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Declaring bankruptcy in Indiana can give you a fresh start and wipe out debt. If you've reached the point where your bills are overwhelming you may be considering declaring bankruptcy. This page will show you how to file for Indiana bankruptcy.
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Chapter 13 Bankruptcy
This Indiana bankruptcy attorney explains how a chapter 13 bankruptcy, also called a reorganization works. The court looks at the bankrupt's income and expenses, and develops a disposable income figure. Money is distributed first to pay the trustee, then to pay the bankruptcy attorney, and then to your secured creditors. After your secured creditors are paid a payment plan is determined for your unsecured creditors.
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Introduction
Indiana bankruptcy is managed by the federal court system. You'll file in the U.S. District Court that is responsible for your county. There are some specific aspects of bankruptcy that will be affected by Indiana state law, however. These include the means test for Chapter 7 bankruptcy, and the specific assets that are exempt from liquidation. -
Step 1: What Type of Bankruptcy Can I File in Indiana?
If you are unable to pay your debts, you may be eligible for Chapter 7 bankruptcy protection, where your assets are liquidated to pay of your creditors and the unpaid debts are forgiven. This determination is made by looking at your income. If you have enough income to pay your debts, but need the payments lowered, you would file for Chapter 13 bankruptcy, where the repayment schedule is adjusted to give you more time to pay. Both processes have specific legal criteria, and both are managed by the court. -
Step 2: Indiana Chapter 7 Income Test
In order to meet the income test for Chapter 7 bankruptcy eligibility, you must have a family income of less than $40,155 if you are single, $51,203 for a two person household, $58,902 if there are three people in your family, and $67,911 if there are four. http://www.clearbankruptcy.com/chapter-7-bankruptcy/median-income.aspxStep 3: Indiana Exempt Assets
Not all assets are seized as part of a Chapter 7 bankruptcy in Indiana. You can usually keep:- Your house, as long as you have less than $7,500 in equity, and the total of the house and other real, personal, and intangible property is less than $10,000.
- Prescribed health aids
- Retirement plans, pensions, fraternal society benefits, group ife insurance policy, and medical care savings accounts
- Crime victims' compensation, unemployment compensation, workers' compensation
- National guard uniforms, arms and equipment
- Life insurance proceeds if the beneficiary is your spouse or dependent, if it is a mutual life or accident policy ,or if a clause in the policy prohibits the beneficiary from using proceeds to pay creditors
- Property of a business partnership
- 75% of your earned but unpaid wages, subject to increase at the discretion of the judge
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Related Mahalo Pages
How To File Bankruptcy In the United States | How to File for Tennessee Bankruptcy | How to File for Nevada Bankruptcy | How to File for Illinois Bankruptcy | How to File for Texas Bankruptcy | How to File for California Bankruptcy | How to File for Florida Bankruptcy | How to File for New York Bankruptcy | How to Know When to File for Bankruptcy | How to Hire a Bankruptcy Lawyer | Chapter 7 Bankruptcy | Chapter 11 Bankruptcy | Chapter 13 Bankruptcy | How to File for Bankruptcy in USA | How to File for Michigan Bankruptcy | How to Know When to File for Bankruptcy | How to Hire a Bankruptcy Lawyer | Chapter 7 Bankruptcy | Chapter 11 Bankruptcy | Chapter 13 Bankruptcy | How to File for Florida Bankruptcy | How to File for New York Bankruptcy | How to File for Ohio BankruptcyAbout this page
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