View this video here.

[GRAPHIC: Redman Ludwig, PC Attorneys at Law]

[GRAPHIC: What is Chapter 7 Bankruptcy?]

[GRAPHIC: Man in office; Chapter 7]

[GRAPHIC: Past due]

RICK REDMAN: Chapter 7 bankruptcy is your basic bankruptcy that's going to help you discharge almost all of your unsecured debts while keeping most of your property, if not all. In Indiana, our clients in Chapter 7 generally keep all of their assets.

[GRAPHIC: House]

RICK REDMAN: A question that arises is can I keep my house and car.

[GRAPHIC: Car]

RICK REDMAN: If you're current on payments on those things, generally you're allowed to reaffirm and keep those items.

[GRAPHIC: What are the benefits of Chapter 7?]

[GRAPHIC: Stop Credit Harassment IRS Claims Wage Garnishments Lawsuits]

RICK REDMAN: A huge benefit to a Chapter 7 is stopping creditor harassment, IRS claims, garnishments, lawsuits and other creditor actions.

[GRAPHIC: Eligibility for Chapter 7]

RICK REDMAN: To be eligible for a Chapter 7, generally everyone is. There are two times you may not be and that is if you have been in a Chapter 7 within the last eight years.

[GRAPHIC: No Chapter 7 within last 8 years]

RICK REDMAN: In which case if it's been at least four years you can still do a Chapter 13 now.

[GRAPHIC: Minimum income]

RICK REDMAN: Secondly, if you're income is too high above a level that's been set by the law then you may be forced into doing a Chapter 13 payment plan.

[GRAPHIC: Redman Ludwig, PC Attorneys at Law www.batorredman.com 317.489.5832]