A bankruptcy lawyer in Indianapolis can advise you about the bankruptcy chapter you should file under. This distinction is very important as you have risk of getting your petition dismissed when not filed under the right chapter.
Discuss and in detail with your bankruptcy lawyer about different types of bankruptcy that you can file under the Title 11 of the US Bankruptcy Code. United States Bankruptcy Code has a number of different types of bankruptcy that can be filed.
Discuss Chapter 7 Bankruptcy with a bankruptcy lawyer in Indianapolis
Chapter 7 bankruptcy is also known as entitled liquidation. This procedure is systematic with all the proceedings supervised by the court. A trustee controls and liquidates your assets and exchanges it for cash. Any proceeds from this exchange are then given to the creditors to pay-off the debt. If you are in a situation with minimal or no assets, then your case will be easier . A no-asset case might be able to get you discharged from your debts and released from any liabilities.
According to the latest legislative amendment made by Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, petitions under Chapter 7 will go through a test to check if you are eligible for debt relief or debt discharge as allowed under Chapter 7.
Discuss Chapter 9, Chapter 11 and Chapter 12 Bankruptcy with a bankruptcy lawyer in Indianapolis
Chapter 9 Bankruptcy allows municipalities to file bankruptcy. A municipality or school can get reorganization help under Chapter 9. It provides entitled reorganization very much like Chapter 11.
Chapter 11 is utilized by business enterprises and corporate that wants to maintain their operation while paying back creditors through an approved reorganization program as mandated by the court. You will have rights to create the reorganization plan for 120 days after the case has been filed. This plan has to be reviewed and approved by the court.
Chapter 12 bankruptcy allows family farmers and fishermen with regular annual income to suggest a repayment scheme while still proceeding with business operations. The repayment scheme should be able to pay off the debt in 3-5 years.
Discuss Chapter 13 and Chapter 15 Bankruptcy with a bankruptcy lawyer in Indianapolis
Chapter 13 bankruptcy is for the individuals or sole proprietors with a regular income. It allows you to maintain some control over your assets while you put forward a plan for repayment. Chapter 13 is preferred when compared to Chapter 7 as you maintain possession of the assets.
Chapter 15 is new Chapter of bankruptcy that deals with cases that have no clear designation in the above mentioned Chapters. The basic goal of Chapter 15 is to ensure fair and efficient handling of cross-border bankruptcies.
Get detailed information on the types of bankruptcy with your bankruptcy lawyer Indianapolis. If you find yourself in a tough financial situation, get all the help that you can. For more information go to Website Domain