If your creditors, your trustee or, ultimately, the judge determine that you have not been entirely forthcoming in your bankruptcy filing, it could result in a denial of your discharge, and you would still owe the debts.
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Fort Wayne, IN (PRWEB) July 13, 2017
According to the United States Courts, Bankruptcy filings fell 4.7 percent for the 12-month period ending March 31, 2017, compared with the year ending March 31, 2016. “However, bankruptcy is still quite common, and there are key points people filing need to know,” said attorney Kirby Moss, founder of Kirby Moss Law.
For those filing for bankruptcy in Indiana, Moss lists the following three tips:
No. 1: Chapter 13 vs. Chapter 7. There are several situations where a Chapter 13 is preferable to a Chapter 7. “A Chapter 13 bankruptcy is the only choice if you are behind on your mortgage or business payments and you want to keep your property, either in Indiana or another state, at the end of the bankruptcy process,” noted Moss. “A chapter 13 bankruptcy allows you to make up overdue payments over time and to reinstate the original mortgage agreement. In general, if you have valuable property not covered by your Indiana bankruptcy exemptions that you want to keep, a chapter 13 filing may be a better option.”
Furthermore, people file Chapter 13 bankruptcy because they have too much income to file a Chapter 7 bankruptcy or have the kind of debt that is non-dischargeable in a Chapter 7. “However, for the vast majority of Indiana residents who simply want to eliminate their heavy debt burden without paying any of it back, Chapter 7 may provide the most attractive choice,” added Moss.
No. 2: The process. To begin the bankruptcy process, one must itemize their current income sources, major financial transactions for the last two years, monthly living expenses, debts (secured and unsecured), and property (all assets and possessions, not just real estate). “You should also gather your tax return for the last year (Chapter 7), or last 4 years (Chapter 13), values for any real estate and cars you own (along with mileage), and documentation of any loans you may have,” said Moss.
No. 3: Determine which property is exempt from seizure based on the Indiana exemptions. To actually file, one’s attorney will need to file a two-page petition and several other forms at an Indiana district bankruptcy court. “These forms are collectively referred to as the ‘schedules’ and ask you to describe your current financial status and recent financial transactions (typically within the last two years),” concluded Moss. “If your creditors, your trustee or, ultimately, the judge determine that you have not been entirely forthcoming in your bankruptcy filing, it could result in a denial of your discharge, and you would still owe the debts.”
About Kirby Moss, Kirby Moss Law
Attorney Kirby Moss focuses on bankruptcy, employment discrimination, Social Security disability, personal injury litigation and other civil litigation. He is a Martindale-Hubbell peer review rated Distinguished Ability, Highest Ethics attorney. For more information, please call (260) 489-1711, or visit http://www.kirbymosslaw.com. The law office is located at 9604 Coldwater Road, Suite 201, Fort Wayne, IN 46825.
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