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Where To File Bankruptcy In Indiana

Indiana Bankruptcy Process How To File Bankruptcy In Indiana

What are Indiana Bankruptcy Exemptions?

2005 Bankruptcy Act Credit Counseling The 2005 Bankruptcy Act requires all individual debtors who file bankruptcy on or after October 17, 2005, to undergo credit counseling within six months before filing for bankruptcy relief and to complete a financial management instructional course after filing bankruptcy.

2005 Bankruptcy Act Means TestUnder the 2005 Bankruptcy Act your income and expenses will be analyzed to determine if you qualify to file a Chapter 7 or if you must file Chapter 13. To apply the means test, the courts will look at the your average income for the 6 months prior to filing and compare it to the median income for Indiana. If the income is below the median, then you may choose Chapter 7. If your income exceeds the median, the remaining parts of the means test will be applied to determine if you can file Chapter 7 or if you must file Chapter 13.

Gathering PaperworkTo begin the bankruptcy process you must itemize your current income sources major financial transactions for the last two years monthly living expenses debts and property . You should also collect your tax returns for the last two years, deeds to any real estate you own, your car titles, and the documents for any loans you may have.

The cost for filing a Chapter 7 bankruptcy is $306. This fee may not be waived but you may be able to pay it in installments. The fee of $281 for a Chapter 13 bankruptcy cannot be waived.

Can I Own Anything After Bankruptcy

Yes. Many people believe they cannot own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt. You can also keep any property covered by Indiana bankruptcy exemptions through the bankruptcy.

What Not To Do If Filing Bankruptcy

  • Not consulting with an experienced bankruptcy lawyer or attorney prior to filing
  • Filing bankruptcy when you don’t need to and using your bankruptcy discharge too early
  • Selling assets that you would not lose if you filed bankruptcy
  • Refinancing your house so you can’t afford it in a few years
  • Taking a loan against your 401
  • Using your credit cards for cash advances or balance transfers within a few months of needing to file bankruptcy
  • Obtaining payday loans
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    A Brief Description Of Chapter 13 Bankruptcy

    The case begins with the filing of the bankruptcy petition and the filing of a proposed payment plan. A hearing called the first meeting of creditors or 341 hearing is scheduled in about 4 weeks. Typically, creditors do not attend this hearing.

    The hearing is not in front of a judge and it is not in a courtroom. The hearing is conducted by a trusteewhich is simply an attorney who conducts the hearing and his/her role is to ensure that the creditors are properly treated in the proposed payment plan.

    The attorneys in this office have had numerous hearings with each trustee so once we see who your case is assigned to we will be able to explain exactly what you can expect from the hearing and this process.

    If I Am Going Through A Divorce How Will My Ex

    How to File Bankruptcy in Indiana

    Alimony, maintenance, and/or support are protected from discharge. Divorce decrees and separation agreements are covered by 11 U.S.C. Section 523. This section states that these debts are not dischargeable unless:

    the debtor does not have the ability to pay such debt from income or property of the debtor not reasonably necessary to be expended for the maintenance or support of the debtor or a dependent of the debtor and, if the debtor is engaged in a business, for the payment of expenditures necessary for the continuation, preservation, and operation of such business or

    discharging such debt would result in a benefit to the debtor that outweighs the detrimental consequences to a spouse, former spouse, or child of the debtor.

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    The Meeting With The Trustee Or Meeting Of Creditors

    This meeting allows the trustee to ensure that you have given truthful answers on your bankruptcy petition and that you understand and agree to filing for bankruptcy. Your creditors may also ask questions of you at this meeting, but it is rare that creditors actually show up. You MUST provide a photo ID and proof of your Social Security Number.

    Your lawyer will attend the meeting of creditors with you to ensure everything goes smoothly. Prior to the meeting, you should have reviewed your bankruptcy petition so that you are familiar with whats listed and you understand the bankruptcy procedure. Once you are sworn in at the meeting, you will answer questions that are recorded. The meeting goes very quickly in most cases and can last under 3 -5 minutes.

    After I Qualify How Does The Chapter 7 Process Work

    Filing

    Soon after you provide my office with the necessary documentation, which usually includes: your last 3 pay stubs, last three years of tax returns, your most credit report if you one, if not we can pull your report for you and a completed bankruptcy questionnaire, we are ready to file your petition. However, it should be noted that new federal bankruptcy law requires that any overdue tax returns be filed within weeks of filing a Chapter 7 bankruptcy and you must complete approved credit counseling prior to filing and a debt management course after the filing but prior to the discharge of your bankruptcy.

    Your bankruptcy begins with the filing of the petition, schedules and a statement of affairs with the bankruptcy court. The petition will include a complete list of all assets, creditors, income, and potential assets such as personal lawsuits and inheritances. When the bankruptcy is filed, all creditors receive notice that you have filed for Chapter 7 protection and an automatic stay immediately goes into effect, which prevents your creditors from any further attempts to collect on your debts by phone calls, letters or lawsuits. It also stops garnishments immediately once my office provides your payroll department with notice of your filing.

