"Filing Bankruptcy In Indiana"
If you're considering filing bankruptcy in Indiana, here's what you need to know. Bankruptcy is a legal process that allows debtors to discharge some or all of their debts. In Indiana, there are two types of bankruptcy that individuals can file: Chapter 7 and Chapter 13.
Chapter 7 is the more common type of bankruptcy. To qualify for Chapter 7, your income must be below the median income for your state. If you do not qualify for Chapter 7, you may still be able to file for Chapter 13.
Chapter 13 is a reorganization bankruptcy. Under Chapter 13, you will be required to make monthly payments to your creditors over a three- to five-year period. After you have made all of the required payments, any remaining balance on your debts will be discharged.
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