affordable bankruptcy lawyer lafayette indiana

8. Immediately upon the case being filed, an automatic stay under Section 362 of the Bankruptcy Code goes into effect that prohibits your creditors from continuing to harass you or attempt to collect money from you

9. Once the case is filed, you are assigned a Chapter 7 Trustee who is responsible for reviewing your bankruptcy documents and conducting your bankruptcy meeting of creditors to determine if there are assets to administer for your creditors

10. You should stay current with all of the debts you intend to keep

11. Within 30 days of the case being filed, you should attend the Financial Management Course for people who file bankruptcy

12. Attend the Meeting of Creditors hearing usually scheduled around 30 days after your case is filed

13. Execute any reaffirmation agreement needing to be file.

14. In most cases, the discharge order is granted about 65 days after the 341 hearing.

15. Court issues an Order Closing case about 70 days after the case is set for the 341 Meeting of Creditors

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WHAT NOT TO DO IF FILING BANKRUPTCY

Not consulting with an experienced bankruptcy lawyer or attorney prior to filing
Filing bankruptcy when you don’t need to and using your bankruptcy discharge too early,
Selling assets that you would not lose if you filed bankruptcy
Refinancing your house so you can’t afford it in a few years,
Taking a loan against your 401(k),
Using your credit cards for cash advances or balance transfers within a few months of needing to file bankruptcy,
Obtaining payday loans,
Numerous other mistakes.

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WILL FILING BANKRUPTCY STOP A WAGE GARNISHMENT?

The filing of a Bankruptcy in Indiana will stop a wage garnishment even if it is a chapter 7 or chapter 13 bankruptcy. Once the bankruptcy petition is filed with the bankruptcy court, the bankruptcy code gives you an automatic stay of all civil collection matters against you. A criminal case or current child support proceedings will not be stopped in most cases. The following is the typical scenario:

You are contacted by your payroll department that a wage garnishment will take effect next payday and you will lose 25% of your net check. There is no way that you can pay your monthly rent, house or other living obligations losing that much of your check. You contact a bankruptcy attorney and decide to file bankruptcy. Your payroll is cut by your employer on Tuesday and payday is Friday. Will the wage garnishment be stopped in time? You will need to have the case filed before Tuesday to even have a chance at stopping the wage garnishment. Once the case is filed, your attorney can send the appropriate paperwork to your payroll department to stop the wage garnishment and get you your entire paycheck. In order for this to happen, your attorney and you need to work together to get the required results.

If you are facing a current or pending wage garnishment in Indiana, contact the Law Offices of Brad A. Woolley for an appointment to get your paycheck back!

WILL I LOSE MY HOUSE AND CAR IF I FILE BANKRUPTCY?

In most cases, you will not lose your house or auto as long as you remain current with the payments to the lien holder. In Indiana, a person filing bankruptcy must show all of his or her personal property and its value. Our state opted out of claiming federal exemptions and Indiana laws control in almost every situation. The general rule is that each bankruptcy filer is entitled to have $9,350 of non-encumbered property and $17,600 of equity in his/her home. In most joint cases, that means $18,700 of personal property and $35,200 of home equity in their residence.

In the event you have not lived in Indiana during the majority of the 2 years prior to filing bankruptcy, you may have to use the exemptions allowed by the state where you used to reside. Therefore, it is imperative that you advise your attorney of all residences you have had in the last 3 years pursuant to question 15 of the Statement of Financial Affairs.

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WILL I LOSE MY TAX REFUND IF I FILE BANKRUPTCY?

In a chapter 7 bankruptcy, your tax refund can be taken from you if you are not careful. It is imperative that you consult with an experienced attorney about this matter.

Under Indiana law, the bankruptcy trustee cannot take your earned income credit (EIC) for the benefit of your creditors but it must be properly claimed exempt in your bankruptcy schedules. The trustee can take your additional child tax credit and the federal and state income taxes that your employer deducted from your paycheck.

The month you file for bankruptcy will determine the level of interest a bankruptcy trustee has in taking your tax refund.

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CONTACT US

Chapter 7 Bankruptcy and Chapter 13 Bankruptcy are legal ways to eliminate certain debts while allowing you to keep most, if not all, of your property. This website is designed to assist you in obtaining basic information about filing bankruptcy in Indiana. What are you waiting for? Isn’t it time that you end the stress from bill collectors, court hearings, garnishments, foreclosure, repossession, tax levies, and other unpaid bills? Contact The Law Offices of Brad A. Woolley and see how an Indiana bankruptcy attorney can assist you.

Call Us Today!

Lafayette office: (765) 420-8900

Monticello office: (574) 583-6411

"VERY HELPFUL!"

"Loads of great information! I would very highly recommend Brad Woolley for anyone thinking about bankruptcy. You will not be disappointed!"

-Deanna

"VERY SMART!"

"Attorney Brad Woolley is very smart, extremely informed about chapter 7 bankruptcy law, and clearly communicates in words that I can easily understand: what is going to happen and what I can expect to happen."

-P. Alan R.

"BRAD IS SO HELPFUL!"

"I have asked many questions and have never been made to feel like I was a bother or that he didn't have time for me!! Thanks so much Brad you are a pleasure!"

-Julie