Find a Bankruptcy Lawyer in Indianapolis, Indiana
In Indianapolis, 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.
Accordingly, it might be a good idea to consult with a Indianapolis, Indiana bankruptcy attorney. Your lawyer will be able to counsel you about your options, including alternatives to bankruptcy, if such alternatives exist in your case. Whatever the result, it is often difficult to foresee the long-term consequences of any bankruptcy-related decisions, so the advice of a bankruptcy in Indianapolis could prove invaluable.
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Types of Bankruptcy in Indianapolis, Indiana
There are three basic bankruptcy schemes that are most commonly used in Indianapolis: Chapters 7, 13, and 11. Bankruptcy is a creation of federal law, so the procedure for filing for bankruptcy in Indianapolis, Indiana will be roughly the same as it would be anywhere else in the U.S. 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 Indianapolis 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.
While going through Chapter 11 bankruptcy, a business can continue operations, and its stock can continue to be traded.
How Can a Indianapolis Bankruptcy Lawyer Help?
Filing for bankruptcy in Indianapolis is a very important decision, and should not be made lightly. Before filing, one should consult with a good Indianapolis bankruptcy attorney for advice.
There are 849 Bankruptcy, Banking and Credit cases posted in Indianapolis
Cases Posted to LegalMatch listed by ZIP Code:Bankruptcy Attorneys in the Largest IN Cities
Life in Indianapolis
Indianapolis is a wonderful place filled with many family attractions. Families have an ample selection of sights to see while visiting Indianapolis.For starters, families can enjoy wonderful trips to the Children's Museum of Indianapolis, Indianapolis Museum of Art, the Indianapolis Motor Speedway and Hall of Fame Museum, and the Indianapolis Zoo. For families to relax and have some fun there is the Central Canal filled with gondola rides, pedal boating, and the like. There is also the Oldfields-Lilly House and Gardens, Victory Field, Fort Harrison State Park, and White River State Park.
Indianapolis is also filled with many small to mid-size firms that are home to enthusiastic attorneys who put their clients' needs above their own. Thus, Indianapolis residents are blessed with a family-friendly atmosphere and a capable legal force to handle any and every need.
