Indiana bankruptcy laws

Indiana bankruptcy laws follow federal guidelines, primarily governed by the U.S. Bankruptcy Code, with state-specific procedures. Individuals can file for Chapter 7 (liquidation) or Chapter 13 (reorganization) to resolve debts. Bankruptcy offers protection from creditors through an "automatic stay," allowing time to sort debts legally. Certain debts like student loans and taxes may not be dischargeable. Indiana courts oversee the process, ensuring fairness while respecting state exemptions that protect some personal property. Consulting a qualified bankruptcy attorney can help navigate specific circumstances, ensuring compliance with both federal and Indiana laws.