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    How Do I File For Bankruptcy

    Bankruptcy can be a tough pill to swallow, especially if you have historically always paid your bills and have been a responsible consumer. However, this law was put into place for your protection, and you must understand that sometimes bad things happen to good people. Bankruptcy is not a moral or ethical decision, it is a financial decision. If you are wondering, Can I file bankruptcy? it must be kept in that perspective. There is no shame in filing bankruptcy. It is merely a tool that will allow you to survive.

    The creditors and credit card companies dont care about you their only concern is money, even if you have been a customer for years. Below we have outlined the basic process of filing bankruptcy as well as some important information for you to consider if you are considering bankruptcy. This information is not meant to take the place of legal counsel. Please contact our office to make a confidential appointment with a lawyer or for more information.

    Where Do I File For Bankruptcy

    Large retail bankruptcies start hitting central Indiana

    Most people file for bankruptcy in the federal district court closest to where they live. However, if you run a business in a different district and most of your property is located there, you may have to file in that location.

    Also, if you’ve moved in the past six months , you may have to file in the federal district court where you used to live. It all depends on where the greater portion of your property has been for most of the past 180 days.

    Wherever you’re required to file, know that you can handle most of your business with the court, including filing your bankruptcy forms, by mail. However, you will need to visit the courthouse in person at least once, for a meeting with the bankruptcy trustee.

    For more details, and to find your local court, see our articles on How to File for Bankruptcy.

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    Types Of Bankruptcy Cases We Handle

    Our law firm handles a wide range of bankruptcy cases throughout Indiana. Some of the most common and most complex cases we handle involve:

    • Filing for Chapter 7 , which is also sometimes referred to as liquidation bankruptcy
    • Filing for Chapter 13 , which is also sometimes referred to as wage earners bankruptcy

    Less common cases involve filing for Chapter 11 bankruptcy or Chapter 12 bankruptcy, which is reserved for farmers and fishermen.

    Whatever type of bankruptcy case you need assistance with, we can help you every step of the way at our law firm.

    File Your Petition In Bankruptcy Court

    After youve got your petition and supporting paperwork in order, you must file it in the correct Pennsylvania district court. You can visit our bankruptcy court page for Indiana, Pennsylvania to find your local court and other important information, like local rules and requirements that you might have to meet when you file.

    When you file your petition, you must pay the filing fee by cash or money order, unless you apply for a fee waiver or payment in installments.

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    Where Do I File For Bankruptcy In Indiana

    There are two federal court districts in Indiana and each has its own bankruptcy court.

    The Northern District of Indiana operates bankruptcy courts in:

    • South Bend: 401 South Michigan St., South Bend, IN 46601
    • Fort Wayne: 1300 South Harrison St., Fort Wayne, IN 46802
    • Hammond: 5400 Federal Plaza, Hammond, IN 46320
    • Lafayette: 230 North Fourth St., Lafayette, IN 47901

    The Southern District of Indiana operates bankruptcy courts in:

    • Evansville: 101 Northwest Martin L. King Blvd., Evansville, IN 47708
    • Indianapolis: 46 East Ohio Street, Indianapolis, IN 46204
    • New Albany: 121 West Spring Street, New Albany, IN 47150
    • Terre Haute: 921 Ohio Street, Terre Haute, IN 47807

    Why Call My Chapter 13 Bankruptcy Firm

    How to File Bankruptcy in Indiana

    Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for Chapter 13 bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.

    Unsure of whether or not bankruptcy is right for you? Want to see if you are eligible for Chapter 13 bankruptcy? I am ready to discuss all your options with you in a free case evaluation. Find trusted, dedicated advice today at John Steinkamp & Associates.

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    Can I Get Free Bankruptcy Forms

    Yes! All official federal and local bankruptcy forms are available free of charge. You can find the links you need by visiting our bankruptcy forms page.

    If you want copies of bankruptcy forms with plain-language instruction and tips for filling them out, you might want to use a good self-help book like How to File for Chapter 7 Bankruptcy or Chapter 13: Keep Your Property and Repay Your Debts Over Time, both published by Nolo.

    What Is Schedule C For In A Indiana Bankruptcy Case

    Most people get to keepall their property when they file for Chapter 7 bankruptcy. But keeping your property does not happen automatically when you file for bankruptcy. You need to tellyour trustee why youâre entitled to keep your property. Thatâs what Schedule C of the free bankruptcy forms for Indiana is for.

    Schedule C, you list the âexemptionsâthat protect your property. Exemptions are a set of statutes enacted in each state and by the federal government to protect a certain amount of certain types of your property from creditors. On Schedule C, the first question to answer is what set of exemptions are you selecting: state or federal?

    If you have resided in your current state continuously for the past 2 years before filing, you can use your current stateâs exemptions. And if that state is Alaska, Arkansas, Connecticut, District of Columbia, Hawaii, Kentucky, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Texas, Vermont, Washington, or Wisconsin, you can also choose to use the federal bankruptcy exemptions. If youâve resided in your current state for less than two years, the choice of exemptions becomes trickier, as explained in this article.

