The Indiana Voluntary Petition for Individuals Filing for Bankruptcy is a legal document that must be filed with the bankruptcy court in order to begin the bankruptcy process. The petition must include detailed information about the debtor's assets, liabilities, and financial transactions. It must also include the debtor's name, address, Social Security Number, and other identifying information. The petition must be signed by the debtor under penalty of perjury. There are two types of Indiana Voluntary Petition for Individuals Filing for Bankruptcy: Chapter 7 and Chapter 13. A Chapter 7 petition allows the debtor to discharge all their unsecured debt, while a Chapter 13 petition allows the debtor to reorganize their debt and make payments over a period of time. Both petitions require the debtor to attend a meeting of creditors and undergo a financial evaluation.
Indiana Voluntary Petition for Individuals Filing for Bankruptcy
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How to fill out Indiana Voluntary Petition For Individuals Filing For Bankruptcy?
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FAQ
Individuals can file bankruptcy without an attorney, which is called filing pro se. However, seeking the advice of a qualified attorney is strongly recommended since bankruptcy has long-term financial and legal outcomes. Corporations and partnerships must have an attorney to file a bankruptcy case.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Voluntary bankruptcy is a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because they are unable to pay off their debts.
There is no minimum amount of debt you need in order to file for bankruptcy, but there are other critical factors you need to take into consideration before filing under Chapter 7 or Chapter 13.
Voluntary bankruptcy is a bankruptcy proceeding commenced by the debtor; bankruptcy instituted by an adjudication upon a debtor's petition. Involuntary bankruptcy, on the other hand, is a bankruptcy case initiated by a debtor's creditors.
Most Chapter 7 bankruptcy cases take between 4 - 6 months to complete after filing the case with the court. The order erasing eligible debts can be granted as early as 90 days from the date the case was filed. No-asset cases are typically closed a couple of weeks after the discharge date.
A petition may be a voluntary petition, which is filed by the debtor, or it may be an involuntary petition, which is filed by creditors that meet certain requirements.
To qualify for Indiana Chapter 13 bankruptcy, you need to be a person or a business entity with less than $2,750,000 in debt when filing for bankruptcy relief. It does not matter if you are self-employed or if that is a personal debt. It just has to fall below that number.