If you have the means to pay some of your debts, a chapter 13 bankruptcy plan may work for you. The individual will be allowed to retain his or her valuable assets over a 3- to 5-year time frame.
In order to decide which chapter a person can file, he or she will have to determine their ability to repay under the Bankruptcy Means Test. The ultimate goal of the Bankruptcy Means Test is to determine who is eligible to apply for debt forgiveness through a Chapter 7 Bankruptcy. It takes into account your:. If you do not qualify for Chapter 7 bankruptcy, you will be able to file for Chapter 13, as above-described.
Specific states have certain exclusions that are enacted by congress as federal bankruptcy exemptions for filers. These exemptions will determine what you are able to retain throughout and after Chapter 7. In a Chapter 13 situation, the exemptions will determine what amount you will have to pay certain financial institutions in your repayment plan.
Current bankruptcy laws do not require individuals to hire a lawyer to declare bankruptcy relief. People are permitted to represent him or herself as a pro se debtor. You will simply contact the local bankruptcy court and obtain all forms and requirements directly through them.
Going it alone is not an easy task. A bankruptcy lawyer is there to represent you and not the creditors. An attorney is also accustomed with exemption laws. Plus, they can come up with creative strategies to keep your assets through practical repayment strategies that are fair to everyone involved. While you may have the fight and ability to manage a Bankruptcy on your own, it tends to make things a lot easier on an already stressful situation, especially when there is so much at stake.
Skip to content. We will cover these in greater detail Indiana Bankruptcy Filing Process The bankruptcy filing process in Indiana is similar to other states. When your debt is discharged, this means that you are not required to pay that debt back. Chapter 7 bankruptcy Indiana As Chapter 7 is the most common consumer bankruptcy filing, we will cover this bankruptcy first. Indiana bankruptcy means test The first part of the means test is to calculate your current monthly income.
Chapter 13 bankruptcy Indiana Chapter 13 bankruptcy Indiana is a payment plan bankruptcy where your debts are reorganized via the bankruptcy court, often in a 3 or 5-year payment plan. For a deep dive on Chapter 13 bankruptcy, you may want to check out the article titled Chapter 13 Indiana Chapter 13 Payment One of the most important things for a Chapter 13 bankruptcy is determining whether you can afford the Chapter 13 plan payment and comparing it to your current monthly obligations.
Indiana Bankruptcy Assistance You may be wondering what sort of bankruptcy assistance is available in Indiana. Indiana Legal Assistance: You may be considering filing bankruptcy in Indiana and wondering what sort of legal assistance is available.
You may want to check out any of the following options: Indiana Legal Aid 1 Indiana Legal Aid 2 Indiana Legal Aid 3 Cost of Chapter 7 and Chapter 13 in Indiana Any important question that you are probably asking yourself is what is the cost of attorney fees, filing fees and whatever other costs are associated with bankruptcy. Attorney Fee: Often different cities and counties in Indiana will have different attorney costs, including variability of cost based on experience.
You may want to check out a Indiana bankruptcy cost calculator to estimate the cost for your zip code. Harrison St. Freeland Northern Gordon E. Gouveia Northern Jacqueline S. Homann Northern Rebecca L.
Hoyt-Fischer Northern Yvette G. Kleven Northern Kenneth A. Manning Northern J. Richard Ransel Northern Dustin M. Roach Northern Martin E. Seifert Northern Mark A. Warsco Northern Kimberly A. Wright Southern Charity S. Bird Southern Deborah J. Caruso Southern Kathryn L. Pry Coryell Southern Gregory S. Generally, this is the value of all the nonexempt property you own see Indiana bankruptcy exemptions. If you have filed Chapter 13, you must begin making your plan payments.
Generally these payments will be withdrawn directly from your wages and you or your attorney should arrange with the court for these payments to be deducted from your wages.
Automatic Stay Once you have filed your paperwork with the bankruptcy court, an automatic stay immediately goes into effect.
This provision prevents creditors from making direct contact with you or staking a claim on any of your property from the day of filing forward. This will stop any foreclosure proceedings. Bankruptcy Trustee Upon filing, the court will assume legal control of your debts and any property not covered by your Indiana exemptions.
A trustee will be appointed to your case by the court. The job of the trustee is to see that your creditors are paid as much as possible. This person will thoroughly review your paperwork, particularly the assets you have in your possession and the exemptions you wish to claim, and can challenge any element of your case.
Creditors rarely attend a Chapter 7 bankruptcy meeting; one or two creditors may attend a Chapter 13 meeting, especially if there is a question as to the legitimacy of some aspect of the plan. If a compromise can not be reached, a judge will intervene. The meeting of creditors typically lasts about five minutes.
0コメント