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Bankruptcy and debt law in Indiana is designed to help individuals and businesses manage overwhelming debt burdens and obtain a financial fresh start. Whether you are struggling with credit card debt, medical bills, or facing foreclosure or repossession, bankruptcy provides a legal process for eliminating or restructuring debts. Indiana follows federal bankruptcy laws but also has specific local rules and exemptions that affect how bankruptcy works for residents of the state. Understanding your rights, choices, and the consequences of different debt relief options is crucial before moving forward.
Dealing with debt can be stressful and confusing, especially when legal actions are involved. Here are some common situations where seeking the help of an experienced bankruptcy lawyer can be important:
A qualified legal professional can provide tailored advice, guide you through complex procedures, and help protect your assets and rights.
Indiana residents can file for bankruptcy under Chapter 7 (liquidation) or Chapter 13 (reorganization) of the federal Bankruptcy Code. However, Indiana law determines which assets you can protect through a set of state exemptions. Some key points include:
Bankruptcy filings must follow both federal and Indiana-specific procedures, so understanding the local rules is key to a successful case.
Individuals in Indiana typically file under Chapter 7 (liquidation) or Chapter 13 (repayment plan). Chapter 11 is most often used by businesses but is available to individuals with complex financial situations.
Yes, once you file for bankruptcy, an automatic stay goes into effect. This stops most collection calls, lawsuits, wage garnishments, and other creditor actions.
No, Indiana’s exemption laws allow you to keep certain property, such as a portion of your home’s equity, a vehicle up to a certain value, household goods, and retirement accounts.
There are time limits set by federal law for how often you can receive a bankruptcy discharge. For example, you must wait eight years between Chapter 7 filings or four years between a Chapter 7 and a Chapter 13 filing.
Most unsecured debts, like credit cards and medical bills, can be discharged. However, some debts, such as student loans, recent taxes, child support, and alimony, are usually not dischargeable.
In many cases, yes. If you are current on your payments and your equity is within Indiana’s vehicle exemption limit, you may be able to retain your car.
Bankruptcy will appear on your credit report for up to 10 years. While it can lower your score in the short term, it can also help you reset your finances and begin rebuilding credit over time.
Filing jointly is optional. You can file singly or jointly depending on your individual and shared debts and assets. A lawyer can advise on the best option for your family.
There are court filing fees (currently about $338 for Chapter 7 and $313 for Chapter 13), plus attorney fees which vary depending on the complexity of your case.
A trustee will review your case in a meeting called a "341 meeting" or creditors meeting. You will answer questions about your finances, assets, and debts. Most cases do not require a court trial.
Residents seeking information or assistance related to bankruptcy and debt in Indiana can contact the following:
Additionally, approved credit counseling agencies and local nonprofits may provide free or low-cost counseling and debtor education courses required before and after bankruptcy filing.
If you are considering bankruptcy or need help with debt issues in Indiana, start by gathering your financial documents, including information about your debts, income, assets, and monthly expenses. Consider scheduling a consultation with a qualified bankruptcy attorney who practices in Indiana to discuss your options.
During your initial meeting, ask questions about which type of bankruptcy suits your situation, the possible risks and benefits, and the likely outcomes of each option. A knowledgeable lawyer can explain Indiana’s exemption rules, help you fill out the paperwork correctly, and represent you throughout the bankruptcy process.
If you are not ready to speak with an attorney, reach out to one of the free or low-cost resources listed above, such as Indiana Legal Services or a non-profit credit counseling agency, to discuss your situation confidentially. Taking the first step can help you regain control over your financial future.
