Living in Bloomington
Bloomington is a city in central Indiana of about 79,168 people and sits in Monroe county. Home to the Indiana University Bloomington, this city was established in 1818 and gained its name from early settlers who were so impressed with its “haven of blooms” that they named it Bloomington.
The median income in the 2020 census for households with one individual was $25,377, while the median income for family households was around $50,000. Almost 30% of the population was living below the poverty line with 17% of those being under the age of 18.
About Bankruptcy in Bloomington, Indiana
Bankruptcy can happen to anyone, and there are a number of reasons one might fall into financial hardships. Two-thirds of people across the country cited medical debt as their primary reason for filing for bankruptcy, but it’s no secret that the housing market is quickly becoming unattainable.
The cost of living in Bloomington is 13% lower than the national average, but about 8% higher than the average of the rest of the state. Home appreciation is up by 12%, and the median home cost is $256,000, but almost 60% of the population are renters.
Though these statistics may pale in comparison to other, larger cities, remember the median annual income for residents of Bloomington is about $25,000 and almost 30% of the population sits below the poverty line.
Sudden job loss, divorce, or an unexpected emergency are just a few of the many ways in which financial difficulty might affect someone.
If you live in Bloomington and have suffered life circumstances like these, bankruptcy may be a route to re-establishing your credit and easing your overwhelming debt. Chapter 7 bankruptcy is the most popular choice because it quickly liquidates all nonexempt property. Most Chapter 7s are what we call “no asset” cases and you keep everything you have. A Chapter 7 case is usually finalized within 3 to 6 months.
Chapter 13 is also a popular choice because although it takes 3 to 5 years, it often allows people to catch up on missed house or car payments, stop foreclosures, and keep property that might be liquidated in a Chapter 7 case. Talk to your Bloomington bankruptcy attorney to decide which option is best for you.
Southern District of Indiana Chapter 7 Filing
- 2017: 8,814
- 2018: 8,673
- 2019: 8,518
- 2020: 6,930
- 2021: 5,666
Southern District of Indiana Chapter 13 Filing
- 2017: 4,673
- 2018: 5,064
- 2019: 5,302
- 2020: 3,202
- 2021: 2,854
Monroe County Chapter 7 Filing
- 2017: 124
- 2018: 118
- 2019: 134
- 2020: 70
- 2021: 70
Monroe County Chapter 13 Filing
- 2017: 51
- 2018: 64
- 2019: 52
- 2020: 36
- 2021: 31
Sawin & Shea – Bloomington, Indiana Bankruptcy Attorneys
Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Bloomington, 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 or send an email for a free consultation. We are ready to help.