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personal bankruptcy Archives

Bankruptcy exemptions under Indiana state law

Any resident of Indiana who is contemplating filing a petition for bankruptcy should be aware of the effect of exemptions from the claims of creditors that are provided under state law. The Indiana legislature has identified certain kinds of assets that cannot be claimed by creditors. While these exemptions apply to all creditor-debtor relationships, they are most effective in an individual bankruptcy proceeding.

Financial challenges and debt a growing problem for adults

Indiana residents will frequently face financial challenges that leave them wondering how they will get on stronger footing. This can happen for a variety of reasons, including job loss, medical debt, overspending, divorce and more. Regardless of why it happened, it is imperative to remember that there are alternatives to find debt relief. Being in financial trouble does not need to dominate a person's life. Understanding that there may be ways to clear the debt - even if that means personal bankruptcy - is a key factor in taking that next step and getting help.

Know the key facts about Chapter 13 bankruptcy

There are many reasons Indiana residents find themselves in difficult financial straits. Whether it is medical expenses, losing a job, overextending on credit or other dramatic life changes, the stress from overwhelming debt and the endless phone calls from creditors can be frightening and worrisome. There are alternatives to eliminate debt and get on better financial footing, but it is wise to understand the details before taking the next step. For homeowners who want to retain their property and stop foreclosure, Chapter 13 bankruptcy might be useful. Knowing the basic details of Chapter 13 bankruptcy is crucial.

Filing for bankruptcy a byproduct of overwhelming student loans

Indiana debtors who have accrued hefty debt do so in many ways. There could be medical expenses, job loss and using credit cards to cover for lost wages, and mistakes in spending. Student loans are a major problem across the nation and, despite these debts generally being ineligible for dismissal or reduction through bankruptcy, that has not stopped people who are dealing with it to file anyway. This might seem to be a useless endeavor as the main idea behind bankruptcy is to clear debt, but it can be a strategic way to free up money to pay down the student loans. A recent study shows just how prevalent Chapter 7 bankruptcy has become for student loan debtors.

Farmers could get debt relief from bankruptcy changes

For Indiana farmers who are negatively impacted by the struggling economy, the term "bankruptcy" might not be viewed as an alternative for them. Most people classify bankruptcy as a step to get out of personal debt through a Chapter 7 liquidation or a Chapter 13 payment plan. Even businesses will use Chapter 11 to reorganize. Farmers are often reluctant to use these chapters. It is important to remember that there is another option for farmers - Chapter 12 - and given the current problems experienced by farmers in the U.S., congress is considering a reform of Chapter 12 to benefit farmers. This can be important to get back on stronger financial ground and save a farm.

After individual bankruptcy, can the discharge be revoked?

Financial challenges can impact people across the spectrum in Indiana. Those who seemingly have great jobs and are financially secure can be hurt by debt just as easily as people who have been caught up in the struggling economy. There can be medical crises, job loss and mistakes made with credit and purchases that contribute to the financial turmoil. One strategy that is perfectly legal and has helped many on the way back to financial health is filing for bankruptcy.

Bankruptcy could solve financial challenges in Indiana

Indiana residents who are confronted with financial challenges can find themselves in that circumstance for many reasons. These include medical debt, job loss, overspending on credit cards, marital problems and more. On top of the bills, creditor harassment is a never-ending cycle of phone calls, letters and messages that can multiply the stress a person's feels and will impact them negatively. Regardless of how a person got into the situation, it is important to know that they are not trapped and there are alternatives to get on stronger financial footing. Bankruptcy is one way to do that.

How can Chapter 13 bankruptcy help Indiana residents?

Financial challenges are nothing new to people in Indiana and across the nation. Given the current state of the economy and the difficult nature of government gridlock, people are increasingly finding themselves in need of assistance to get back on stronger financial ground. Filing for bankruptcy is frequently considered a last resort. People might think bankruptcy is an effort to avoid responsibility and not live up to their debts. However, once they understand that it is a legal strategy to obtain a better financial circumstance moving forward, they realize they can benefit from it. For those who want to stop foreclosure and stop repossession, Chapter 13 is the wisest step.

When will I get a discharge after filing for bankruptcy?

Financial challenges can impact anyone and Indiana residents who are experiencing these problems will frequently be unsure of what they can do to get into a better financial situation. While it might seem as if there is no way out, filing for bankruptcy is a viable and beneficial strategy to discharge a significant portion of debt or to even clear it completely. As with any legal issue, having a lawyer's advice is critical.

The personal bankruptcy discharge and creditor objections

Frankfort residents who are drowning in debt and do not know where to turn should consider the advantages of personal bankruptcy. Before moving forward with the process, however, it is vital to understand certain aspects of it and if it is a viable alternative. For many, there could be a misplaced belief that the filing will automatically result in the debts being discharged. That is not always the case. Creditors can object to the discharge. Knowing the facts about these issues is imperative to a successful filing or finding another way to get out of debt if personal bankruptcy is not possible.

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