Areas of Practice

Bankruptcy Law
Family Law

6525 East 82nd Street
Suite 102
Indianapolis, Indiana 46250

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Our location and directions

888.523.0165 office
317.849.3925 fax

Should I File Bankruptcy?

Seeking Professional Bankruptcy Advice?
If you are considering bankruptcy and wondering whether you should file, much of your decision will come down to your individual goals and values. However, an experienced bankruptcy lawyer can help you understand your options.
I am Indiana attorney Lawrence C. Arany, and I have 30 years of experience helping clients make informed legal decisions. Contact me at my offices in Indianapolis for a skilled bankruptcy case evaluation.

Making Sure You Meet the Eligibility Requirements
Deciding whether to file bankruptcy must start with an evaluation of your eligibility. To file, you must reside in, do business in or have property in the United States, and there are time limits if you have filed bankruptcy before. Beyond those basic requirements, each bankruptcy chapter has its own standards.

  • To be eligible for Chapter 7 bankruptcy, most people must meet a means test based on their income. Generally, if someone is in a position to be considering Chapter 7, he or she will have no problem with the means test.
  • Under the Chapter 13 bankruptcy rules, only people with regular income — not incorporated businesses — may file, and they must have unsecured debts of less than $336,900 and secured debts of less than $1,010,650.

There is probably no need to be concerned about your bankruptcy eligibility. Most people in serious debt are eligible for some form of bankruptcy relief. However, just because you are eligible for bankruptcy does not mean you should file.

Looking Into the Consequences of Filing Bankruptcy
Bankruptcy is designed for people who cannot afford to pay their debts and should only be pursued as a last resort. In my initial case evaluation with a client, I always go over the alternatives to bankruptcy and the consequences of bankruptcy.

The alternatives to bankruptcy have their own consequences. Attempting to meet your obligations through debt consolidation, debt reduction or other voluntary workouts is sometimes a viable option.

One thing married people should consider is whether both spouses should file. Spouses are permitted to file together, and I charge only a single attorney's fee for this service, but in some cases, it may be beneficial for only one spouse to file.
If you contact me to discuss your bankruptcy questions and concerns, I can give you a careful evaluation of your individual bankruptcy options based on having guided people in many different situations through the process.

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