Did you know that over 40,00 people filed for bankruptcy in the state of Indiana in the year 2011? Bankruptcy can be a difficult process both emotionally and financially. If you are going through the process of filing bankruptcy in Indiana you will want to contact bankruptcy lawyers in Indiana, also known Indiana bankruptcy attorneys, to ensure that your legal rights are represented. Keep in mind that no one is immune to the possibility of bankruptcy. Contrary to popular belief, bankruptcy is often not the product of fiscal irresponsibility, but rather financial hardship, such as unexpected medical expenses or prolonged unemployment.
There are several things to keep in mind when filing 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, such as a chapter 13 bankruptcy and a chapter 7 bankruptcy. A chapter 7 bankruptcy allows the debtor to discharge all or part of the debt. Though, in order to qualify for this kind of bankruptcy, a debater must pass a means test. If the debtor fails the means test, they still may be able to file for a chapter 13 bankruptcy, in which debtors repay all or part of their debt based on a payment plan that typically lasts between three and five years. When filing bankruptcy in Indiana, a bankruptcy lawyer Indiana can help you to determine which form of bankruptcy is most appropriate for your situation.
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 in Indiana it is important to contact an Indiana bankruptcy attorney to get proper legal guidance and advice as a bankruptcy in Indiana can be a very confusing and very complex process.
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