Consumer Bankruptcy Lawyers in Indianapolis, Indiana

Find the right Consumer Bankruptcy attorney in Indianapolis, IN

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Bankruptcy is a legal procedure allowing a person or business to have their debts excused, in part or in whole. It is typically treated as a last resort, because, while it can prevent financial catastrophe, it has some influential long-term consequences. This warrants careful consideration of the costs and benefits. Bankruptcy is governed by federal law and handled in federal courts, so the procedural and substantive rules involved in Indiana are often the same as anywhere else in the U.S. However, individual bankruptcy courts have slightly different rules for items such as exemptions, so it would be a good idea to consult with a local Indianapolis, Indiana bankruptcy Lawyer beforehand.

Chapter 7 Bankruptcy in Indianapolis, Indiana

There are 2 typical types of bankruptcy in Indianapolis, Indiana. They are known as Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 involves liquidation of some of a debtor's assets. It requires that a certain percentage of the debtor's property to be sold to pay off as much debt as possible. The majority of property that most people own, however, is exempt. This typically includes homes, vehicles, retirement accounts, and others. These are not available to creditors.

Once appropriate assets are sold, and the money turned over to the creditors, most remaining debt is excused. However, there are certain types of debt that cannot be excused in bankruptcy, including student loans, taxes, child support, and criminal fines. If most of your debt is non-dischargeable, it may not be a good idea to file for bankruptcy in Indianapolis, Indiana.

Chapter 13 Bankruptcy in Indianapolis, Indiana

Chapter 13 Bankruptcy in Indianapolis, Indiana differs considerably from Chapter 7. It might be a better option than Chapter 7, depending on the facts of your case. Chapter 13 does not excuse debt, but restructures it instead. Typically, various debts are consolidated into a single monthly payment. This is designed to make the debt more manageable, giving the debtor the chance to pay off the debt over a longer period of time, without all of it coming due at once. This is typically manageable, as long as the debtor can make some sacrifices.

Which Type of Consumer Bankruptcy Should I File in Indianapolis, Indiana

Which Bankruptcy type to file under depends heavily on the facts of each distinct case. If you have a steady stream of income (enough to make a payment plan manageable), and a large amount of non-exempt property that you don't want to part with, Chapter 13 may be best for you. If you don't have a steady income or large amounts of non-exempt property, you may be better off filing for Chapter 7.

In any case, you should talk with a local Indianapolis, Indiana bankruptcy Attorney. Your Attorney can advise you of your options and inform you of their likely result. This will make it much easier for your to make an informed choice.

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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.