Personal Injury Lawyer
Fort Wayne·Indianapolis
Fort Wayne
(260) 424-0954
(260) 424-0954
Indianapolis
(317) 636-5211
(317) 636-5211

What Is Chapter 7 Bankruptcy?

In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts.

The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for "exempt" property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors.

If you want to keep property like a home or a car and are behind on the payments on a mortgage or car loan, a chapter 7 case probably will not be the right choice for you. That is because chapter 7 bankruptcy does not eliminate the right of mortgage holders or car loan creditors to take your property to cover your debt.

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Locations
Fort Wayne

132 E Berry St
Fort Wayne, IN 46802
(260) 424-0954

Warsaw

107 E Market St
Warsaw, IN 46580
(574) 269-3634

Decatur

103 N 2nd St
Decatur, IN 46733
(260) 728-9997

Kendallville

812 N Lima Rd
Kendallville, IN 46755
(260) 242-5253

Indianapolis

845 S Meridian St #1000
Indianapolis, IN 46225
(317) 636-5211

Muncie

425 N High St #7
Muncie, IN 47305
(765) 284-2810

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