How Do I File Bankruptcy in Indiana?
- 1). Determine what chapter of bankruptcy to file under. If you own a personal business that is incorporated, you might be able to file under chapter 11 of the United States Bankruptcy Code. This chapter will bring your business under the control of a chapter 11 trustee who will determine whether to reorganize your business and keep it running, or whether to sell off all of your business's assets in order to pay any creditors. There are two types of personal bankruptcy an individual can file in Indiana: chapter 7 and chapter 13. If you make less than the Indiana state median income for the previous year ($39,384 for 2009), you can qualify to file under chapter 7. Chapter 7 will liquidate your estate and sell off your assets in order to pay creditors. If you make more than the Indiana state median income and have a regular income source, you can qualify to file for chapter 13, which requires you to make regular payments to a chapter 13 trustee over a period of three to five years, but also allows you to keep most of your possessions.
- 2). Collect all of the information needed to file for bankruptcy. You will need your income tax returns for the previous five years (business tax returns if you are filing a chapter 11 bankruptcy), all creditor's names and addresses, individual or business bank or account statements, and a list of all assets that you or the business own. All of this information needs to be provided to the bankruptcy court.
- 3). File for bankruptcy. Once you have determined which chapter of the United States Bankruptcy Code you qualify for, you can file for bankruptcy with your local bankruptcy court. If you have an attorney, your attorney will take care of all legal paperwork. If you decide to file for bankruptcy yourself, contact your local bankruptcy court in Indiana for the proper forms and information. Bankruptcy is a complex area of the law, and the assistance of a bankruptcy attorney to help guide you through the court proceedings can be helpful.
- 4). Comply with the terms of your bankruptcy plan. Regardless of the chapter of bankruptcy you file under, you must complete the terms of your bankruptcy plan in order to obtain a bankruptcy discharge. Once your bankruptcy has been discharged, all debts included in your bankruptcy are forgiven and you are given a fresh start. If your bankruptcy case is dismissed by the court and not discharged, you go back to owing the same amounts as before your bankruptcy petition was filed.
Source...