Considerations before filing
Before continuing with the filing process, debtors should consider all possible options. Debtors should understand that a bankruptcy filing is not a fresh start of financial liabilities. Child support, alimony and mortgages are not absolved in a bankruptcy filing. It is executed as the last resort with no other visible alternatives. Some of the other options are like consolidation of credit card debts, refinancing personal debts, mortgages and credit counselling. Hiring a bankruptcy attorney is the right way to represent a debt relief case. Some lawyers offer free legal advice based on the financial condition of the debtor. There are different bankruptcy codes for filing different debt relief situations.
Chapter 7 absolves debtor of all approved debts by attaching his/her properties. Chapter 9 is filed for municipality bankruptcies. Chapter 11 is applicable to individual filing while Chapter 13 is assigned for bankruptcy filing for companies. Farmers can file for bankruptcy under Chapter 12. When a similar filing is done for cross border insolvencies, lawyers file the case under Chapter 15. Ascertaining the cost prior to legal representation is necessary. Based on the debt amount, some lawyers charge a flat fee. Indianapolis bankruptcy attorney approximately charges $1,700 on an average with wide variations. There is an additional cost of $200 for court filing but can be waived if you request for bankruptcy fee waiver. The legal fees have to be fully paid before filing the case.
Steps in filing
Like elsewhere in Indianapolis a bankruptcy lawyer guides an individual or company to file for bankruptcy debtor under the right code. With detailed specification of the case, the bankruptcy attorney files a petition. The debtor then receives a hearing for €meeting of creditors,€ which cross checks on credit details. This meeting is very important as the debtor has to answer all debt questions truthfully. The creditors ask questions too. After this meeting, the court proceeds with debt consolidation, repayment scheme and liquidation by trustees depending on the bankruptcy code under which the case has been filed. The case is settled between 4-6 months. A debtor must list all debts in the bankruptcy schedule. If debts are not listed, then it will not be discharged. The judge is authorised to deny discharging all debts if the debtor dishonestly represent the bankruptcy case. The debtor is liable for legal actions against the crime of falsifying information, destroying and hiding assets,
The job of Indianapolis bankruptcy attorney is to guide and represent a debtor in the legal proceedings for debt relief like those in other states.