Bankruptcy is Complex – Hancock County, Indiana Attorneys Will Help You Get Through It
Indiana Bankruptcy Law Firm Relies on Over 60 Years of Cumulative Experience
Although much of the filing process for Chapter 7 and Chapter 13 bankruptcy in Hancock County and across the state of Indiana is governed by federal law, debtors will need some Indiana-specific information to complete the forms, determine the exemptions they are entitled to claim, and locate a state-approved credit counseling and debtor education agency. If you find the bankruptcy filing process complex and difficult to navigate, contact the lawyers at Redman Ludwig, P.C. in Indianapolis for legal guidance.
If you decide to file for Chapter 7 or Chapter 13 bankruptcy in Indiana, you'll need to complete various forms, including:
- A bankruptcy petition
- Schedules containing information about your finances
- Means test
- Statement of Financial Affairs
Although some states allow debtors to choose between their state's exemption system and the federal exemptions, Indiana requires those filing for bankruptcy to use the state exemptions, although certain federal exemptions are allowed. Some of Indiana's bankruptcy exemptions include the Homestead Exemption, the Motor Vehicle Exemption, and the Wildcard Exemption.
Credit Counseling and Debtor Education
In order to be eligible for Chapter 7 or Chapter 13 bankruptcy, a debtor must show that they received credit counseling from an agency approved by the U.S. Trustee in Indiana within the six month period before filing for bankruptcy. Once the counseling is completed, the agency will provide a certificate of completion that must be filed with the court no later than 15 days after the bankruptcy filing date.
Filers are also required to take a debtor education course after they've filed for bankruptcy but before they are be able to qualify for a bankruptcy discharge. Upon completion, debtors must file Official Form 23 with the court, certifying that they have taken the course.
Filing for Bankruptcy in Indiana
When you file for bankruptcy in Indiana, you'll need to compare your income to the median income for a household your size in Indiana. If your income is below the median, you will be eligible to file for chapter 7 and if you choose to file for chapter 13, you can use a three year repayment plan instead of five years. If your income is above Indiana's median income, you might still qualify for chapter 7, but you have to provide detailed information about your expenses and secured debt, the same information you'll need to file for chapter 13.
If you're overwhelmed and confused by all that is required to file for bankruptcy in Indiana, the law firm of Redman Ludwig, P.C. is ready to help. Contact us online or call 317-800-6181 to speak to a bankruptcy attorney free of charge.