People in Indiana are Filing for Bankruptcy to Get Out of Debt

People in Indiana are Filing for Bankruptcy to Get Out of Debt

Indiana bankruptcy lawyer

In the state of Indiana, there were 747 filings for housing unit foreclosures in the month of September 2012. On average, the foreclosure sale price for a home in foreclosure in Indiana is $10,487. Because of the loss of jobs and the downturn in the economy in 2008, over 40,000 people people have had to file for bankruptcy in indiana in the year 2011. Homeowners who file for bankruptcy usually hire bankruptcy lawyers Indiana. Filing bankruptcy Indiana is one way to get out of debt. However, filing bankruptcy in indiana should not be something that is done lightly. There are serious consequences that can last for many years when you file an Indiana bankruptcy.

When filing for bankruptcy it is important not to falsify your statements. Doing so constitutes perjury,which is a federal crime in the United States. Debtors must pass a means test before they can file a Chapter 7 bankruptcy. Most people who go to bankruptcy lawyers Indiana want to file a Chapter 7 bankruptcy because it is a way to completely wipe out debt. If the debtor fails to meet the means test they can still talk to their bankruptcy lawyers Indiana about filing for a Chapter 13 bankruptcy.

If your home is already in foreclosure filing for bankruptcy may be a way to stall it so you can have time to get enough money together together to catch up on your payments. Filing a Chapter 13 allows homeowners to keep their homes. You can also keep certain other assets if you file a Chapter 13 bankruptcy. Bankruptcy lawyers Indiana can tell you which debts you can discharge and which ones you cannot discharge when you file for a bankruptcy in Indiana.

Bankruptcy lawyers in indiana can be found by looking in the online legal directories. Even if you just have a few questions about filing for bankruptcy, talk to a few bankruptcy lawyers Indiana first. There are certain requirements that must be met before filing for bankruptcy today, such as going for credit counseling first.

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