When Filing Bankruptcy Indiana, Seek Legal Advice

Indiana bankruptcy

Did you know that at least four U.S. Presidents have filed for bankruptcy? Presidents Jefferson, Grant, McKinley and Lincoln have reportedly all faced bankruptcy. In today’s world, Bankruptcy can be a difficult process both emotionally and financially. If you are going through a bankruptcy in Indiana you will want to contact bankruptcy lawyers in indiana, also known as a bankruptcy attorney Indiana, to ensure that your legal rights are represented. Approximately one out of every 70 U.S. households files for bankruptcy. No one is immune to the financial problems that can lead to bankruptcy. Bankruptcy isn’t always a product of fiscal irresponsibility: common reasons for bankruptcy include unplanned medical expenses, divorce, etc.

There are several things to keep in mind when filing for bankruptcy in Indiana. First of all, before filing for bankruptcy, most debtors are required to undergo credit counseling. Certain kinds of debts, including alimony and child support debts, student loan debts and debts incurred as a result of fraud cannot be discharged under bankruptcy. It also important to note that there are several different forms of bankruptcy in Indiana, including a chapter 13 bankruptcy and a chapter 7 bankruptcy. In order to qualify for Chapter 7 bankruptcy, you must pass a means test in which you prove that your income is less than the median income for your family size in your state. Even if you don’t qualify for a chapter 7, you can still qualify for a chapter 13 bankruptcy. However, do note that this form of bankruptcy involves liquidation instead of reorganization. This can be confusing so a bankruptcy attorney Indiana can help you to determine which form of bankruptcy is most appropriate for your situation. Additionally, it is important to note that after a bankruptcy filing, a debtor’s credit rating will suffer; chances are, however, that the financial circumstances that led to bankruptcy will have already negatively affected the credit rating.

Lastly, when filing bankruptcy in Indiana you need to be honest about your financial situation. Falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States. Overall, if you are filing bankruptcy indiana it is important to contact a bankruptcy attorney Indiana to get proper legal guidance and advice. A bankruptcy in Indiana can be a very confusing and very complex process so investing in the services of a bankruptcy attorney Indiana can be a very wise choice.
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