Living in Carmel, Indiana 

Carmel, Indiana is a growing city of about 101,000 people on the northeast side of Indianapolis. Known as a magnet city for some of the midwest’s most wealthy people, Carmel sits within the second-wealthiest county in Indiana, Hamilton County.

The median income here is $109,200 and the average price of a home is about $320,400. Carmel attracts young professionals and families because it has a wholesome all-American atmosphere with excellent schools, upscale restaurants, and numerous busy shopping zones.

Carmel is sometimes called the “roundabout capital of the world” because it has 125 roundabouts, more than any other U.S. city and perhaps anywhere else on Earth. They’re part of a traffic management strategy to reduce congestion, accidents, and injuries.

About Bankruptcy in Carmel, Indiana

Across the United States, two-thirds of bankruptcy filers cite medical debt as their primary reason for filing for bankruptcy. Here in Carmel, medical debt is certainly an issue, but many people become overwhelmed with trying to maintain an upper-class lifestyle.

The cost of living is 28% higher here than the rest of Indiana and 52% above the national average. The average price tag on a Carmel home is more than $320,000, meaning a monthly mortgage payment could easily be $1,500 to $3,500.

Financial difficulty can affect anyone. You may find yourself in need of bankruptcy in Carmel due to unexpected job loss, divorce, catastrophic property damage, or a life emergency that drains your resources and harms your credit.

If you live in Carmel 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 and is usually finalized within 3 to 6 months. 

Chapter 13 is also a common choice because although it takes 3 to 5 years, it often allows people to keep their homes and more of their property while completing a payment plan with creditors. Talk to your Carmel bankruptcy attorney to decide which option is best for you.

Nationwide and Local Bankruptcy Statistics

NATIONWIDE

In the U.S., the total number of bankruptcy filings fell slightly for the 12-month period ending in March 2020. However, the number of filings is anticipated to rise again due to the lasting impact of COVID-19 on the economy, including job loss.

Chapter 7 Filings 

2016: 523,394
2017: 488,417
2018: 480,933
2019: 477,417

Chapter 13 Filings

2016: 302,193
2017: 298,348
2018: 290,566
2019: 288,039

FOR INDIANA
The number of Chapter 7 filings in Indiana has dropped somewhat since 2015. However, the number of Chapter 13 filings has risen.

Indiana

Chapter 7 Filings 

2015: 7885
2016: 7168
2017: 6947
2018: 6853
2019: 6632

Chapter 13 Filings

2015: 3043
2016: 3015
2017: 2857
2018: 3030
2019: 3105

Hamilton County

In Hamilton County, Indiana, which includes Fishers, Carmel, Noblesville, and Westfield, Chapter 7 filings have dropped somewhat in recent years. Chapter 13 filings have risen and fallen only slightly, staying generally the same over the past 5 years.

Chapter 7 Filings 

• 2015: 530
• 2016: 438
• 2017: 417
• 2018: 472
• 2019: 416

Chapter 13 Filings

• 2015: 277
• 2016: 276
• 2017: 227
• 2018: 273
• 2019: 252

Your Carmel, Indiana Courthouse Location

Every bankruptcy filer must follow the proper procedure for filing, and they must do it in the right court. For Carmel Indiana, you should file your paperwork with the United States Bankruptcy Court for Hamilton County using the information below.

Birch Bayh Federal Building and the United States Courthouse
116 US Courthouse
46 East Ohio Street
Indianapolis, IN 46204

Counties Served:
Bartholomew, Boone, Brown, Clinton, Decatur, Delaware, Fayette, Fountain, Franklin, Hamilton, Hancock, Hendricks, Henry, Howard, Johnson, Madison, Marion, Monroe, Montgomery, Morgan, Randolph, Rush, Shelby, Tipton, Union, and Wayne.

Sawin & Shea – Carmel, Indiana Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Carmel, 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.