When you’re facing a mountain of debt and an inability to pay your monthly bills, bankruptcy offers a way out. It quiets most people who are hounding you for money and finally gives you a fresh financial start. It’s important to handle bankruptcy the right way. If you’re considering filing for bankruptcy in Indiana, read on for some important things you should know.
Does My State Matter in Filing for Bankruptcy?
Your location definitely matters. Bankruptcy involves a combination of federal and state laws. You’ll need to file for bankruptcy with a court located in the proper jurisdiction. This is most often tied to where you live. So you will want to talk to an experienced bankruptcy attorney that practices in the federal bankruptcy court where you maintain your primary residence. Your state also matters because each state offers certain exemptions you can use to protect your assets during the bankruptcy process.
Do I Need a Lawyer to File for Bankruptcy in Indiana?
While it’s not legally required that you have a bankruptcy attorney, it’s certainly a good idea. A bankruptcy attorney will help you understand your options, such as whether to choose Chapter 7 or Chapter 13 bankruptcy. They’ll help you seek the best outcome possible and use Indiana exemptions to your full advantage. If your creditors don’t handle things according to the law, your attorney will also help hold them responsible for their actions.
How Do I Find All the Forms and Paperwork?
Most of the forms you will need can be found online, but it can be confusing to locate them by yourself. However, bankruptcy is a complicated process. Many jurisdictions have their own forms dictated by local rules. Not only does having an attorney make it easier to navigate the paperwork, but also helps you avoid issues that could lead to the denial of a discharge and therefore missing out on a fresh start.
How Long Will an Indiana Bankruptcy Take?
Chapter 7 bankruptcy generally takes about three to four months and Chapter 13 is a reorganization over three to five years. These times can vary a bit based on your specific situation. However, either way, you should find it easier to manage your finances and a huge weight will be lifted from your shoulders.
Sawin & Shea – Indianapolis Bankruptcy Attorneys
Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy. We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 for a free consultation. We are ready to help.