If you’re married and considering bankruptcy in Indiana, you’re probably wondering whether you can file alone and how this could impact your spouse. This is one of the most common questions for bankruptcy attorneys. Yes, you can file bankruptcy without your spouse.
Can I file bankruptcy and keep my house in Indiana?
As long as the equity (or how much value you actually own beyond loans and mortgages) of your house and cars do not exceed Indiana’s limits for their Bankruptcy Exemptions, you can keep your house and cars.
How much does a lawyer charge for Chapter 7 in Indiana?
Bankruptcy Attorney Fees Indiana A Chapter 7 Bankruptcy is often less expensive than Chapter 13 bankruptcy. Chapter 7 bankruptcy attorneys in Indiana can cost between $1000 – $1400.
What is Chapter 7 bankruptcy Indiana?
Chapter 7 bankruptcy is the most common form of bankruptcy for Indiana consumers. In most cases, Chapter 7 bankruptcy allows you to eliminate all of your unsecured debt (like credit card debt, medical bills, repossession balances, payday loans, etc.) without losing any of your belongings and without any payment plan.
What happens if one spouse files for bankruptcy and not the other?
If a husband files bankruptcy without his wife, only the husband’s debts are discharged. If the debts are held jointly, the non-filing wife will still owe even after one spouse has filed bankruptcy. The bankruptcy filing will appear on the husband’s credit report, but should not appear on the wife’s.
What bankruptcy clears all debt?
Chapter 7 bankruptcy is a legal debt relief tool. If you’ve fallen on hard times and are struggling to keep up with your debt, filing Chapter 7 can give you a fresh start. For most, this means the bankruptcy discharge wipes out all of their debt.
How much does it cost to file a Chapter 7 in Indiana?
You have to pay a $338filing fee to file a Chapter 7 bankruptcy. When you file your petition, you can also apply to have the filing fee waived if you can’t afford it. To qualify, your income must be less than 150% of Indiana’s poverty guidelines (see the table for Indiana Fee Waiver Eligibility below).
Is it better to file a Chapter 7 or 13?
Most consumers opt for Chapter 7 bankruptcy, which is faster and cheaper than Chapter 13. The vast majority of filers qualify for Chapter 7 after taking the means test, which analyzes income, expenses and family size to determine eligibility.
What do you lose when you file Chapter 7?
If you file for Chapter 7 bankruptcy, you may lose your nonexempt belongings, property that has a lien on it and property you offered as collateral for a loan. Examples of exempt property based on current federal limits for an individual include: A homestead exemption of $25,150. Up to $4,000 on a vehicle.
Can I file bankruptcy without an attorney?
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended because bankruptcy has long-term financial and legal outcomes.
Can my spouse declare bankruptcy without me?
If most debts are owed only by one spouse, it may be appropriate for that spouse to file for bankruptcy alone. However, if one spouse does file for bankruptcy in order to discharge debts, the other spouse may be held responsible for repayment of some debts, such as jointly-owned credit card debt or medical debt.
What is a Phantom discharge?
after the bankruptcy. With most of the property acquired during a marriage being community. property, including their income, the non-filing spouse receives a discharge. and joint debt benefits. This exception is called phantom discharge.
Can I file bankruptcy and keep my car?
The hire purchase or conditional sale agreement may include a clause ending the agreement if you go bankrupt. If this happens, the lender can repossess the vehicle and sell it. Some lenders may allow you to keep the car, even if there’s a clause like this in your agreement.
What are 5 types of debt that are not dischargeable in bankruptcy?
Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.
Is a Chapter 13 bankruptcy worth it?
The main advantage to pursuing a Chapter 13 bankruptcy resolution is the fact that this form of bankruptcy generally offers much more flexibility and freedom than a Chapter 7 bankruptcy resolution. Under Chapter 7, you will need to liquidate most of your assets and sell off property to pay a lump sum resolution.
What can you not file bankruptcies?
- Most back taxes and customs.
- Child support and alimony.
- Student loans.
- Home mortgage and other property liens.
- Debts from fraud, embezzlement, larceny, or from “willful and reckless acts”
- Your car loan, if you want to keep your car.
- Debt that doesn’t belong to you.
How long does it take to rebuild credit after Chapter 7?
Most experts say it will take 18 to 24 months before a consumer with re-established good credit can secure a mortgage loan after discharge from personal bankruptcy.
How much do you have to be in debt to file Chapter 7?
How much debt do I need to file for bankruptcy? There is no minimum or maximum amount of debt for Chapter 7 bankruptcy.
How do I qualify for Chapter 7 in Indiana?
To be eligible to file Chapter 7 bankruptcy, the filer must pass the “means test.” The means test compares your household income to the average household income in your zip code. If you fall under the median, then you qualify for Chapter 7 bankruptcy in Indiana.
Do you have to pay back Chapter 7?
When you have a debt discharged through Chapter 7 bankruptcy, you’re no longer legally required to pay that debt back. That means the money you were paying toward that loan or credit card, for example, can now be used for other things, like household necessities.
What is the highest Chapter 13 payment?
If you filed for bankruptcy to avoid foreclosure or are behind in house payments, your Chapter 13 plan payment could be more or less $1500 per month. Additionally, high income, high debt Chapter 13 filers would usually be required to make payments between $2000 and $3000, or even more.
What debts are not dischargeable in Chapter 7?
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
How long after a Chapter 7 can I buy a house?
During a Chapter 7 bankruptcy, a court wipes away your qualifying debts. Unfortunately, your credit will also take a major hit. If you’ve gone through a Chapter 7 bankruptcy, you’ll need to wait at least 4 years after a court discharges or dismisses your bankruptcy to qualify for a conventional loan.
Is it better to file a Chapter 7 or 11?
Those who have a lot of disposable income are less likely to have their Chapter 7 filing approved. Chapter 11, which is more expensive than Chapter 7, is typically intended for medium- to large-sized businesses, but smaller businesses and sole proprietors may also want to consider this type of bankruptcy.
How long does Chapter 7 Stay on credit?
Debts such as child support, alimony, most student loans, and certain tax debts are typically not discharged. A Chapter 7 bankruptcy is typically removed from your credit report 10 years after the date you filed, and this is done automatically, so you don’t have to initiate that removal.