Statute of Limitations on Debt in Indiana

The statute of limitations on debt in Indiana varies, depending on the kind of debt it is. For example, car loan debt has a 4-year statute of limitations, whereas state tax debt has a 10-year statute of limitations. Many other debts have a 6-year statute of limitations in Indiana. A “statute of limitations” refers to the amount of time a creditor has to file a lawsuit to collect an unpaid debt. Even though the statute of limitations on a debt has passed, you should still proceed cautio [...]

Indiana Bankruptcy Exemptions

State and federal bankruptcy exemptions are designed to help you protect some property when you are going through the bankruptcy process. In Indiana, most people can protect some assets through exemptions, depending on what they own, their level of income and which bankruptcy chapter they file under. Some individuals can exempt everything they own, while others may have to sell some assets to pay creditors. For the most part, you can exempt items you need to maintain a job and household.&nb [...]

How to Declare Bankruptcy on Credit Cards

Credit card debt can build up quickly until you feel overwhelmed and struggle to make even minimum monthly payments. Interest charges and late fees make the situation worse. Sometimes it’s important to pause and look at your other options. If you’re wondering how to declare bankruptcy on credit cards, there are some simple steps to follow, depending on your circumstances. The first thing you want to do is hire an affordable and skilled bankruptcy la [...]

How Do You Qualify for a Loan Modification?

If you’re having a hard time making mortgage payments, you may want to know, how do you qualify for a loan modification? A mortgage modification changes your repayment plan and lowers your monthly payments. You might be eligible if you show your lender your financial situation has changed and you can’t make payments. Is loan modification a good idea? Attorney and CPA Jerry E. Smith has found that loan modifications usually don’t prevent people from seeking bankruptcy protection. Gettin [...]

Can I File Bankruptcy Without My Spouse?

Indiana is a non-community-property state, which means that you can file bankruptcy without your spouse. You have the option of filing as an individual or as a couple, depending on which option works best for you. Here are some examples of non-community property:

  • Items you brought into the marriage that were purchased in your name only
  • Real estate, vehicles, etc. that you purchased without your spouse as co-owner
  • P [...]

Can You Go to Jail for Credit Card Debt?

“Can you go to jail for credit card debt?” is a common question among consumers struggling with overwhelming debt. The short answer is “no,” because “Debtor’s Prisons” were an archaic tool used by lenders in the 1700s and 1800s in the U.S. to punish poor people who didn’t pay their debts. Debtor’s prisons were eliminated in many U.S. states in the mid-1800s and are now non-existent. The U.S. government has outlawed imprisonment for failure to pay a debt. However, there is [...]

Can You File Bankruptcy on Student Loans?

If you’re financially “in over your head” because of college debt, you may want to know, can you file bankruptcy on student loans? Yes, but whether you’ll get those loans discharged depends on the facts of your case and whether a judge is sympathetic to your case. It’s widely believed you can’t discharge (meaning, you no longer need to pay) student debt through bankruptcy. That’s not true. You may get all or part of it discharged. The key is proving that paying it back would be [...]