Shelby County Bankruptcy Attorneys Simplify the Process
Indianapolis Law Firm Specializes in Bankruptcy and Debt Resolution
If you are thinking about filing for bankruptcy and live in Shelby County, Indiana, you'll need to file the appropriate documents with the U.S. Bankruptcy Court, Southern District of Indiana, located in Terre Haute, Evansville, New Albany, and Indianapolis. Experienced bankruptcy lawyers such as those at Redman Ludwig, P.C. in Indianapolis can help guide you through the complicated and sometimes difficult procedure.
Starting the Process
When you are ready to begin the bankruptcy process in Indiana, you must make a detailed analysis of your financial situation by gathering various types of documentation, including:
- Current sources of income
- Major financial transactions in the last two years
- Monthly living expenses
- Secured and unsecured debt
- Property, including all assets and possessions
- Tax returns for the last two years
- Deeds to real estate
- Car titles
- Loan documents
You'll also need to decide whether to file for chapter 7 (liquidation) bankruptcy or chapter 13 (reorganization) bankruptcy. In chapter 7, most or all of your debt will be discharged, although some of your nonexempt property may be sold by the bankruptcy trustee to pay off your creditors. In chapter 13 bankruptcy, your debt is reorganized and a plan is made to help you pay some or all of it off, either in three or five years.
Filing for Bankruptcy
Once you have located the above information, you will then need to determine which of your property is exempt under Indiana's bankruptcy exemptions. Although you can do this without the help of a lawyer, it is advisable that you retain legal counsel familiar with Indiana bankruptcy law.
To complete the filing, you'll need to complete a two-page petition and several other forms and file them with the court. These forms, known as schedules, describe your current financial status and recent transactions. The cost for filing for chapter 7 bankruptcy in Indiana is $306. Although the fee may not be waived, you might be able to pay it in installments. The fee for filing for chapter 13 bankruptcy is $281 and cannot be waived.
Looking for Indiana bankruptcy advice? Contact the law firm of Redman Ludwig, P.C. online or call 317-800-6181 to speak to a knowledgeable and experienced bankruptcy attorney free of charge.