Call Us at: (812) 336-7293

Bankruptcy

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: savichlawoffice@aol.com.

Office Hours: M-F: 10:00 a.m. to 2:00 p.m., other hours available by appointment.

Bloomington Chapter 7 Bankruptcy - Bloomington

Bankruptcy Basics

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.

4. Exemptions

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-

– why

– 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?

Not expired

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

(Click here for detailed information about fees) 

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

(Click here for detailed information about fees)

If Chapter 7 is not right for you, Chapter 13 Bankruptcy may be the appropriate solution. Chapter 13 reorganizes rather than liquidates your debt. Additionally, it may allow you to restructure your home mortgage loans to prevent foreclosure. A typical plan is to pay back a portion of what you owe within 3-5 years. At the end of that period, any remaining unsecured debt is discharged. This is a wage earners plan, and can provide much needed flexibility to help those with a steady income save a significant amount of money in their monthly budgets. My fee for Chapter 13 Bankruptcy is $4,000 not including the filing fee of $310. You pay $500 plus filing fee as a retainer. The remaining $3,500 is paid as part of your monthly Chapter 13 plan payment.  (Click here for detailed information about fees)

 

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

 E-mail me to see what we can do to improve your financial situation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Click here for information regarding fees and required disclosures.

 

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter
Rudolph Wm. Savich
Rudolph Wm Savich, Attorney at Law
213 S Rogers St., Ste 3A/B,
Bloomington, IN  47404
(812) 336-7293 Fax: (812) 336-7268
FREE OFF STREET PARKING
Office Hours: M-F 10:00am - 2:00pm
Other hours available by appointment

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. Click here for information regarding fees and required disclosures.