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It is never fun when a person has to file for bankruptcy, but sometimes an individual is faced with no other options and in the end it can provide some financial relief. However, when you file, you will need to be prepared to answer some personal questions about your finances. You will also have to decide whether you want to continue dealing with your creditors. Understanding bankruptcy laws will help you figure out if filing
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If you are considering filing for bankruptcy, there is some Chapter 13 bankruptcy information that you should know so you can make an informed decision before you file. Chapter 13 is also known as debt repayment bankruptcy. Chapter 7 bankruptcy eliminates debt and Chapter 13 allows the debtor to make payments to a court approved trustee over a period of time not extending five years. It is during this time period the debtor pays off
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Even if you have recently found yourself in bankruptcy court because of past financial issues, this does not mean that you cannot purchase a vehicle. There are several ways to get auto loans after bankruptcy. Lenders approve auto loans frequently to individuals who have filed for bankruptcy. However, its important for consumers to know that the interest rate on this type of loan can be extremely high. The best way to purchase a vehicle after
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If your small business is struggling financially and you are considering filing for bankruptcy, there are several options that you may want to consider. There are a few types of bankruptcy that may be beneficial to small business owners. However, the type of bankruptcy commonly referred to as “business bankruptcy” may not be the best option for small businesses. Many business owners who are sole proprietors often choose to file a personal bankruptcy and add
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Unfortunately, if you are not up to date with your car payments, the lender has every right to repossess the vehicle at any time without giving you notice. However, if you file for bankruptcy, the repossession may cease and you may even have the opportunity to get your vehicle back. Once you learn more about the different types of bankruptcy, you will have a better understanding of how the combination of repossession and bankruptcy is