The Law Offices of Dax J. Miller
Evansville +1-812-463-3909 New Albany +1-812-913-5000 Indianapolis +1-317-661-4000

Chapter 7 Bankruptcy

Indiana Chapter 7 Bankruptcy

Chapter 7 Bankruptcy

Indiana Chapter 7 Bankruptcy is a fresh start, clean slate bankruptcy. It is easily the most common form of bankruptcy and generally what people think about when they hear the word “bankruptcy”. Chapter 7 bankruptcy may allow you to discharge debts such as credit cards, collection accounts, medical bills, signature loans, repossession deficiencies, foreclosure deficiencies, old tax debt, and overpayment of social security disability or unemployment compensation.

A typical Indiana Chapter 7 Bankruptcy generally proceeds as follows:

  1. Call for a free phone or in-office consultation with The Law Offices of Dax J. Miller to determine if Chapter 7 Bankruptcy is best for you.
  2. Come to our office where we will draft your bankruptcy petition right in front of you. There are no tedious forms or questionnaires for you to fill out. You are paying for an attorney’s attention and that is what you get.
  3. We then file your case which creates a federal injunction against the collection of most types of debts. This usually stops all debt collection phone calls, collection letters, negative reporting to your credit and most lawsuits (exceptions apply).
  4. One month later, you have a hearing that you attend with us. There is no judge and no jury.  It is not even in a courtroom and most hearings last less than five minutes.
  5. Approximately two months later, you will receive your discharge and you are done.
  6. Generally speaking, most clients start receiving solicitations from banks to start new credit cards or even finance vehicles immediately after receiving a discharge. We warn clients to view these offers with caution because you obviously do not want to end right back up in debt.
  7. If you are in the market for a new home and do not have a 20% down payment, you actually only have to wait two years from the date of discharge to be eligible for a FHA home loan through the federal government. The FHA program requires you only put down 3.5%!
  8. A major misconception people have about bankruptcy is that they have to wait seven or eight or even 20 years — we hear all sorts of numbers thrown around — before you can even use credit again. That is completely false. The truth is that you can start rebuilding right away. However, the debts that you discharge in your bankruptcy will stay on your credit report as “0.00 balance” or “Discharged in Chapter 7 Bankruptcy”.

If you have questions about your Chapter 7 Bankruptcy options, Contact Us today for a free consultation!

The Number of Chapter 7 Bankruptcies Filed in 2016 is...

490,365!  That is right!  490,365 Chapter 7 Bankruptcies were filed in 2016 alone. It is worth mentioning that that number is relatively low when you look at the last 20 years of Chapter 7 Bankruptcy filings.

The Percentage of Chapter 7 Bankruptcies That Receive Discharges (Successful Bankruptcies) is...

More than 99%! Each case is different and must be analyzed by an experienced bankruptcy attorney. But if you were wondering whether Chapter 7 Bankruptcies are usually successful, the statistic speaks for itself.

What Should I Take Away From These Numbers?

Again, every person’s situation is different and should be assessed by an experienced, trustworthy attorney. However, if you are thinking “Am I the only one filing Chapter 7 Bankruptcy?” or “Will Chapter 7 Bankruptcy even work for me?”, the statistics do not lie. Many people file Chapter 7 Bankruptcy and an overwhelming majority of them are successful and receive a discharge.  Contact The Law Offices of Dax J. Miller Today For A Free Consultation To See What Chapter 7 Bankruptcy May Do For You!

Contact Us Today To Learn More About Chapter 7 Bankruptcy