Living in New Albany, Indiana

Though New Albany is located in Indiana, it is actually considered a suburb of the Louisville, Kentucky Metropolitan area as it is just 10 minutes away from Louisville’s city center. Seated along the Ohio River, New Albany is home to around 38,000 people and is rated as one of the best places to live in Indiana.

Though New Albany itself doesn’t have a ton of entertainment and nightlife, residents can easily pop over the river to Louisville, where there is plenty to do, eat, drink, and explore. This suburban area also has an excellent public school system and a decent job market with a median household income of around $166,600. It also gets top marks for being one of the top cities to raise a family.

Most residents in New Albany own their homes, with a median home price of around $122,800. But there is a decent amount who rent as well, which is common when near metropolitan areas. The split is approximately 56% owners and 44% renters, with the rent averaging at about $784 per month—which is lower than the national average by nearly $300.

Overall, New Albany is an excellent choice for young professionals as well as those looking to start a family as it has both the quaint suburban feel with quality schools and is also just across the river from a major metropolitan city.

About Bankruptcy in New Albany, Indiana

Despite New Albany being ranked one of the best cities to live in Indiana, with its quality job market and public school system, a significant number of residents in this area struggle to make ends meet. Around 17.5% of people in this city live below the poverty line, which is higher than the national average.

All across the U.S., the bankruptcy rates are alarming. Over the past few decades, there has been a significant increase in bankruptcy cases due to people who are drowning in debt. Across the board, healthcare costs and medical expenses remain the top causes of debt and bankruptcy. Other contributing factors include job loss, credit card debt, divorce, and costs from unexpected circumstances, such as natural disasters.

In New Albany, residents are struggling to keep up for numerous reasons, from housing and car payments to other various monthly living expenses. In many cases, people will find themselves hitting rock bottom before turning to bankruptcy. However, filing for bankruptcy is not something that should be feared or avoided. Bankruptcy is a responsible choice that can help you take back control of your finances so you can rebuild your credit and get back on your feet.

In the U.S., Chapter 7 bankruptcy is the nation’s most popular choice because it quickly liquidates all of your nonexempt property and is usually finalized quickly within a period of 3 to 6 months. Most Chapter 7 cases are what we call “no asset” cases, which means that you keep everything that you have. If you need a fast, fresh start, this might be the right choice if you qualify.

Chapter 13 takes longer at 3 to 5 years, but it may allow you to maintain your good name with your creditors while helping to keeping your home and your most treasured belongings. Homeowners and business owners often choose Chapter 13 for a variety of reasons.

Nationwide and Local Bankruptcy Statistics

NATIONWIDE

Over a period of 12 months, the total number of new bankruptcy filings in the U.S. fell. However, COVID-19 and other factors may have a long-term impact on the U.S. economy, creating medical bills and job loss that could raise the future level of bankruptcy filings.

U.S. Chapter 7 Filings

• 2016: 523,394
• 2017: 488,417
• 2018: 480,933
• 2019: 477,417

U.S. Chapter 13 Filings

• 2016: 302,193
• 2017: 298,348
• 2018: 290,566
• 2019: 288,039

INDIANA:

Indiana’s number of new bankruptcy filings has dropped in recent years, while the number of Chapter 13 filings has risen.

Indiana Chapter 7 Filings

• 2015: 7885
• 2016: 7168
• 2017: 6947
• 2018: 6853
• 2019: 6632

Indiana Chapter 13 Filings

• 2015: 3043
• 2016: 3015
• 2017: 2857
• 2018: 3030
• 2019: 3105

Southern District of Indiana Chapter 7 Filing

• 2017: 8814
• 2018: 8673
• 2019: 8518
• 2020: 6930
• 2021: 5666

Southern District of Indiana Chapter 13 Filing

• 2017: 4673
• 2018: 5064
• 2019: 5302
• 2020: 3202
• 2021: 2854

Floyd County Chapter 7 Filing

New Albany

• 2017: 92
• 2018: 78
• 2019: 83
• 2020: 65
• 2021: 40

Floyd County Chapter 13 Filing

New Albany

• 2017: 154
• 2018: 161
• 2019: 177
• 2020: 133
• 2021: 123

Your New Albany, Indiana Bankruptcy Courthouse Location

If you are a resident of New Albany, you must file for bankruptcy through the United States Bankruptcy Court for Floyd County. Please use the information below:

Street Address:
Lee H. Hamilton Federal Building & United States Courthouse
121 West Spring Street
New Albany, IN  47150

Mailing Address:
United States Bankruptcy Court
110 United States Courthouse
121 West Spring Street
New Albany, IN 47150

Counties Served:

Clark, Crawford, Dearborn, Floyd, Harrison, Jackson, Jefferson, Jennings, Lawrence, Ohio, Orange, Ripley, Scott, Switzerland, and Washington

Phone: (812) 542-4540

Sawin & Shea – New Albany, Indiana Bankruptcy Attorneys

Filing for bankruptcy is not the end. It’s the beginning of a new financial life for you. The New Albany, Indiana bankruptcy attorneys at Sawin & Shea can help you get rid of the overwhelming debt and advise you on life after bankruptcy.  We are here for you during this life-changing process. Please do not hesitate to call us today at 317-759-1483 or send an email for a free consultation. We are ready to help.