Find a Bankruptcy Lawyer in Columbus, Indiana
In Columbus, Indiana, bankruptcy is a legal proceeding in which a person or business has some or all of their debts legally excused, when they are unable to pay them. This hopefully allows them to start over with a clean slate and move on, after having learned to better manage their use of credit in the process. However, bankruptcy is not a free ride, allowing someone who simply doesn't feel like paying their debts to get out of that legal obligation. It is designed to prevent debt which has little chance of ever being paid back from ruining the life and finances of the debtor. It also carries significant long-term consequences, which must be carefully weighed against the potential benefits. For example, bankruptcy makes it very difficult for the debtor to obtain credit in the near future.
For that reason, it would be prudent to speak with a good Columbus, Indiana bankruptcy attorney. This attorney will be able to advise you as to whether or not filing for bankruptcy is a good idea, given your particular situation. This determination is highly dependent on the details of each individual case, so a Columbus attorney's advice is truly indispensable.
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Types of Bankruptcy in Columbus, Indiana
In Columbus, Indiana, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Columbus, Indiana wil be about the same as anywhere else in America. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets to pay off as much of his or her debt as possible. Once the liquidation is complete, and the proceeds given to the creditors, the rest of the debt is discharged. Liquidation is essentially selling assets to the highest bidder. Only some of the debtor's assets have to be sold, and many classes of property are exempt, meaning that the debtor can keep them, including homes, cars, insurance policies, and retirement accounts. It should be noted that certain types of debt cannot be discharged through Chapter 7 bankruptcy, including student loans, child support payments, criminal fines, and recent taxes.
The other form of bankruptcy most commonly used in Columbus is Chapter 13. It allows a person to pay off their debt over a longer period of time, often consolidating it into one periodic payment. In this system, the amount of money the debtor owes is not actually reduced, but the payment of the debt is made far more manageable. This gives the debtor some breathing room, allowing him to continue to earn a living while gradually paying down his debts, and gives some security to creditors that they will eventually collect all or most of what they're owed. Although it can be used by individuals, Chapter 11 bankruptcy is used almost exclusively by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requries that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being implemented, this plan must be approved by a majority vote of participating creditors.
During the Chapter 11 process, a business can usually continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.
How Can a Columbus Bankruptcy Lawyer Help?
Filing for bankruptcy in Columbus is a very important decision, and should not be made lightly. Before filing, one should consult with a good Columbus bankruptcy attorney for advice.
There are 30 Bankruptcy, Banking and Credit cases posted in Columbus
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest IN Cities
Life in Columbus
Columbus is located in Indiana's Bartholomew County. Specifically it is 40 miles from Indianapolis and on the east fork on the White River. Columbus is the twentieth largest city in Indiana. It is also ranked eleven on the U.S.'s safest cities to live in.The largest employer in Columbus is Cummins, Inc. In fact, GQ Magazine included Columbus in its "62 Reasons to Love Your Country" article.
Some popular attractions include the Miller House, Otter Creek Golf Course, First Baptist Church, and the Large Arch sculpture by Henry Moore.
Famous residents include Stevie Brown, Lee H. Hamilton, Jeff Osterhage, Jill Tasker, Herbert Wright, and Bob Paris.
Columbus is also home to many attorneys and law firms that practice in any and every field of law.
