Filing for Bankruptcy in Bloomington, Indiana
Debt can spring up with little notice. Unexpected expenses or changes in your employment status can leave you feeling the pain in your back pocket. Sooner than you know, creditors are calling and harassing you for money. You may be able to get back on track by filing for bankruptcy, a change is possible. As a bankruptcy lawyer since 1980, I have helped people in Indiana climb out of their financial holes and back onto solid ground. Call Rudolph Wm. Savich, Attorney at Law, at (812) 336-7293 or e-mail me.
Office Hours: M-F: 10:00 a.m. to 2:00 p.m., other hours available by appointment.
At your initial consultation we will cover these topics and answer your questions about bankruptcy and the bankruptcy filing process:
1. Do you qualify?
Have you filed in the past 8 years?
Do you make too much money? – the Means Test
Do you have non-exempt property?
Have you lived in this district for 180 days (or 91)?
2. Chapter 7 vs. Chapter 13. Do you qualify, income limit for Chapter 7
Why people file Chapter 13
3. Reaffirmation agreements
Why you have to sign them.
Why you might not want to sign them.
Tenancy by Entireties (unlimited is only one spouse files)
Homestead $17,600 for an indidual; $35,200 married couple
Tangible personal property $9,350/ $18,700
Intangible property $350/$700
Bank accounts – we need the date of filing bank statement or other documentation
of date of filing balance
Personal Injury Claims
Debts Owed to the Debtor/Client
Retirement Funds (unlimited)
Life Insurance Policies – who is the beneficiary?
Have you lived in Indiana for the past two years?
5. List all the creditors-
– how (www.annualcreditreport.com or www.creditkarma.com
6. Preferential payments:
To individual family members (A trap for the unwary)
To regular creditors
7. Tax refunds-
Pro-rated from date of filing (A trap for the unwary).
Earned Income Credit exempt
8. Claw back of inheritances; life insurance and divorce settlements. (A trap for the unwary)
9. Credit Counseling and Debtor Education
Credit counseling – your ticket in to bankruptcy
Debtor Education – your ticket out of bankruptcy
– Deadline to complete Debtor Education
10. Adversary Proceedings
– what are they?
– extra charge
11. How to value your property –
Cars and Trucks (NADA – Kelley Blue Book)
Real Estate – Monroe County GIS
Personal property – think yardsale
12. Have you been in business within the past 6 years?
– If you are paid on a 1099, you are in business
13. Bankruptcy Information Sheet
14. Social Security Card – Get one now!
15. Do you have a valid driver’s license?
For the right state where you live
Update your address
16. Bring most recent paystub to the 341 meeting.
17. Fee agreement
– what’s included in the $1250. – What isn’t
– do you get the $100 medical bankruptcy discount?
Chapter 7 Bankruptcy: Attorney fee $915 plus filing fee
Chapter 7 Bankruptcy provides individuals in financial distress, a fresh start. You may be able to eliminate most of your debt by liquidating your assets, and oftentimes you are still able to hold on to a car or house. Chapter 7 provides relief from most unsecured debt. In other words, usually any money owed that is not tied to property, such as credit cards or medical payments, is forgiven. If you owe child or spousal support, or owe the government for fines or loans, you will still have to pay those back. Additionally, you will have to take a “means test” to see if you qualify for Chapter 7 Bankruptcy. Treatment of tax obligations in Bankruptcy is complicated. The best way to know what is expected of you is to get an experienced attorney. Once filed, an automatic stay will halt wage garnishments, IRS levies and foreclosures. The pressure will be taken off your shoulders and an appointed representative will handle your creditors. My fee for Chapter 7 Bankruptcy is $915, which includes the costs of both classes, not including the filing fee of $335. (Click here for detailed information about fees)
Chapter 13 Bankruptcy: Attorney fee: $500 down plus filing fee
Handle Your Financial Hassles
By filing for bankruptcy, you can stop the repossessions, lawsuits, foreclosures, harassing phone calls and wage garnishments. At the Bloomington Law Office of Rudolph Wm. Savich, I have 35 years of experience helping people improve their finances. Call my office today at (812) 336-7293 or