Four presidents have actually filed for bankruptcy. These are Lincoln, Grant, Jefferson and McKinley. For the year 2011, more than 40,000 people filed for bankruptcy in Indiana. Now if you are thinking of filing for bankruptcy in indiana, here are bankruptcy FAQs that will help you with the whole process. These bankruptcy FAQs can also serve as your guide as you decide on the actions to take in filing for bankruptcy.
The most important of all the bankruptcy FAQs is, can I file for bankruptcy and can one spouse file bankruptcy? Anyone can actually file for bankruptcy but not everyone can qualify for certain types of bankruptcy. Anyone can also file for bankruptcy as long as one can honestly not pay his debts. One spouse can also file for bankruptcy and this will only affect the other spouse if the couples have joint debts. The credit rating of the spouse will also not be affected.
Now, when it comes to the whole process, here are the two most important bankruptcy FAQs. The first is how bankruptcy works and the second is what are Chapter 7 and Chapter 13 bankruptcy differences. Now, when it comes to how it works, different states have different process but basically, you start with attending pre credit counseling, doing the paper works, showing proof of income, identifying assets that are safe, filing the documents to court, meeting with US Trustees, attending finance management class and then receiving the discharge from the court. Now the difference between Chapter 7 and 13 is that in Chapter 7 you discharge all your unsecured debts while in Chapter 13 you agree to pay your debts on the terms that you can afford.
Two other bankruptcy FAQs that you should know is whether you need bankruptcy law attorneys and how much is the bankruptcy attorney fees. Now basically you need a lawyer because the whole process is complicated. For example, according to the United States Bankruptcy Code, you cannot have more than $307,675 in unsecured debt and $922,957 in secured debt if you want to file for Chapter 13. Moreover, there are certain debts that cannot be discharged under bankruptcy. Examples of these are alimony and child support debts, debts resulting from fraud and student loan debts. You therefore need the lawyer to know the right one for you and to be approved for your request. It is also safe to hire a lawyer because you have to prove that you are not defrauding your creditors in filing. In order to prevent fraud, MasterCard was the first company to use holograms on credit cards. This shows you how fraud is a serious matter for your creditors. The lawyer can also answer all your other bankruptcy FAQs. He will be your best source of bankruptcy FAQs answers that will help you decide the different aspects of your case. As to the fees of the lawyer, it is from $1000 to $2500, depending on the lawyer or firm. Get more info here. Get more on this here.