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Chapter 7

Chapter 7 Bankruptcy Can Help You Keep Your Home

Chapter 7 bankruptcy

  Depending on your situation, there are advantages of Chapter 7 bankruptcy and Chapter 13. Let’s explore the differences between them and how Chapter 7 could help you keep your home. Remember: The Law Offices of Brad Woolley provide bankruptcy attorneys for those who wish to file in bankruptcy in Lafayette, IN. Chapter 13 Bankruptcy…

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Cars and Cramdowns in Lafayette, IN

cramdown car payment

Cramdown your debt with Chapter 13 Do you know when your vehicle loan qualifies for a cramdown? Let’s start with what precisely a “cramdown” is. While this term cannot be found in the federal Bankruptcy Code, it is still a relevant term. It’s a procedure under Chapter 13 bankruptcy law for legally rewriting the loan. Why would…

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Exceptions to the Automatic Stay

Automatic stay bankruptcy option

There are so many new terms for you to learn if you want to understand the in’s and out’s of bankruptcy. So what’s the “automatic stay?” This means that creditors have to stop trying to collect the debts that you owe as soon as you file bankruptcy. However, there are some special exceptions to this…

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Your Business Debts Can Become Your Debts

business debts and bankruptcy

Why Creditor Challenges Occur After You Close Your Business In the case of a business closing due to bankruptcy, the sum of debt owed is usually more substantial than when an average person files bankruptcy. Therefore, challenging is much more attractive to the creditor. Usually, with business, the debtor-creditor relationships are more intimate. When the company fails,…

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Why would you do a short sale of your home?

Short Sale Home foreclosure

Why Would You Choose to Short Sale Your Home? 1. Can’t Afford Your Home If your income has decreased or your mortgage payments have increased and you, therefore, can’t keep making your payments, you may want to downsize. You most likely want to rent. If your home is worth less than your mortgage balances, you…

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Why We Need to Know Where You Have Lived the Last Two Years

Why We Need to Know Where You Have Lived the Last Two Years Depending on where you lived two years ago, the bankruptcy laws vary by state and can therefore affect how much of your property will be protected. Even though bankruptcy is a federal procedure, the laws change, state to state, on what you will be able to…

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Bankruptcy as a Tool for Your Business to Succeed

Bankruptcy as a Tool for Your Business to Succeed Let’s think back to General Motors: 2009 vs. 2013. General Motors filed for bankruptcy in 2009, and it was insolvent. General Motors owed about $173 billion and had assets of about $82 billion. They were unable to pay its bills when they were due. Because of bankruptcy, the business…

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To Catch a Creditor: Is Pursuing Discharged Debt Illegal?

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 an Attorney

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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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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