Questions About Bankruptcy

Certainly in every case, you must list all of your creditors (even the ones you want to keep like a house and car and even the ones that are not dischargeable like student loans).
The filing of the bankruptcy will appear and remain on your credit report for ten (10) years, and anyone that has access to your credit report will know. While the court will need to know your employer information, the court will not inform your employer of your filing in a Chapter 7 case.
In a Chapter 13 personal reorganization there is a chance that the court may require that the plan payments come from your payroll if you work for a large employer. However, an experienced bankruptcy will be willing to ask that the court not make such a requirement if it might have a negative impact on your employment.
If you are being garnished, we will notify your payroll department to stop the garnishment immediately upon filing the case, but we will not notify anyone else without giving you a good reason.

Such a question is similar to asking, “Will someone break into my home?” My answer is the same: That is not supposed to happen.
The Bankruptcy Code specifically states, “No private employer may terminate the employment of, or discriminate with respect to employment against, an individual who is or has been a debtor under this title, a debtor or bankrupt under the Bankruptcy Act, or an individual associated with such debtor or bankrupt, solely because such debtor or bankrupt — (1) is or has been a debtor under this title or a debtor or bankrupt under the Bankruptcy Act; (2) has been insolvent before the commencement of a case under this title or during the case but before the grant or denial of a discharge; or (3) has not paid a debt that is dischargeable in a case under this title or that was discharged under the Bankruptcy Act.”
In addition to that, the Bankruptcy Code also states “a governmental unit may not deny, revoke, suspend, or refuse to renew a license, permit, charter, franchise, or other similar grant to, condition such a grant to, discriminate with respect to such a grant against, deny employment to, terminate the employment of, or discriminate with respect to employment against, a person that is or has been a debtor under this title or a bankrupt or a debtor under the Bankruptcy Act, or another person with whom such bankrupt or debtor has been associated, solely because such bankrupt or debtor is or has been a debtor under this title or a bankrupt or debtor under the Bankruptcy Act, has been insolvent before the commencement of the case under this title, or during the case but before the debtor is granted or denied a discharge, or has not paid a debt that is dischargeable in the case under this title or that was discharged under the Bankruptcy Act.”
In short – my answer remains the same … that is not supposed to happen!

Yes and no. You will need to attend a “meeting of creditors.” The meeting of creditors is usually held as a telephone conference call or a web video conference. These conferences were previously held at a Federal courthouse. We typically have our clients come to our office for the meeting of creditors. For a more complicated case, an appearance before the Federal Bankruptcy Judge may be required. However, in that vast majority of cases, you will not ever appear before an actual judge.
The meeting of creditors is an opportunity for creditors to meet with you and ask you questions about your case. Creditors very rarely appear in Chapter 7 or Chapter 13 cases and the judge assigned to your case is prohibited from attending.
Instead it will be the Trustee, your attorney, and you. The trustee is the court appointed official you will ask you questions about your filing and determine whether everything is correct. By the time you appear before the trustee, you should be well aware as to what to expect.

A bankruptcy means test is a determination of your are eligibility for Chapter 7. Your family size, along with your income level compared to the medium income in Indiana, will determine if you pass the means test and are eligible for Chapter 7.
For immediate assistance, please contact us.

Naturally, your age and future goals will be a factor when considering to file for bankruptcy.
If you are older and near retirement or you already live on a fixed income, your decision may be quite different than if you are a young single entrepreneur whose business venture did not succeed as expected or you are a middle-aged married parent who has been down-sized by a corporation after a decade or more of service.
We will be glad to help you better understand how your age should influence your decision to file for bankruptcy. For a free consultation, please contact us to discuss your situation.

In a Chapter 7 bankruptcy, property that may be kept (which is exempt from liquidation) is called an exemption. In Indiana, the major exemptions are as follows:

1. Retirement (in a qualified retirement account from the debtors’ pre-tax earnings) is fully exempt;
2. Real or personal property constituting the debtor’s primary residence is exempt up to $22,750.00 in equity ($45,500.00 for a married couple);
3. Personal property valued up to $12,100.00 is exempt ($24,200.00 for a married couple); and
4. Intangible assets up $450.00 are exempt ($900.00 for a married couple).

For more information about exemptions, please contact us.