When filing for Chapter 7 Bankruptcy, the goal for most people is debt or loan forgiveness. You have accumulated a lot of debt, and due to some unforeseen reason, you are no longer able to pay your debts. There are several reasons that people become unable to pay their debts such as divorce, illness, hospital … Continue reading What is Non-Dischargeable Debt: Chapter 7 Bankruptcy
There are many reasons why people can get behind with their creditors. People struggle with paying their bills because of things like mismanagement of funds and overextending themselves. However, others can get behind on their payments because of life events like divorce, a death of a loved one, medical bills, and an employer’s business going … Continue reading Chapter 7 Bankruptcy: Creditors Calling You at Work
For the second year in a row, New Jersey had the highest rate of foreclosures in the United States last year. According to a report published at nj.com, New Jersey’s average foreclosure rate was 1.86 percent in 2016, while the national rate was .70 percent, a 10-year low. Fortunately for homeowners who have fallen behind … Continue reading Foreclosure Rates Rising in NJ, Can Bankruptcy Help?
The term “bankruptcy” gets thrown around a lot and often by people who do not fully understand the bankruptcy process. Bankruptcy is a complex legal tool that can have both benefits and drawbacks for filers. Before you decide to file for bankruptcy, you should review any and all questions and concerns you may have with … Continue reading Most Common Misconceptions About Bankruptcy
One of the lesser known aspects of chapters 7 and 11 bankruptcy proceedings is the idea of an involuntary bankruptcy, one that creditors bring against a debtor themselves. Let’s take a closer look at some of the nuts and bolts of involuntary bankruptcy. Why they happen. There are several reasons why a creditor could choose … Continue reading Involuntary Bankruptcy Explained
Personal injuries can result in significant medical expenses, which often can cause financial strain. If another party caused your injuries, you may file a legal claim against that party for personal injury liability. If you prevail, you may be able to recover compensation for your medical bills, lost income, bodily injury, pain and suffering, and … Continue reading Bankruptcy and Personal Injury Claims
One common collection method is for a creditor to file a lawsuit against you in order to obtain a judgment from the court ordering you to pay a debt. If a creditor files a legal claim against you to collect a debt, you then have an opportunity to respond to the company’s claims. This response … Continue reading What is Excusable Neglect?
You may be tempted to associate bankruptcy with people or businesses that have made irresponsible financial decisions. However, insolvency can occur for a variety of reasons. For example, a family member may become injured or ill and incur hundreds of thousands of dollars in medical bills. This family did not fall into debt through any … Continue reading Atlantic City Averting Bankruptcy
If you have gotten into debt and are considering bankruptcy, you may be concerned about protecting your assets. Chapter 7 bankruptcy, often ominously referred to as a “liquidation bankruptcy,” sometimes does involve the seizure and sale of a person’s assets in order to satisfy debts. In some instances, the desire to save personal or real … Continue reading Bankruptcy and Fraudulent Transfers
Many people who live in Bergen County and the surrounding areas need a car on a daily basis. If you are one of these people and have fallen behind on your financial obligations, you may be hesitant to file for bankruptcy because of the way it may affect your ability to get a car loan. … Continue reading Auto Loans and Bankruptcy
When people start having financial problems, they often believe that they can handle them without professional help. Rather than filing for bankruptcy, which many equate with financial ruin, many people turn to debt consolidation companies that offer to negotiate with your creditors on your behalf and lower the amount of your monthly payments. It is … Continue reading Bankruptcy vs. Debt Consolidation
Filing for bankruptcy can be an intimidating proposition, especially when you don’t have a high income. Eligibility for Chapter 7 bankruptcy is assessed through the means test, and uses your amount of disposable income to qualify. Using the Means Test: There are several ways that your ‘means’, or amount of disposable income can be tested … Continue reading Filing for Chapter 7 Bankruptcy