Bankruptcy Lawyers in Indiana
Are you hoping your financial situation will get better on it’s own? Are you waiting for the aggressive creditors to simply go away and stop harassing you?
Stop the waiting game and make the first step to financial freedom. Take the free confidential legal evaluation to see if bankruptcy may be the right choice for you.
Our experienced lawyers may be able to eliminate your debt by filing Chapter 7 bankruptcy, Chapter 13 or a Bankruptcy Alternative. Regain financial control now! Don’t wait to call, it’s never too early to talk to a bankruptcy attorney and discuss your options.
Be careful to choose the right bankruptcy lawyer to advise you. Attorneys with a general law practice and family attorneys can help you in many instances, but are they right for bankruptcy? An Indiana lawyer who specializes in the bankruptcy laws of Indiana will be able to help you the most. This is because Indiana bankruptcy attorneys work with bankruptcy cases every day. They make it a point to keep up with the changes and updates that happen in Indiana bankruptcy law.
This decision may affect you and your family for the rest of their life. You deserve the best advice possible from an Indiana bankruptcy lawyer near you.
« Back to the Top
Understanding Indiana Bankruptcy
It may help to have a clear understanding of what bankruptcy is. Bankruptcy is defined as, "a legally declared inability or impairment of ability of an individual or organization to pay its creditors." It is legal insolvency. Bankruptcy is a legal surrender of your remaining assets into the hands of your creditors.
In the United States, bankruptcy is placed under Federal jurisdiction by the United States Constitution (in Article 1, Section 8, Clause 4), which allows Congress to enact "uniform laws on the subject of bankruptcies throughout the United States." The Congress has enacted statute law governing bankruptcy, primarily in the form of the Bankruptcy Code, located at Title 11 of the United States Code. Federal law is amplified by state law in some places where Federal law fails to speak or expressly defers to state law.
Bankruptcy cases are always filed in United States Bankruptcy Court, which is an adjunct to the U.S. District Courts. However, bankruptcy cases, particularly with respect to the validity of exemptions and claims, are often dependent upon law. Because of this, it is usually not possible to generalize bankruptcy law across state lines.
For this reason, it is important for you to know the laws regarding bankruptcy of the state that you live in. If you plan on filing bankruptcy in Indiana, you need to know the laws as they relate to you in filing an Indiana bankruptcy. You will probably need the help of an Indiana bankruptcy lawyer who can help you understand how Indiana bankruptcy laws will affect your case.« Back to the Top
Chapter 7 Bankruptcy in Indiana
Chapter 7 is the most common form of personal bankruptcy that is filed in Indiana. When filing Chapter 7 bankruptcy in Indiana, your non-exempt property is given to a bankruptcy trustee. The trustee then liquidates your property and gives the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.« Back to the Top
Chapter 13 Bankruptcy in Indiana
Chapter 13 is your other option for filing personal bankruptcy in Indiana. When filing Chapter 13 bankruptcy, you keep possession and ownership of all of your assets. In exchange, you have to give some portion of your future income to repay your creditors. Usually, this is over a period of three to five years.
« Back to the Top
Deciding on Chapter 7 or Chapter 13 in Indiana
One of the first decisions that you will have to make is whether to file Chapter 7 bankruptcy or Chapter 13. An Indiana bankruptcy lawyer will help you make this important decision.
Chapter 7 looks much more appealing to most people because they see it as a way to "wipe out" all of their debts and make a fresh start. It is the most attractive choice if you are under a heavy burden of debt and are not able to pay it back. However, some of your debt may be non-dischargeable. If you have this kind of debt, you may want to consider filing Chapter 13 bankruptcy in Indiana.
If you have property that you want to keep, Chapter 13 is probably a better option, especially if you are behind on business or mortgage payments. Chapter 13 gives you the opportunity to make up overdue payments over a period of time. It also enables you to reinstate your original mortgage agreement.
If you do not qualify to file Chapter 7, you have to file Chapter 13. The main key to being eligible to file Chapter 7 is your income. If it is below the median of a family your size in Indiana, you can file Chapter 7. You may still be able to file Chapter 7 if your income is above the median for Indiana, but you have to pass the "Means Test". This test is to see if you have enough disposable income to pay back at least some of your unsecured debts over a five-year repayment period. If the "Means Test" says you have enough disposable income, you have to file Chapter 13.
Federal exemptions are not allowed in Indiana. You can only take the state exemptions allowed by Indiana. An Indiana bankruptcy lawyer can go over these exemptions with you. Your Indiana bankruptcy attorney will also discuss the amounts and limits on these state exemptions.
« Back to the Top
Means Test: as defined in our Bankruptcy Glossary
Need Indiana Bankruptcy Help?
If you would like to learn more about how Bankruptcy can help improve your financial situation, please complete the form below. A local Indiana Bankruptcy attorney will contact you and answer your questions for free. Don't wait -- Get Help Today!