Before explaining the need for a chapter 7 attorney Indianapolis, the article will explain the phenomenon of a bankruptcy. The financial market plays a very important role in the bankruptcy of people. It is a very good form of growth option when the time is favourable and when not, it can lead to bankruptcy. People tend to buy stocks when the market is showing bullish tendencies but at low prices and sell them when they are at their peak to gain from the bullish market. This is a common trend that people follow. However, the stock market can never be predicted. This is especially during times of inflation when the unemployment is the highest. Due to these unforeseen situations, people go bankrupt. They will be left with only one option- to file a case under the chapter 7 laws of bankruptcy.

Bankruptcy is a state in which a person is not left with money to pay off his creditors and this calls for a process under the federal law through which the individuals can deal with their creditors and get protection from them. The main aim of these laws is to provide a new foundation for the bankrupt people with respect to their financial careers. This is done by the federal law providing insulation to the assets of the individual. For this, the individual has to file a bankruptcy in the court of law.

For this, the individual can hire a chapter 7 attorney Indianapolis. The attorney can file the case in 2 phases. The first phase is the planning in which the individual will make an account of his debts and the remaining assets under his possession. This account will allow him to decide if he wants to pay back the debts with the assets or file for a bankruptcy. The attorney will guide the individual in this process of valuation of assets and debts. The second phase is the filing where the individual can keep the assets on certain terms and conditions. The federal law will sketch out the manner in which the debts have to be paid off from time to time. This will not be a lump sum payment but in instalments. In this too, the secured debts are paid of first before the payment of unsecured debts. Thus, filing a bankruptcy saves an individual from losing all their assets in an auction to pay off the debts.