Can I File for Bankruptcy?

Posted By : admin
Category : Bankruptcy
18 - Mar - 2013

 

If you are a Hoosier struggling with debt this is probably a question you have asked yourself.  I believe many people in the Indianapolis are think that they would not qualify for a bankruptcy.  It is a very common thought that their situation is not bad enough for them to be able to qualify for bankruptcy.  Just about any person can file for bankruptcy….but the better question is SHOULD you file for bankruptcy.

It’s true.  Just about every person CAN file for bankruptcy.  I am often asked as an attorney if one party can sue another party for something.  My answer is typically that “you can sue a person or entity, but whether you will win is quite another story.”  The same is true for bankruptcy in Indianapolis.  Technically, even if you just received a Chapter 7 discharge you could file another Chapter 7 bankruptcy.  It probably wouldn’t make much sense to do this….but you could do it.

Most people I meet with at Halcomb Singler ask me if they will be granted a bankruptcy.  I try to explain that if you are telling the truth about your income, debts, assets and expenses there is really no way to be “denied” a bankruptcy.  However, there is the question of whether you will qualify for a Chapter 7 bankruptcy, which gives you a completely fresh start or a Chapter 13 bankruptcy, which is similar to debt consolidation and requires a monthly payment over 36 to 60 months.  The better question is, “what would be the pros and cons of me filing for bankruptcy?”  This is what you should be talking to a bankruptcy attorney about if you are determining whether you should file.

While most people can file for bankruptcy, bankruptcy is not going to help everyone.  Bankruptcy does not solve income problems.  Bankruptcy is not typically beneficial for people who own their home outright.  Bankruptcy is not beneficial for those with very little debt.  However, no one would know this if they did not decide to meet with a qualified bankruptcy attorney and ask questions.  While I can’t speak for all of the bankruptcy attorneys in the Indianapolis area, I know I would much rather meet with a person considering bankruptcy prior to that person cleaning out their retirement account to pay credit card bills.  I would rather meet with a person who owned their home outright about how to settle an outstanding debt rather than to see them on the eve of a sheriff sale when their home is being foreclosed on for non-payment of debt.

Most weeks I meet with at least one person who I tell not to file bankruptcy and a few I give advice on how I think they can try to avoid bankruptcy.  The fact is that bankruptcy is there as a back-up and it can be a very useful tool to deal with debt, but it is not a “one size fits all” solution.  There are always going to be both pros and cons of filing bankruptcy.  So, to answer the question, “Can I file for Bankruptcy?”  The answer is most likely yes.  But I don’t know whether you should.  That is something I can only determine after sitting down with you and discussing your personal situation.  If you would like to have this conversation please call me at (317) 575-8222 or click here.  If you are thinking about bankruptcy and have questions I would like to meet you.  There is no fee for the initial consultation and if you do decide bankruptcy is for you we offer flat fees and payment arrangements.

Halcomb Singler, LLP, is a debt relief agency.  It helps people file for bankruptcy under the bankruptcy code.  No attorney-client relationship with the firm of Halcomb Singler, LLP, is created through this blog. Also, please note that Erika Singler is an attorney licensed in Indiana and does not seek to practice law in any jurisdiction in which they are not properly authorized to do so.  The information contained in this blog is general in nature and should not be relied upon for the circumstances of any individual(s) or businesses.