Bankruptcy in Indianapolis

Indianapolis bankruptcy laws offer choices that enable you to regain control of your debts.  However, bankruptcy law in Indianapolis is complex and often requires legal guidance to succeed in filing.  Ryan S. Wright is an Indianapolis attorney whose practice focuses exclusively on bankruptcy.  For the last decade, he has served bankruptcy clients in the Indianapolis and Marion County areas, as well as all of Central Indiana.

Bankruptcy in Indianapolis requires counseling first

The Bankruptcy Act of 2005 dictates that an individual wanting to file bankruptcy must participate in financial/credit counseling.  The mandatory credit counseling must be obtained a minimum of six months before filing.  And, currently a court approved financial management course must also be completed by the petitioner prior to receiving a Discharge of their debts.

Indianapolis bankruptcy laws are ruled by procedures

Means testing, which analyses averaged income and expenses against median income, determines the appropriate type of bankruptcy in Indianapolis you are allowed to file.  If your averaged income is below median, you may file Chapter 7 bankruptcy.  If your income exceeds the median, and you have sufficient income to pay off most or all of your debts over a three or five year period, then you must opt for a Chapter 13 bankruptcy.

Once mandatory counseling and financial management requirements are met and it is determined the correct type of bankruptcy to file, documentation must be prepared.  For a successful bankruptcy filing, you must provide the court with all of your detailed financial information including:  

• Current income
• Information on financial transactions for past two years
• Living expenses
• All debts
• All assets including personal property
• Tax returns for past two years

Your attorney can help you determine your exempt assets, which may include:

• Your home
• Certain insurance policies
• Your pension
• Property of business
• Unemployment
• Worker’s compensation
• Most or all future wages
• Trade tools
• Household goods
• Your vehicle

Once the paperwork is completed, you file your application with a filing fee of approximately $300.  If you file a Chapter 13, you must include a repayment plan.  When your application is correctly filed, an automatic stay goes into effect.  This keeps creditors from contacting you, suing you, or continuing any collections or lawsuits.  Consult a lawyer who knows Indianapolis bankruptcy law

Indianapolis bankruptcy law is complex, and the stress of debt makes it difficult to handle alone.  Ryan S. Wright is an experienced Indianapolis bankruptcy lawyer who guides you through the process, protects your assets, and makes a tough experience easier.  Call Ryan S. Wright at 888-846-1953 to gain an understanding of bankruptcy law in Indianapolis or use our email form and contact us today for sound legal advice in Indiana.