Welke Law Firm
Experienced and Aggressive Representation

Chapter 7 Bankruptcy

Experience Matters!  With More Than 30 Years Experience in Chapter 7 Bankruptcy Law, We Understand How The System Works!  Let us Help Get Your Life Back! 

Should You File a Chapter 7 Bankruptcy?    

Let us help get you out from UNDERNEATH all that debt! Call:  317-748-7772

Let us help get you out from UNDERNEATH all that debt! Call: 317-748-7772

Deciding whether or not to file for bankruptcy is a tough decision. Then once you've made that decision, you also have to decide which bankruptcy option is best for your situation. There's a lot to think about. However, before you can do anything, you have to understand what's involved in a Chapter 7 Bankruptcy. 

What is a Chapter 7 Bankruptcy?

Unlike a Chapter 13 bankruptcy where the debtor files a plan of repayment, a Chapter 7 bankruptcy involves a bankruptcy trustee gathering and selling the debtor's nonexempt assets. However, most or all of the debtor's assets in most Chapter 7s are completely exempt, so the creditors get nothing, except part of one year's tax refund. That is why they harass you at dinner time to squeeze twenty bucks out of you while there is still time before the debt disappears forever. As to debts where there is a lien or mortgage, the debtor has the option to keep the property and the debt or drop the property and drop the debt. 

When Should You Consider a Chapter 7 Bankruptcy?

Only you can decide if and when you should file for bankruptcy. However, talking with a skilled bankruptcy attorney can help you confirm if that's the best route for your particular situation.


Here are some questions to ask yourself that will help determine if you should file for bankruptcy.

  1. Do you consistently have a hard time making the minimum payments on your credit cards?
  2. Do you constantly have bill collectors calling you?
  3. Are you using credit cards to pay for your necessities?
  4. Have you thought about consolidating your debts to ease your monthly financial burden? (Most of the debt consolidators you see on TV are scamsters, and will put you further behind at a cost several times what a bankruptcy attorney would charge to wipe out the debts altogether).
  5. Have you lost track of how much you owe overall?

If you answered yes to these questions, then you are probably a good candidate for filing bankruptcy.

Bankruptcy does not wipe out child support obligations or, in most cases, student loan debt. However, a significant minority of student loan debt is fully dischargeable, although your banker is not going to tell you that. They would prefer to hold you and your family hostage. A competent bankruptcy attorney will counsel you as to exactly which ones are dischargeable and which ones aren't so you don't get taken advantage of by the lenders. 

Who is Eligible for a Chapter 7 Bankruptcy?

A Chapter 7 bankruptcy option can be used by an individual, partnership, corporation or other business entity. However, with a Chapter 7 bankruptcy, the majority of assets of a corporation will be sold, as they do not have the exemptions that individuals do. 

Advantages of Filing a Chapter 7 Bankruptcy?

While a Chapter 7 bankruptcy might not be the best option for some, and in other cases the law makes you ineligible or one, it usually does have many advantages over struggling for years to pay often predatory debts. For example:

  • The bankruptcy process is quick and only takes about 3-6 months.
  • You are allowed to keep your income and the possessions you buy after you've filed for Chapter 7.
  • You usually can keep your house and car, although payments will continue.
  • You don't have to repay the remaining balance of your debt as the Code is specifically designed to give you a "fresh start."
  • It often quickens the process to purchase a home.

Why Should You Hire Welke Law Firm?

Your finances are not something to play around with; therefore, you don't want to hire just anyone and trust they will handle them properly. It pays to hire the best. And that's Welke Law Firm. Why?

  • Welke has over 30 years of experience in the bankruptcy field.
  • Welke has successfully represented 1000's of clients and helped them get back on track.
  • Welke Law Firm has served the great people of Indianapolis since 1992.
  •  Brent Welke also has extensive experience in the business arena as the former CEO of a publicly traded company. Therefore, he knows what it's like to be on the other side of the desk. 
  • Welke Law Firm lives by the Golden Rule principle. "Do Unto Others As You Would Have Others Do Unto You."
  • Welke Law Firm - Fair, Honest, Trustworthy and Knowledgeable. 
  • Our firm has attitude. We are not just filers, but fighters on your behalf.

We will treat you with all the care, respect and compassion you deserve. We are dedicated to helping you through any situation, hand in hand, from start to finish and beyond. 

Contact US Today And Let Us Show You How We Can Help You Get Past Today's Pain And Through To Tomorrow's Joy.