Did you know that in the third quarter of 2012, 9131 people filed for bankruptcy in Indiana? Bankruptcy can undoubtedly be a very difficult process, both emotionally and financially. And it is important to note that no one is immune to the financial problems that cause bankruptcy. In fact, bankruptcy is often not the product of fiscal responsibility. But rather, it is often a result of extreme financial hardship brought about my medical bills or prolonged unemployment. In fact, as of April 2012, more than 5.2 million Americans had been unemployed for six months or longer, according to the Bureau of Labor Statistics. If you are going through a bankruptcy in Indiana you will want to contact bankruptcy lawyers in indiana, also known as Indiana bankruptcy attorneys, to ensure that your legal rights are represented.
There are several things to keep in mind when filing for bankruptcy in Indiana. First of all, Before filing for bankruptcy, most debtors are required to undergo credit counseling. Certain kinds of debts, including alimony and child support debts, student loan debts and debts incurred as a result of fraud cannot be discharged under bankruptcy. It also important to note that there are several different forms of bankruptcy in Indiana, such as a chapter 13 bankruptcy and a chapter 7 bankruptcy. Under a chapter 13 bankruptcy, you repay all or part of your debt under a 3 to 5 year repayment plan. In contrast, with a chapter 7 bankruptcy your debt is wiped out. Though, in order to qualify for this type of bankruptcy you must pass a means test. Indiana bankruptcy attorneys can help you to determine which form of bankruptcy is most appropriate for your situation.
Additionally, it is important to note that after a bankruptcy filing, a debtor’s credit rating will suffer; chances are, however, that the financial circumstances that led to bankruptcy will have already negatively affected the credit rating. Lastly, when filing for bankruptcy in Indiana you need to be honest about your financial situation. Falsifications on bankruptcy forms constitute perjury, and bankruptcy fraud is a federal crime in the United States.
Overall, nobody is immune to bankruptcy. At least four U.S. Presidents have filed for bankruptcy: Jefferson, Grant, McKinley and Lincoln. And according to Sports Illustrated, over three quarters of professional athletes are either bankrupt or facing serious financial difficulties just two years after ending their careers. If you are facing bankruptcy you shouldn’t feel embarrassed or ashamed. You should, however, contact Indiana bankruptcy attorneys to ensure that your legal rights are protected and your best interests are represented.
Read more: koehlerbankruptcy.com