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What to Expect

The Bankruptcy Process in Indiana

After learning about all of your options, if you decide that filing for bankruptcy protection is the right course of action for your situation — you are going to want to know what to expect.

We can tell you.

At Saeed & Little LLP, our bankruptcy attorneys will walk you through the requirements and procedures involved in a Chapter 7, Chapter 13, or Chapter 11 bankruptcy. In general terms, the steps include:

  • Before You File — Before filing for bankruptcy, you will have to complete one consumer credit counseling session. You will also need to provide paperwork documenting your monthly income; monthly living expenses; secured and unsecured debts; student, personal, or business loans; real estate holdings; personal property and assets; any major financial transactions in the past two years; and copies of your last two tax returns. In short, you will need to provide your creditors and the bankruptcy court a full and honest disclosure of your financial situation. Anything less and there could be major problems.
  • Filing — Once the paperwork has been collected, our lawyers will review the situation with you and explain your options, including the non-bankruptcy alternatives available and which type or types of bankruptcy protection you are eligible for. After you've chosen the direction, we'll file the bankruptcy petition along with schedules for property and other exemptions available to you with the federal bankruptcy court. Once your petition has been filed, an automatic stay goes into effect prohibiting your creditors from contacting you directly and putting a stop to wage garnishment and home foreclosure proceedings.
  • After Filing —After filing, the court then appoints a Trustee to pay your creditors, review the documentation you have provided, and raise challenges to any of your information. The Trustee will also schedule what is known as a 341 meeting with your creditors. Although few creditors bother attending them, you are obligated to attend by law. The law also requires you to complete an additional debt management course to complete the bankruptcy process. If you have filed under Chapter 13, a judge will review the repayment plan we've proposed, you begin making your payments 30 days after the petition is filed.

Central Indiana Bankruptcy Solutions — Toll Free 866-660-6928

Find out what debt settlement and debt consolidation companies won't tell you about bankruptcy and why it might just be the solution you've been searching for.

Call our Indianapolis law offices directly or reach us online by completing the brief form located on the contact us page of this Web site. We offer reasonable payment plans and will deduct initial consultation costs from your total fee should you decide to retain us.

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