Legal Question in Bankruptcy in Indiana

Re: Age Requirements for Filing Bankruptcy

You can file-if you are legally liable for the debts, then bankruptcy may be a viable option-get a free consultation

Re: Age Requirements for Filing Bankruptcy

The fact that your parents claim you on their taxes as a dependent doesn't matter as to whether you can get your debts discharged, as long as you are liable for those debts.

Here are some basic facts about bankruptcy that might be helpful to you:

In Indiana, you can file jointly, as a married couple, or separately as an individual. Assets that you are allowed to keep: $7,500 in home equity (double that, if filing jointly with a spouse) $4,000 in personal property, which includes equity in your vehicle(s) (double that, if filing jointly).

Items that you cannot get discharged in a Chapter 7 bankruptcy include student loans, child support, maintenance to a former spouse, most taxes and a few other obscure things.

Pretty much everything else is fair game for discharge.

The most common reasons that people file for bankruptcy protection are: 1. Job loss/business closure or downsizing. 2. Major uninsured medical bills. 3. Divorce.

There is no limit to the amount of bills or debts that you can get discharged. You just have to show that your income vs. your bills won't provide you with a way to make meaningful progress on paying off your debts.

You can choose which items you want to keep and continue to pay on, such as autos and your home. This is called reaffirmation.

The whole process from filing to discharge takes about four months.

Hope this information helps!