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• Filing a Chapter 7 bankruptcy is designed to wipe out unsecured debts.
• Secured debts can be surrendered, reaffirmed or redeemed.
• The Debtor can surrender (give back), the collateral to the secured creditor and receive a discharge of that debt.
• The Debtor can (subject to certain conditions) “reaffirm” the debt and keep the collateral. If the Debtor reaffirms the secured debt, the debtor may have to show that they are capable of making the debt payments.
• The Debtor can (subject to certain conditions) “redeem” the property by paying the secured creditor the value of the property.

You may qualify for a Chapter 7 bankruptcy if:

• You have little or no money left after paying basic living expenses each month.
• You are not meeting basic living expenses and you have no money left to pay your creditors.
• You have limited assets.
• Your income is less than the average household median income in Indiana.

The new bankruptcy law enacted in 2005, Bankruptcy Abuse and Prevention and Consumer Protection Act (BAPCPA) introduced several new “hurdles” to filing a Chapter 7 bankruptcy. These “hurdles” make it much more difficult to file a Chapter 7 bankruptcy by setting limitations on the amount of assets and income you are allowed. If you exceed these limits, you are still able to file for protection from your creditors and protect your assets by filing a Chapter 13 bankruptcy case.Chapter 7 bankruptcy can give you a fresh start. However, individuals seeking to file Chapter 7 bankruptcy need sound legal advice to protect themselves during the process.

At Koehler Bankruptcy Law Offices in Indiana, bankruptcy is all we do, and we file more bankruptcy petitions than any other law firm in this region. This gives us a keen understanding of the bankruptcy process in the area’s bankruptcy court. Lloyd Koehler has practiced only bankruptcy law for twenty years and files over 1,000 cases in Indiana each year.

Chapter 7 Means Test

One major change since 2005 to bankruptcy law is the means test for Chapter 7 bankruptcy. This determines whether a potential Chapter 7 filer is eligible. Our bankruptcy attorney will explain the means test and determine whether you qualify for Chapter 7.

Talk to Us About Chapter 7 — It Costs You Nothing

You may not need to sell these assets:

• Car — up to a certain value
• Clothing, household goods and furnishings
• Jewelry — up to a certain value
• Pensions and 401(k) plans
• Equity in your home — up to a certain percentage
• Professional tools

Chapter 7 bankruptcy can usually be completed quickly. It’s important, however, to have sound legal advice to help you weigh the costs and benefits of a Chapter 7.

If you have been wondering whether you should file Chapter 7, our lawyer can help. Contact a New Albany Chapter 7 bankruptcy attorney for sound advice and experienced representation. Call us at (812) 785-8191 toll free. We provide hometown appointments.

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

Some People Think They Can’t Afford a Lawyer to File Bankruptcy

It costs you nothing to talk with us. We do not require a retainer fee to talk about your financial situation. No money down will file your case today.

If you have been asking yourself, “Should I file bankruptcy?” Let us help.

We are available to discuss your options on filing bankruptcy whether it is day or night, weekday or weekend. Everyday, all day we make your financial worries our top priority.