    Exemptions are tricky to choose correctly. So you may want to consult a lawyer about this section of the bankruptcy forms for Indiana or use a free bankruptcy service likeUpsolve.

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    Determine Whether To Hire An Attorney To File Bankruptcy

    Once you understand the cost, you can now determine whether to hire an attorney to file bankruptcy. Most attorneys will send you a retainer agreement that will outline the terms of the engagement. You will most likely need to submit information like pay stubs and tax returns for them to file the bankruptcy petition.

    You may want to be aware of these 5 things when hiring a bankruptcy attorney. Also, you should consider whether you need to hire a bankruptcy lawyer by reviewing the pros and cons of hiring an attor.ey

    What Are The Other Types Of Bankruptcy In Indiana

    Indianapolis Indiana Bankruptcy Attorney FAQ

    Another form of bankruptcy available to consumers in Indiana is Chapter 12 bankruptcy. This is also a plan-based option available to family farmers or fishermen whose debts do not exceed $10 million, with at least 50% arising from farming. Eligible filers shall develop a repayment plan within 90 days of filing the petition and attend the subsequent hearing regarding the plan. Furthermore, there is also the Chapter 9 bankruptcy filed by municipalities in the state and the Chapter 13 bankruptcy involving claimants, assets, debtors, and creditors from more than one country.

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    How Can I Protect My Personal Property

    If you have personal property, youd like to save during a Chapter 7 bankruptcy, there is a personal property exemption of up to $10,250 per person to protect it. This covers the value of your household goods, furniture, electronics, clothing, and equity in your vehicle. It is rare that there is a problem with a person having too much personal property. The other main category of exemptions is called intangible assets. This would include cash or cash equivalents such as bank accounts, claims against others for damages, bank accounts, non-retirement stock or bond holdings, tax refunds, and money people owe you. We can held each person in a bankruptcy hold onto $400 of intangibles available on the date the case is filed. In addition, there are exemptions for health aids, retirement plans, health savings accounts, spendthrift trusts and military equipment and others.

    Mail Documents To Your Trustee

    If you have made it this far, your Indiana bankruptcy is officially underway. A Chapter 7 trustee will be assigned to handle your case and ensure that everything is being done according to Indiana bankruptcy laws and procedures. The trustee will want to review your most recent federal income tax return so make sure you send a copy of that to their office. Additionally, you should be prepared to provide the trustee your two most recent paycheck stubs and bank statements for all bank accounts that cover the filing date. If your case was filed in the Southern District, your trustee will ask for the documents and information required by the Uniform Document Production checklist the local trustees have agreed to use for anyone filing Chapter 7 in Indiana’s Southern District.

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    What Is Schedule I For In A Indiana Bankruptcy Case

    Schedule I of the free bankruptcy forms for Indiana asks about your current monthly income. Youâll list your occupation, your current employerâs name and address, and the length of your employment. If youâre married, you also must list your spouseâs information and income, unless youâre separated and not currently living together. Schedule I asks you to list your monthly income from employment and from all other sources, including a business, retirement accounts, child support, or government benefits like social security, SNAP, or unemployment compensation. Listing your income accurately is critical.

    What Is The Statement Of Financial Affairs For In A Indiana Bankruptcy Case

    How to File Bankruptcy in Indiana

    The Statement of Financial Affairs, or SOFA, contains twenty-eight questions about recent financial transactions that donât fit elsewhere on the free bankruptcy forms for Indiana. Here are a few of the SOFAâs highlights. First, the SOFA asks about your current marital Status and any past addresses youâve had in the past 3 years. Second, the SOFA asks you to list all sources of income youâve had for the past 3 years from employment, operating a business, investments, family support, government benefits, and even lottery winnings. Third, the SOFA asks about debt payments you made shortly before you filed for bankruptcy.

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    S To Filing Bankruptcy Chapter 7

    If after speaking to one of the attorneys at Perez & Perez Bankruptcy we jointly determine that it is in your best interest to file a Chapter 7, we will get you started with the process to file.

    The first step is to retain our firm to represent you in the case. We can advise you on how to deal with creditor calls and collection actions starting on day one. We then set you up on a payment plan for the attorney fees and costs associated with filing your case. Once that’s complete, we gather some basic documents from you and prepare a rough draft of your petition. We’ll then set up a “signing appointment” where we can review those together and update them for filing with the court. Every appointment you have with us will be with a licensed attorney and you will have every opportunity to ask questions. We want you to be completely comfortable that you understand everything about the filing. After the signing appointment, we file the case.

    Filing the bankruptcy case with the court gives us an immediate court order stopping all collection actions against you. This is known as the automatic stay. As soon as your case is filed, any remaining collection calls, lawsuits, garnishments, or other forms of collection against you must stop immediately!

    If the trustee finds any assets that can be used to pay your creditors, they will work on liquidating those assets and paying the creditors.

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