If you live in Indiana and you are thinking about declaring bankruptcy you can get a basic understanding of the bankruptcy laws so when you schedule a bankruptcy consultation with a local IN bankruptcy lawyer you can ask informed questions and have a knowledge of how the bankruptcy laws can help you.
26,556 people in Indiana filed chapter 7 bankruptcy in the 12 months ending September 2012, and 9,797 people filed chapter 13 in the same period of time for a total of 36,353 bankruptcies in Indiana. Many people have heard myths about the bankruptcy laws and are confused as to whether they are still able to file bankruptcy, if they owe enough to file bankruptcy, and many people are worried about losing everything. Let an IN bankruptcy lawyer explain the truth to you. Schedule a bankruptcy consultation meeting today with a local attorney.
Indiana provides debtors with the ability to file chapter 7 or chapter 13 bankruptcy. Depending on your finances and debts you may be interested in filing chapter 7 or chapter 13.
If you want to declare chapter 7 however, you must pass the "means test," which is a formula that analyzes your income and the state average income to determine your eligibility for filing chapter 7. If you are not eligible for chapter 7 you can always file chapter 13 bankruptcy, which is a reorganization bankruptcy.
Chapter 13 is also sometimes referred to as a wage earners' bankruptcy.
Debtors interested in a quick discharge of their debts should file chapter 7 bankruptcy because this will allow you to receive a discharge of your debts in as little as 4 months.
Debtors who file a chapter 13 bankruptcy will enter into a three to five year debt repayment plan. No chapter 13 repayment plan can last longer than 5 years because if it does the debtor may get discouraged with such a lengthy time in insolvency.