Legal Question in Bankruptcy in Indiana

continuing business after filing bankruptcy

It can be done but how it is done depends on a number of factors. First you didn't say if you are single or married and if married if your wife is filing with you and if she is a joint owner of the business. Indiana has opted out of the federal exemptions so you will have to use the Indiana exemptions. Under Indiana law you are entitled to $4,000 worth of personal property that the Bankruptcy court allows you to keep. Double that if married, wife is joint owner and she files with you, although if she is not liable on the debt you are trying to discharge, it is not necessary that she file. If you have more than $4,000 worth of personal under a Chapter 7 Bankruptcy the exess would be sold and divided amoung creditors. However, you could file a Chapter13 and so long as the creditor received as much as they would have recieved under a chapter 7 bankruptcy. Under a Chapter 13 you pay a trustee pursuant to a plan over a period from minimum of 36 months and a maximum of 60 months. I know this may not be all that clear but the point is that it is possible for you to do this.... but you should see an attorney and evaluate your case ... I absolutely do not recommend you try this on your own.