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When Indiana businesses are unable to pay back its creditors, the business may file or be forced by a creditor to file for bankruptcy in court. A trustee from the bankruptcy court is appointed immediately. The job of the trustee is to sell the assets of the entity and pay the creditors with the money generated by liquidation. When a business files bankruptcy it does not mean that all employees within that business will lose their job. It is a common practice for a company to sell entire departments to a different corporation during the discharge process. Fully secured creditors, like mortgage lenders, have the right to the company’s collateral to secure their default loans

If you or someone you know is thinking about filing Chapter 7 bankruptcy in Indiana, contact an Indiana Chapter 7 Bankruptcy Attorney right now!

A discharge releases individual debtors from personal liability for most debts and prevents the creditors from taking any collection actions against the debtor. In chapter 7 bankruptcy filings, the corporation or partnership can not receive the bankruptcy discharge on its record. Only an individual can receive a Chapter 7 discharge. When assets of the debtor’s corporation have been liquidated, the case is closed. Also individuals can file a straight bankruptcy or liquidation. 

Below are some exemptions from bankruptcy discharge:

Liens

Child Support

Income Taxes

Student Loans

Municipal Fines

Bankruptcy can stay on a person’s credit report for 10 years. Credit would be less available to an individual during this period. Consumer credit and creditworthiness is a complex subject. However, the future ability to obtain credit is dependent on multiple factors and difficult to predict. Creditworthiness and the likelihood of receiving a Chapter 7 discharge are only a few of many issues to be considered in determining whether to file bankruptcy. The importance of the effects of bankruptcy on creditworthiness is sometimes overemphasized because by the time most debtors are ready to file for bankruptcy their credit score is already ruined.

If you or someone you know is thinking about filing Chapter 7 bankruptcy, contact an Indiana Chapter 7 Bankruptcy Attorney right now!

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