Sometimes bumps in the road can lead you to mounting bills. Maybe that bump was a loss of a job, medical bills, divorce or other foreseen disasters that have left you with so many bills that your money is already spoken for before you get it in. If this is your case, have you thought about Chapter 7 Bankruptcy in Indianapolis IN? Chapter 7 can give you a fresh start and discharge the debts you currently owe. Advantages of filing Chapter 7 are:
- You get a fresh start.
- Anything you acquire after bankruptcy you get to keep including future income, inheritances, life insurance policies or divorce settlements, as long as it is past 180 days of filing for discharge.
- There are no limitations on the amount of debt.
- You do not have to repay your creditors.
- The debt is discharged quickly. Sometimes the debt is discharged within three months.
- Some types of debt are not dischargeable. Items that are not dischargeable are:
- Student loans.
- Alimony.
- Child support.
- Certain taxes.
- Mechanic’s lien.
- Certain taxes on your home.
Chapter 7 Bankruptcy in Indianapolis IN requires you to pass the means test. Means testing will look at your income as well as your debt and will decide your bankruptcy options. Means testing has two parts. The first part a threshold is based on the median income in your state. It depends on the number of people in your household and your income. The second part is whether your income is above the median in your state. If you have an excess income after your basic needs are met and can pay approximately 25 percent of your unsecured debt, you can’t file Chapter 7 and will have to file Chapter 13. You will also be required to go to credit counseling and money management classes.
There are many things that affect which bankruptcy you can choose from and hiring a qualified bankruptcy attorney can help you decide which is best for you. Many bankruptcy attorneys have free initial consultations to discuss your case and the circumstances surrounding it. Get a fresh start, out of debt and get the relief you need and Visit The Wright Law Group of Indianapolis.
