If you had no clue that two different types of bankruptcy exist, Chapter 7 and Chapter 13, you need an Indiana bankruptcy lawyer. Chapter 7 lets debtors discharge every debt, while Chapter 13 sets up a repayment plan. You have to qualify for Chapter 7 since it is the more desirable of the two. If you fail the means test, which has to do with your income being less than the state’s median income, you can apply for Chapter 13. Sound complicated? It is, so call on an Indiana bankruptcy attorney before your Indiana bankruptcy situation gets out of hand.
Indiana bankruptcy attorneys are inherently responsible for fishing you out of debt or at the very least for restructuring your debts so you have a stronger chance to pay them off and get back to a brighter financial situation. All bankruptcy attorneys indiana has available know what is covered and what is not covered under bankruptcy, with debt payments like alimony and child support, student loans, and fraud related debts incurred not covered at all.
Bankruptcy in Indiana and elsewhere across the country is pretty common, even celebrities like Willie Nelson, Jerry Lee Lewis, Mike Tyson, Elton John, Larry King and Anna Nicole Smith having filed over the past few decades. In Indiana alone, the typical sales price for a foreclosed home is $107,487, meaning even those with more modest living situations can go into bankruptcy. Luckily, a lawyer knows perfectly legal tricks to make the bankruptcy process effective.