When a debtor fails the means test for a Chapter 7 bankruptcy they can file a Chapter 13 bankruptcy instead. Filing bankruptcy in Indiana can be a complicated process though. That is why it is a good idea to talk to one of the bankruptcy lawyers in Indian first. Indiana bankruptcy lawyers will point you to where you can go for credit counseling, which is supposed to be done before filing for bankruptcy indiana. If you file a Chapter 13 bankruptcy it means you don’t completely wipe out your debt. Instead, you get your debt restructured in a 3 to 5 year repayment plan so you can pay at least a large part of it back.

Filing for a Chapter 13 bankruptcy is usually the best way to go. However, when filing bankruptcy Indiana there are some circumstances where you can completely wipe out all of your debt. That usually means that you have to liquidate your assets and the money that is derived from that is used to pay off your creditors. When filing for bankruptcy Indiana your creditors are not allowed to call and harass you any longer. Certain kinds of debts still have to be repaid, such as child support, student loan debt and debts you incur under false pretenses. In September of 2012, one in every 274 homeowners received a foreclosure notice in Indiana. Many of these homeowners were able to stall the foreclosure process by filing bankruptcy Indiana.

Most people avoid filing bankruptcy Indiana if they can. They want to honor their debt and pay back what they owe. Some people avoid filing bankruptcy Indiana because they know it will ruin their credit. This can be a big mistake. If you really need to file bankruptcy your credit is already ruined. Never be afraid of filing bankruptcy Indiana if you really need to. There is no shame in it, although one can’t help but feel embarrassed when filing bankruptcy Indiana. Get the help you need by contacting qualified bankruptcy lawyers to day and get back on the road to financial health and well being after filing bankruptcy Indiana.