With the unfortunate situation of the economy today, many people have no choice but to file for the bankruptcy indiana features in order to get buy. Estimates from legal technology provide Epiq Systems say that, this year, nearly 1.25 million Americans will file for bankruptcy, which, although that number has been reduced from 1.38 million last year, is still very high. Not only can choosing to apply for the bankruptcy Indiana hosts a stressful process itself, but the paperwork and steps required can be very complex. As a result, the skills and experience that an Indiana bankruptcy attorney has can prove to be a very valuable asset.
There are two types of bankruptcy Indiana can offer. Chapter 13 requires debtors to repay all or part of their debt based on a payment plan and Chapter 7 bankruptcy permits a debtor to discharge all or part of their debt. The details of these two programs can be fuzzy, so taking advantage of the Indiana bankruptcy lawyers available can prove to be a worthwhile investment. In order to file for the bankruptcy Indiana hosts, individuals must meet certain criteria. They must pass a means test, where they must prove that their income is less than the median for families of that size in order to qualify for Chapter 7. Failing that test means that an individual can not claim Chapter 7, but they still might be able to qualify for the bankruptcy Indiana offers by meeting Chapter 13 requirements.
If an individual does not qualify for the Chapter 7 bankruptcy Indiana offers, Chapter 13 might be the next best option. According to the U.S. Bankruptcy Code, in order to file Chapter 13, individuals can not have more than $922,975 in secured debt and $307,675 in unsecured debt. Indiana bankruptcy attorneys will be able to help an individual figure out what option is best for them and whether or not they are eligible for it. That can go a long way towards making the process of filing for the bankruptcy Indiana hosts a much less stressful process.