Indiana Bankruptcy Lawyer Appreciates Personal Stories

March 2, 2013 10:34 pm Published by

This week, I’ve been sharing stories from the Experience Project. The stories are being told by real people who are either about to file individual bankruptcy or who have already gone through the process.  I realized that, even after so many years practicing Indiana bankruptcy law, I could never tell about the benefits of filing personal bankruptcy in Indiana half as well as the people who wrote in to this website. (Of course, none of us lawyers in the Zuckerberg bankruptcy law offices is ever free to share information about our clients, so it’s wonderful to be able to use these already published true tales of how people going through the process actually used the new bankruptcy laws to get relief from their problems.)

Story Three background:  (see Monday’s article for the first two stories)

I divorced after 30 years of marriage and found myself in a mountain of debt, going from a household of $90,000 to one income of $36,000.  After months of considering bankruptcy, I finally realized it was not a choice, but my only way out of this mess.  Just completed my 341 meeting and now just waiting the 60 days for the final discharge.  

“It does feel great.  No bill collectors calling, and not lying awake at night scared to death they will start to call your family and friends. Wanted to post this for any others out there to know there is life after bankruptcy.  It has been a life saver for me.  Finally some peace.”

The 341 Meeting (creditors' meeting) is actually Step Four of a seven-step process in a Chapter 7 bankruptcy in Indiana.

1. Preparation

2. Filing the bankruptcy documents with the court.

3. Notifying creditors the bankruptcy has been filed

4. Holding the creditors' meeting

5. Selling any non-exempt assets and using proceeds to pay creditors

6. Discharging any remaining debt

7. The bankruptcy is officially over


Story Four background:

Last year RN and his wife were making nearly $100,000 a year, and, with no kids and only school loans, they had lots of disposable income.  they both hated their stress-filled jobs and decided to quit.  RN went back to college, but only the wife has been able to find work.  Then RN had to have heart surgery, and his $90,000 claim was denied by the health insurance company.  Meanwhile, the couple learned they are expecting a child.

I have to believe this is all for a readon.  Am I scared to file bankruptcy? Not really.  It will look bad on my credit and may stop me from getting certain jobs.  But I get to start over, and that's all that matters to me."


Bankruptcy, above all, is designed to stop stress, buying time for people to organize the financial situation and turn it into a plan.  A plan, by definition, lowers the stress level of the people making and working the plan, and that can be especially true when a married couple works as a team to get back on their feet.  Sounds aqs if RN and his spouse are on the right track!



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This post was written by Mark Zuckerberg

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