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Bankruptcy

Bankruptcy is a court-supervised legal process that helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.

In Indiana, as in all states, bankruptcy is governed primarily by federal law, specifically the U.S. Bankruptcy Code, which allows individuals and businesses to discharge or reorganize their debts. The most common types of bankruptcy cases individuals file are Chapter 7 and Chapter 13. Chapter 7 bankruptcy involves the liquidation of non-exempt assets to pay creditors, while Chapter 13 allows individuals with a regular income to develop a plan to repay all or part of their debts over time. Businesses may file for Chapter 11, which permits reorganization under the bankruptcy laws of the United States. Indiana has its own set of exemptions that determine what property is protected from liquidation in a bankruptcy. Additionally, bankruptcy cases in Indiana are filed in the U.S. Bankruptcy Court for either the Northern or Southern District of Indiana, and local rules and procedures may also apply. It is important for those considering bankruptcy to consult with an attorney to understand how federal bankruptcy laws and Indiana's specific provisions will affect their situation.

Legal Articles

State Statutes

adversary proceeding assumption of contracts, leases automatic stays

Chapter 11 bankruptcy Chapter 12 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy — confirmation hearing Chapter 13 bankruptcy — disposable income Chapter 13 bankruptcy — eligibility Chapter 13 bankruptcy — repayment plan Chapter 7 bankruptcy Chapter 7 bankruptcy — changing trustee Chapter 7 bankruptcy — conversion to chapter 11, 12, or 13 Chapter 7 bankruptcy — discharge Chapter 7 bankruptcy — eligibility Chapter 7 bankruptcy — means test Chapter 7 bankruptcy — no assets cosignors courts creditor claims — secured, unsecured, priority

debtor in possession

estate exemptions

hardship discharges homestead exemption

involuntary bankruptcy

liquidation

nondischargeable debt nondischargeable debt — alimony nondischargeable debt — child support nondischargeable debt — fraud nondischargeable debt — student loans

petition preferential transfer priority debt proof of claim

reaffirmation of debt reorganization plan

section 341 meeting of creditors statement of financial affairs

trustee

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Articles

Understanding the Different Personal Bankruptcy Chapters

At some point in life, many of us will face financial hardships. When debt becomes overwhelming, one potential avenue of relief is filing for personal bankruptcy.

Understanding Personal Bankruptcy: Types, Eligibility, and Consequences

If you're considering filing for personal bankruptcy, it's crucial to understand the different types available, their implications, and the advantages and drawbacks of each.

Indiana State Code

Articles

Understanding the Different Personal Bankruptcy Chapters

At some point in life, many of us will face financial hardships. When debt becomes overwhelming, one potential avenue of relief is filing for personal bankruptcy.

Understanding Personal Bankruptcy: Types, Eligibility, and Consequences

If you're considering filing for personal bankruptcy, it's crucial to understand the different types available, their implications, and the advantages and drawbacks of each.