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Prolonged Unemployment and Bankruptcy in Indiana

Without a job, paying the bills, and staying current can be a difficult task. As of August 21, the U.S. Bureau of Labor Statistics ranks Utah as the state with the lowest unemployment rate at 4.5. The highest unemployment rate was found in Massachusetts at 16.1. The state of Indiana comes in at number 19 with an unemployment rate of 7.8. If you are one of the many people struggling with strained finances and constant calls from bill collectors, you are most likely overwhelmed and stressed. 


The government is working to get additional aid to Americans who are out of work. While the federal financial aid ended in July, the president recently signed an executive order to provide jobless Americans $300 in weekly unemployment benefits. The federal money would be added to the benefits that individuals are already getting through their state. However, when Americans are set to receive the benefits still remain to be seen.


There are currently over 30 million Americans who are being compensated through unemployment benefits. The program established to help small businesses keep their employees has also ended, which may result in an increase in the number of new unemployment applications if layoffs ensue. Also, federal eviction protections have expired. While jobless Americans wait for aid, they may only be receiving a small amount of money every week from state programs. 


Declaring Bankruptcy in Indiana


If you are ready to file for bankruptcy in Indiana, one of the requirements is that you take an approved credit counseling course. You will gain a certificate from your course, and that is part of the documentation you need for your bankruptcy petition. A judge will review it and confirm that the training was completed. Those filing for corporate bankruptcy must use the assistance of a professional Indiana bankruptcy attorney. If you are a resident, you are not required by law to have an attorney help you with your filing, but it is important to understand that the process can be quite complex.


First, there are several forms that you must fill out. For an average case, you may have to work on over 30 different forms. The forms that you fill out will be heavily dependent on the type of bankruptcy you are declaring. Completing the process properly can be a significant challenge, which is why hiring an attorney to help you is highly recommended. For instance, if you want to declare bankruptcy because you are having trouble paying your tax debt, you may not find relief through the bankruptcy process. An attorney will be able to advise you of your options to handle a tax debt matter.


Find a Qualified Indiana Bankruptcy Attorney Today 


When you are facing major financial issues, it is not uncommon to be considering all of your options and what you can do to remedy the situation. Declaring bankruptcy could potentially be on the table depending on your circumstances. 

Christopher L. Arrington, P.C. is an Indiana bankruptcy attorney who can help you with your current financial situation. Call Christopher L. Arrington, P.C. to speak with a resourceful Danville bankruptcy attorney during a free consultation at (317) 745-4494.

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