Chapter 7 Bankruptcy Attorneys of Boone County
Chapter 7 bankruptcy, often referred to as straight or liquidation bankruptcy, is the most common form of bankruptcy in the U.S. If you are seriously in debt and in need of legal advice, the bankruptcy lawyers at Saeed & Little LLP in Indianapolis will put over 60 years of experience in handling chapter 7 bankruptcies in Indiana to work for you.
For Businesses
If a troubled business is badly in debt and unable to pay its creditors, it may choose or be forced to file for bankruptcy in a federal court under Chapter 7 of the Federal Bankruptcy Code. Once a chapter 7 filing proceeds, the business will cease operations unless continued by the bankruptcy trustee, who will be appointed almost immediately. The trustee is typically given broad powers to examine the business's financial affairs, sell assets, and distribute the proceeds to the creditors.
For Individuals
Individuals who file for chapter 7 bankruptcy will be allowed to keep certain exempt property. Indiana has legislation in place that opts out of the federal bankruptcy exemptions, and chapter 7 filers are only permitted to exempt property using the state's laws. Some common Indiana exemptions include:
- The Indiana homestead exemption, which allows individuals and those who are married and file jointly to exempt specified amounts in home equity
- Life insurance benefits
- Indiana's wildcard exemption, which protects equity in a car, truck, van, or other vehicle
- Certain pension benefits for public employees
- Personal property exemptions for nonresidential real estate, tangible and intangible person property, health aids, interest in qualified retirement plans, and a debtor's interest in a refund or credit under IRC § 32
If you are facing uncertainty and pressure due to unmanageable debt and are considering filing for chapter 7 bankruptcy in Boone County, Indiana, contact Saeed & Little LLP online or call 317-800-6161. Your initial phone consultation will be free, and our attorneys will help you through the hard times toward positive change and a much needed fresh start.
