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Bankruptcy in Indiana
Most people who pay attention to the news can tell you that the bankruptcy laws changed in the past several years, but very few can actually explain to you in what way. The purpose of this article is to explain how the bankruptcy law changes affect Indiana debtors who are considering filing Chapter 7 as a debt relief option.
What Is Chapter 7?
Chapter 7 is the traditional bankruptcy type. For most people, it involves meeting with a lawyer, formally declaring, and waiting several months before the debts are discharged. If any assets of value, it is possible that the courts may require that you sell some of it and use the proceeds to pay off your unsecured debts. To see if you fit in this boat, you can check out the Indiana Bankruptcy Laws & Exemptions.
What Is Chapter 13?
Chapter 13 is another type of personal bankruptcy. Under this plan, the consumer is required to make monthly payment to a court trustee for a period of three to five years before the debts are formally discharged.
The New Bankruptcy Laws
Under the new bankruptcy laws, more Indiana consumers are being pushed into Chapter 13 reorganization plans. The reason is pretty simple: Congress felt people were abusing the bankruptcy system and wanted to curtail it by forcing consumers into the less attractive of the two bankruptcy options. They do this by specifically requiring debtors who earn more than the median income in their state to pass the bankruptcy test in order to file Chapter 7. Detailed below is the median income in Indiana as of 2006:
2-person families: 49,642
3-person families: 55,917
4-person families: 67,787
5-person families: 63,630
6-person families: 63,829
7-or-more-person families: 62,263
Indiana Consumer Credit Counseling Services
Indiana Bankruptcy Laws
Indiana Debt Collection
Bankruptcy in Indiana
Most people who pay attention to the news can tell you that the bankruptcy laws changed in the past several years, but very few can actually explain to you in what way. The purpose of this article is to explain how the bankruptcy law changes affect Indiana debtors who are considering filing Chapter 7 as a debt relief option.
What Is Chapter 7?
Chapter 7 is the traditional bankruptcy type. For most people, it involves meeting with a lawyer, formally declaring, and waiting several months before the debts are discharged. If any assets of value, it is possible that the courts may require that you sell some of it and use the proceeds to pay off your unsecured debts. To see if you fit in this boat, you can check out the Indiana Bankruptcy Laws & Exemptions.
What Is Chapter 13?
Chapter 13 is another type of personal bankruptcy. Under this plan, the consumer is required to make monthly payment to a court trustee for a period of three to five years before the debts are formally discharged.
The New Bankruptcy Laws
Under the new bankruptcy laws, more Indiana consumers are being pushed into Chapter 13 reorganization plans. The reason is pretty simple: Congress felt people were abusing the bankruptcy system and wanted to curtail it by forcing consumers into the less attractive of the two bankruptcy options. They do this by specifically requiring debtors who earn more than the median income in their state to pass the bankruptcy test in order to file Chapter 7. Detailed below is the median income in Indiana as of 2006:
2-person families: 49,642
3-person families: 55,917
4-person families: 67,787
5-person families: 63,630
6-person families: 63,829
7-or-more-person families: 62,263
Indiana Consumer Credit Counseling Services
Indiana Bankruptcy Laws
Indiana Debt Collection