Lynch & Belch, P.C. - Bankruptcy

Is Filing For Bankruptcy The Right Decision For Me?

When you are overcome by debt, you may be considering filing for bankruptcy. Bankruptcy is a way for you to obtain financial peace and freedom from your debt. For a thorough review of your financial situation and help determine whether to file for Chapter 7 or Chapter 13, you should consult an attorney.

Our bankruptcy lawyers at Lynch & Belch, P.C., have helped clients in Indianapolis regain financial peace for over five decades. We will provide you with a candid assessment during your free initial consultation. In the meantime, we have provided answers to a few frequently asked bankruptcy questions.

Lynch & Belch, P.C., Bankruptcy FAQ Answered

What is a chapter of bankruptcy?

An individual can file for one of two chapters: Chapter 7 bankruptcy, also referred to as liquidation bankruptcy, allows for an individual's debt to be discharged. Chapter 13 bankruptcy is an alternative debt repayment plan.

How much does it cost to file for bankruptcy?

The filing fee for Chapter 7 bankruptcy is $335, and the filing fee for Chapter 13 is $310.

How can Chapter 7 benefit me?

It will free you from your legal obligation to repay your creditors. It is designed to provide you with a fresh start. This will prevent creditors from contacting you.

How can Chapter 13 benefit me?

This type of bankruptcy will stop the constant contact from creditors and additional late fees and interest charges. It is designed to give you time to make missed payments and consistently pay back what you owe.

Will I lose my house or car?

Under certain circumstances, you will not lose any of your property. Trustees will only sell property that has a specific value, and most cars are not valued high enough to benefit the creditor. As long as you continue to pay on your car note and mortgage, after signing a reaffirmation agreement, you should be able to keep your home and car.

It is imperative that you consult a lawyer about the specific details of your case to determine how a reaffirmation agreement will work for you.

Will my credit score drop to zero after I file for bankruptcy?

Your credit score may drop into the poor credit rating as less than a 550, but it will not drop to zero. You may be able to recover a fair credit score in as little as 12 to 18 months, but the bankruptcy will remain on your credit report for either seven or 10 years.

How long does bankruptcy remain on my credit report?

Chapter 7 bankruptcy will remain on your credit report for 10 years. Chapter 13 bankruptcy will remain on your credit report for seven years.

Will I be able to obtain a loan in the future?

After filing for bankruptcy, you will be required to take a debtor education course that may help you understand how to repair your credit to obtain a future loan. Your attorney may have connections to credit repair agencies and creditors willing to assist you in rebuilding your credit.

Lynch & Belch, P.C., Offers Free Initial Consultations

Schedule your consultation with our Indianapolis office at 317-528-9549 or by filling out this online contact form

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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Lynch & Belch, P.C.
7210 Madison Ave.
Suite B
Indianapolis, IN 46227

Phone: 317-528-9549
Phone: 317-528-9549
Fax: 317-888-8282
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