A Place for Solutions Since 1978
Mike Norris Law Offices - logo
This is a placeholder for the Yext Knolwedge Tags. This message will not appear on the live site, but only within the editor. The Yext Knowledge Tags are successfully installed and will be added to the website.
,
This is a placeholder for the Yext Knolwedge Tags. This message will not appear on the live site, but only within the editor. The Yext Knowledge Tags are successfully installed and will be added to the website.
Chapter 7

Indianapolis Chapter 7 Bankruptcy Lawyers

Efficient Service in Emergencies | Member of Indiana State Bar Association | Over 30 Years of Experience

This is a placeholder for the Yext Knolwedge Tags. This message will not appear on the live site, but only within the editor. The Yext Knowledge Tags are successfully installed and will be added to the website.

Efficient Service in Emergencies
Member of Indiana State Bar Association
Over 30 Years of Experience

Legal Help to File for Chapter 7 Bankruptcy

There are Indianapolis Chapter 7 bankruptcy lawyers available to help those who are considering bankruptcy. However, the person's situation and the amount of debt they have should be considered along with other factors to determine what kind of bankruptcy is suitable. Here is a summary of Chapter 7 bankruptcy, including the requirements to file and other related matters that are important.

Chapter 7 is the most common form of bankruptcy in the United States as it helps you discharge or clear some or all of what you owe. Mike Norris Law Offices can help figure out the ideal plan of action to ensure that you find peace of mind again.

Chapter 7 is useful when the trustee does not have any assets that can be liquidated. It is a less expensive way to resolve large amounts of debt.

When You May Not be Eligible for Chapter 7

  • Too much income
  • High equity in a home
  • Monies in a trust
  • Personal injury lawsuit
  • Expectation of an inheritance that will be paid soon

What factors does a court use to decide if a person is eligible for Chapter 7 bankruptcy?

A court will have ultimate discretion whether to accept any filing or not. Even if a debtor appears to meet the eligibility criteria, the court has the authority to review the case and determine if the debtor has the ability to repay some of their debts. If the court believes they do, it may require them to file for Chapter 13 bankruptcy instead, or take other actions. An Indianapolis Chapter 7 bankruptcy lawyer can assist if the court decides to reject the case, as there may be other debt relief options.


Why Choose Our Law Firm?

  • Over 30 years of experience
  • Efficient service in case of emergencies
  • You get to work directly with our attorney
  • Prompt communication
  • Thorough evaluation
  • Members of Indianapolis Bar Association and Indiana State Bar Association
  • Cost effective
  • We'll meet the promises we make

Bank Workouts

While negotiating debt workouts with banks, most people face a significant financial problem: the bank has a lien on all of their assets, and they don’t have the cash flow to ensure that everyone gets paid, including the landlord, the bank, and other general creditors.

Sometimes in such a situation despair can set in, and you can be filled with apathy, losing your drive. In a number of such recent situations, my first approach was to sit with the bank, once learning they had collateral and all the assets of the business. This may seem like a precarious or risky position, but actually it is to the small businessman’s benefit. When the bank has the first claim on all the assets, there is nothing to fear from general creditors, who have no claim on assets due to the fact the debt is unsecured. 

In this situation you should consider the following:
  • You must continue to work hard, and work steadily
  • Creditors need to be alerted to the fact that bankruptcy is possible, if workout discussions are not productive for all parties
  • Your attorney will need to handle all lawsuits, and everyone involved needs to be given enough information to understand exactly what’s going on
Are you worried about these kinds of issues? Do you have questions regarding Chapter 7 Bankruptcy in Indianapolis? Call me on my small-business hotline, to discuss these matters, or schedule a consultation in the office by calling (317) 266-8888. We will try our best to get to the bottom of your issues, and help you to solve them quickly with minimal aggravation.

What kinds of protection are offered after filing for Chapter 7 bankruptcy?



Once an individual and their Indianapolis Chapter 7 bankruptcy lawyer have filed the case, there are various types of protections that are available from creditors and others. Not all types of legal actions related to debt and finances will be protected though. There is also a trustee appointed to the case to ensure that all non-exempt assets will be liquidated, and the profits are used to repay creditors as required under this type of bankruptcy.


The main benefit of Chapter 7 bankruptcy is the discharge of most unsecured debts, such as credit card debt, medical bills, personal loans, and certain types of judgments. This discharge means you are no longer legally obligated to repay these debts, however secured debts are handled differently.


After filing, there is also an injunction put into place. This injunction will stop many creditors from taking formal legal action related to the debt, such as filing additional lawsuits for collection.

Other problems such as collection phone calls, foreclosures, and garnished wages to pay the debt will stop as well.



Certain pieces of property such as a home, car, and personal items can receive protection while under Chapter 7 bankruptcy. This means that the individual can maintain a basic standard of living while working to pay off their debt.


Additional advice about Chapter 7 bankruptcy in Indianapolis is availablle

There is more information available from a Chapter 7 bankruptcy lawyer in Indianapolis at Mike Norris Law Offices. They can explain any of these topics in more detail and provide representation during a bankruptcy case.


Note: We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Need to file for Chapter 7 Bankruptcy?

Call us today.

(317) 266-8888

(317) 266-8888
Share by: