Bankruptcy can be a very sticky business. There are a lot of rules and regulations that must be followed in order to file. It is ill-advised to try to file on your own, as the laws are very precise and should be carried out by a lawyer. Chapter 7 Bankruptcy Indianapolis IN attorneys can guide you through the process.
The Bankruptcy Act of 2005 created a list of requirements that must be met before bankruptcy may be filed. An attorney will ask for all of your debt and income information and will have it measured in a “Means Test”, to see if you actually qualify to file for bankruptcy. The courts will examine your average income for six months prior to your filing. It will be compared to the median income for Indiana. Should your income fall below the median, then you will be able to file a Chapter 7 bankruptcy. If it is higher than the median, then your income will be examined to see if it fits into a Chapter 13 bankruptcy.
Bankruptcy Assistance Indianapolis IN is available to answer questions and help you get your paperwork in order once it has been determined under which Chapter you will file. This organization of papers will includes, but is not limited to:
Itemized current income sources
Major financial transaction for the past 24 months
Living expenses you pay per month
All secured and unsecured debts
All real property, possessions and assets
The past two years of income tax returns
Owned real estate deeds and car titles
loan documents for any loans you currently are paying
Having all of this documentation is crucial to deciding what property, if any, is exempt from the bankruptcy. It is imperative that you are truthful about all documentation, property, and income because if the court finds that you deliberately omitted anything, it could jeopardize your entire proceeding. You must participate in financial counseling within six months prior to your bankruptcy filing. There will also be a creditors meeting in which anyone you owe is allowed to ask for payment from your non-exempt assets, if any.
At this point, your Bankruptcy Indianapolis IN attorney will then petition the bankruptcy court on your behalf. Your fee will be approximately $274.00, which must be paid. You will be allowed to pay in installments, if necessary. Once your bankruptcy is approved by the court, you will receive a bankruptcy discharge.