If you’re reading this Bankruptcy in Indiana article on a computer, you’re part of a challenge the court system is facing. Since the new bankruptcy laws of Indiana aim to be fair to all parties – debtors and creditors alike, that means all the facts about the situation need to be known to all the parties.
Over the more than 25 years I’ve served as a debt consolidation lawyer offering bankruptcy services in Indiana, the one aspect that’s changed the most has to do with geting that information out. Say someone files bankruptcy Chapter 7 in Indiana, or files personal bankruptcy using Chapter 13 bankruptcy law. And say the client has come to one of the four Zuckerberg bankruptcy law offices asking for Indiana bankruptcy help.
A lot of planning then ensues, a lot of gathering information. There’s a credit counseling process the debtor goes through. But, all this time, the creditors don’t yet know about any of the goings-on. They will be notified by the bankruptcy court, but only after a petition has been filed.
And, while the debtor will have listed all his or her creditors on the bankruptcy paperwork, the question still arises – just how will those creditors (plus any others that may have been inadvertently left off the list) be told that someone who owes them money has filed either personal bankruptcy in Indiana or small business bankruptcy in Indiana?
Used to be that the notice of advertisement would simply be placed in the local and/or the national newspaper. But, with daily newspaper circulation down more than 30% in recent years, that’s no longer enough. “This consumer shift to online media makes it imperative….to design a notice program that includes both print and Internet advertising,” explains the American Bankruptcy Institute Journal.
In cases of individual bankruptcy in Indiana, national newspaper notices would be less important than in cases of large corporate bankruptcy, of course. Direct mailings to the list of creditors would go out from the court, in addition to notices in local newspapers, both hard copy and websites. Even though, of the tens of thousands of cases in which I’ve been the attorney offering Indiana bankruptcy services, creditors rarely show up for the Creditors’ Meeting, they still need to be “invited”.
Anything else just wouldn’t be fair, and, after all, fairness to all the parties involved is what Indiana bankruptcy is all about!
Categorised in: Bankruptcy Indiana
This post was written by Mark Zuckerberg