Before filing bankruptcy in Indiana, it is important to understand the basic bankruptcy laws in the state. Whether you consult a lawyer or file for bankruptcy on your own, it is best to know a little about the process and what is expected of you.

Some people believe that they will lose everything they own in a bankruptcy. This is not true; Indiana bankruptcy laws allow for exemptions, as follows:

• Real property worth up to $8,000, which includes your vehicle and other personal belongings.

• The value of your home up to $15,000. It is possible to lose your home in bankruptcy if the equity in your home is worth more than $15,000.

• Some pensions.

• Retirement plans.

• 75% of unpaid, earned wages.

• Some life insurance proceeds, providing the policy restricts use of proceeds to pay creditors.

• Welfare payments.

• Flexible spending account balances.

• Jointly owned business property.

The type of bankruptcy you can file depends on your income. There are two types of personal bankruptcy: Chapter 7 and Chapter 13. In a Chapter 7 bankruptcy, your debts will be discharged and you will no longer owe money to your creditors. In a Chapter 13 bankruptcy, your debt will be restructured, and you will enter into a repayment plan.

You are eligible to file for Chapter 7 bankruptcy if your income falls below the median income in Indiana at the time of filing. If your income is higher than this, you can only file a Chapter 13 bankruptcy. Median income is determined by the household size, as follows:

• One person household: $40,135

• Two person household: $51,104

• Three person household: $59,028

• Four person household: $69,226

Not all debts are eligible to be discharged in bankruptcy. Debts that are not dischargeable include:

• Student loans, except in extreme cases of financial hardship. Generally, student loans are only discharged if the debtor is permanently physically disabled in a way that they have no chance of holding a job in the future.

• Child support payments.

• Cash advances greater than $825, if they were received recently.

• Most overdue tax payments.

Before a person files for bankruptcy in Indiana, they must first complete a counseling course. This is usually a short questionnaire completed online, and will go over the debtor’s income and expenses, as well as the reasons the debtor is considering bankruptcy.

There is a fee for filing for bankruptcy in the state of Indiana: $299 for Chapter 7 and $274 for Chapter 13. This is for one person or a married couple filing a joint bankruptcy. The fee for a bankruptcy lawyer varies, starting around $900, and usually includes the filing fee as the lawyer will handle filing.

There is not a lot on the books for Indiana gun laws. Basically, it is legal to sell or buy, if you are over the age of 18 and have never been convicted of a felony. This applies to rifles, pistols and handguns, however, it is illegal for anyone outside of those with federal licensing to sell, buy or own an automatic weapon.

Gun regulations in Indiana are not strict, but they are executed or enforced. It is illegal to sell to a minor under the age of 18. While carrying a rifle or shotgun is legal; to conceal or carry a handgun without a permit is illegal. There are specific regulations and stringent rules for concealing and carrying handguns. Permits and licensing are difficult to get outside of those in law enforcement.

Moreover, it is also illegal for anyone under the influence of drugs or alcohol to make one. Anyone wishing to purchase a firearm, must undergo a stringent background check. If denied the ability to purchase, the potential buyer is allowed to see the results of this background check.

There are no permits, licensing or registration for anyone over the age of 18 to own a handgun, rifle or shotgun. These may be kept in your own private property. They may be used in defense of your assets. However, lethal force is only acceptable in self defense of one’s lifetime and when there is no means of retreat.

Gun regulation is required by each state government. There are several states that have more strict regulations than Indiana gun laws including California, New York, Iowa and Minnesota. Firearm owners are restricted and subject to the laws within the state they are traveling. If you plan to travel outside of your state while carrying any type of firearm, you should be aware of each state’s regulations before traveling there.