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

Types of Bankruptcy Cases

There are four types of bankruptcy cases provided under the law:

  • Chapter 7 is known as "straight" bankruptcy or "liquidation." It requires a debtor to give up property which exceeds certain limits called "exemptions," so the property can be sold to pay creditors.
  • Chapter 11, known as "reorganization," is used by businesses and a few individual debtors whose debts are very large.
  • Chapter 12 is reserved for family farmers and fishermen.
  • Chapter 13 is called "debt adjustment."┬áIt requires a debtor to file a plan to pay debts (or parts of debts) from current income.
  • Most people filing bankruptcy will want to file under either chapter 7 or chapter 13. Either type of case may be filed individually or by a married couple filing jointly.

If your income is above the median income for a family the size of your household in your state, you may have to file a chapter 13 case. A higher-income consumer must fill out "means test" forms requiring detailed information about income and expenses. If, under standards in the law, the consumer is found to have a certain amount left over that could be paid to unsecured creditors, the bankruptcy court may decide that the consumer can not file a chapter 7 case, unless there are special extenuating circumstances.

Explore our helpful links below.

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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