New Bankruptcy Laws

Do you have bankruptcy questions?
Contact an Indiana Bankruptcy Lawyer

Bankruptcy reform will make the old bankruptcy code obsolete by next October. The new laws will make it more difficult for the average citizen to file for Chapter 7 bankruptcy. At the law firm of Robert D. Cheesebourough, in Indianapolis, Indiana, our bankruptcy attorneys can answer all of your questions about the new bankruptcy laws. 

The new bankruptcy laws require a means test to file for Chapter 7 personal bankruptcy protection. The means test establishes a median income for a particular geographical area and if your income exceeds that median income level and you have over $100 after paying for your basic needs you must file for Chapter 13 bankruptcy. Therefore, in most instances the average person will no longer have a choice about whether to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy. 

Instead of having your debt discharged you will have to enter into a Chapter 13 personal repayment plan. It will take an average of 3 to 5 years for you to pay off your debt. In addition, bankruptcy filers will be required to attend credit counseling classes for up to 6 months before a lawyer can help them file for bankruptcy protection.

Contact us to schedule a free initial consultation to discuss your bankruptcy questions. Our bankruptcy attorneys can advise you if you should consider filing for Chapter 7 bankruptcy before the October deadline. 

The law firm of Robert D. Cheesebourough, in Indianapolis, Indiana, represents bankruptcy clients throughout the state of Indiana, including the communities of Avon, Brownsburg, Zionsville, Carmel, Noblesville, Muncie, Greenfield, Greenwood, and Mooresville. For your convenience we also have offices in Fishers and Anderson, Indiana.

West Side Office Coming Soon!