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Archive for September 2015

Debts from a Closed Business: The Next Step

Can You File Bankruptcy Under Chapter 7? If your business has closed and you are contemplating filing bankruptcy, it is likely you would rather file under Chapter 7than Chapter 13. A Chapter 13 merely adjusts debts, while a Chapter 7 can clear things up at a faster pace. After working hard to keep your business running, it is…

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Cars and Bankruptcy: The Basics

Bankruptcy Trustees and Equity Beyond Exemption When you file a Chapter 7 case, the bankruptcy trustee may care about your vehicle and the equity you have in it. Equity is the value of the vehicle over how much you owe. If this amount is greater than what would be covered by the vehicle exemption, the bankruptcy trustee may have…

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Choosing the Better Bankruptcy for You and Your Home

To momentarily (but not permanently) stop a foreclosure of your Indiana home, both kinds of consumer bankruptcy will do the job. The task is to find which type of bankruptcy will be better for you in the long-term. The Condensed Answer for Foreclosure in Indiana Before you file bankruptcy, you first need to examine the situation that…

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Short Sales as the Best Alternative: The Pros and Cons

Pro: You can avoid foreclosure. Short sales do more than just help you leave a Lafayette, Indiana house you can no longer financially handle.  An effective short sale allows you to prevent foreclosure on your credit record. While that is a positive objective, short sales do not exactly look good on your credit record. A creditor is still…

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