Know When to Declare Bankruptcy When closing a business, you may be left with a collection of debts and no ability to pay them. Though Bankruptcy can be a scary idea, declaring Bankruptcy may be a necessary step. The process is not as difficult as you may think. Is Bankruptcy a Messy Affair? Though a bankruptcy case dealing with the financial…

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Is Pursing Discharged Debt Illegal? The short answer to this question is yes. Pursuing an already discharged debt is against federal law, but there is a lot more that you need to know in case you ever find that your debts discharged through bankruptcy are still being pursued by creditors. Before you take action, contact…

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Make Bankruptcy Better with a Lafayette, IN Bankruptcy Attorney Bankruptcy attorneys receive calls all the time from people who have tried to take the bankruptcy process into their own hands. If you choose to do this, you can find yourself in trouble that could be quite serious. Even the meeting of creditors, a simple meeting with…

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Understanding the Automatic Stay when Filing for Bankruptcy As soon as your bankruptcy case is filed, the automatic stay takes effect. The purpose of the automatic stay is simply to protect you from creditors still trying to collect debts. All bankruptcy cases, including Chapter 7 and Chapter 13, have an automatic stay. As you may have guessed, an automatic stay…

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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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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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Dischargeable Debts when Filing for Bankruptcy The point of filing for bankruptcy is to have as many of your debts as possible discharged, or “written off” so that you, and maybe your spouse or your whole family, can start anew. However, as many bankruptcy attorneys will tell you, not all of your debts can be discharged. The two different types…

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History of Bankruptcy Law Last week we introduced the origin of bankruptcy and the history of how it came to be what it is today. This week we are going to dive deeper into the progression and how bankruptcy laws today have become what they are. When the Constitution was signed in 1787, it empowered Congress to pass uniform…

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American Bankruptcy Law The American bankruptcy laws had their start in England during our colonial history. There have been a significant number of revisions and other changes throughout bankruptcy’s history. Even the Pre-Revolutionary War bankruptcy laws were remarkably different from those of today’s laws. The first bankruptcy law in England was enacted more than 450 years ago during the…

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Bankruptcy and Garnishments, Forclosures & Repossessions Filing for bankruptcy gets immediate protection for you, your paychecks, your home, and all your possessions. This is called an automatic stay. It provides this protection for you and your property whether you file a Chapter 7  straight bankruptcy case or a Chapter 13 adjustment of debts case. Virtually all efforts by any of…

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