Living in Columbus, Indiana
The relatively small city of Columbus, Indiana has a population of 50 thousand people and sits in the county of Bartholomew. Ranked number 11 on National Geographic Traveler’s 2008 list of historic destinations and provides a unique atmosphere for modern architecture and public art. In fact, Columbus is ranked 6th in the country for architectural innovation and design by the American Institute of Architects, behind Chicago, New York, San Francisco, Boston, and Washington D.C.
This city is not only known for its stand-out architecture, however. The National Recreation and Park Association has placed Columbus in the number one spot for its’ hundreds of acres in its’ park city system. These parks house a great number of interesting facilities including an ice skating rink, skateboard park, observation tower, and an ivy-covered tunnel.
About Bankruptcy in Columbus, Indiana
Bankruptcy can sneak up when you least expect it, and though the median income of Columbus is a fair amount higher than that of the whole state of Indiana, about 13% of the population is still living below the poverty line.
Taking into account residents of Columbus who are not living in families, 11.6% of high school graduates and 33% of non-high school graduates currently live in poverty.
Medical debt is cited as the #1 cause of bankruptcy across the nation, but there are many other events in life that may lead someone to file for bankruptcy. Unexpected job loss, divorce, and emergencies are just a few other events that may bring financial hardship to someone.
There is a glaring social stigma around bankruptcy in America, but the truth is filing for bankruptcy can help you take control of your finances during a time when you are suffocating underneath overwhelming debt. Debt can happen to anyone, so be aware that filing for bankruptcy is a reasonable choice if you are in this financial situation.
The most common type of bankruptcy that residents in the United States choose is Chapter 7 bankruptcy. When you file for bankruptcy under Chapter 7, all of your nonexempt property is liquidated and finalized quickly, usually in a period of 3-6 months. However, most Chapter 7 cases are what we call “no asset” cases, with debtors keeping everything that they have. If you are in need of a speedy fresh start, this may be the best option for you.
The other type of bankruptcy you may consider is Chapter 13 bankruptcy. This type of filing is a debt reorganization over a period of 3-5 years under the Court’s protection. It is a chapter that can help you catch up on payments and keep your home and valuable belongings. Further, it forces unsecured creditors such as credit cards and medical bills to accept what the law says you are required to pay and then the plan ends with a discharge of remaining liabilities on most unsecured debts.
Nationwide and Local Bankruptcy Statistics
Over a period of 12 months, the total number of new bankruptcy filings in the U.S. fell. However, COVID-19 and other factors may have a long-term impact on the U.S. economy, creating medical bills and job loss that could raise the future level of bankruptcy filings.
U.S. Chapter 7 Filings
- 2016: 523,394
- 2017: 488,417
- 2018: 480,933
- 2019: 477,417
U.S. Chapter 13 Filings
- 2016: 302,193
- 2017: 298,348
- 2018: 290,566
- 2019: 288,039
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
Bartholomew County Chapter 7 Filing
- 2017: 144
- 2018: 114
- 2019: 133
- 2020: 92
- 2021: 91
Bartholomew County Chapter 13 Filing
- 2017: 52
- 2018: 73
- 2019: 68
- 2020: 41
- 2021: 29
Sawin & Shea – Columbus, Indiana Bankruptcy Attorneys
Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The Columbus, 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.