Blog: Bankruptcy
- Should I File for Business Bankruptcy in NJ? 7 Warning Signs
Jul 17, 2025
Running a business is never easy, especially when financial pressures start mounting. If you’re struggling to keep up with debt payments, supplier invoices, or overhead costs, it may be time to take a hard look at your financial options. For some business owners in New Jersey, filing for business bankruptcy could be a necessary step toward relief and recovery; not a failure. At the Law Offices of Howard N. Sobel, we understand that every business...Read More - Why a Bankruptcy Petition Is a Better Option than Debt Forgiveness
Aug 22, 2022
The Different Tax Implications of Discharge and Debt Forgiveness Let’s face it…there’s a certain stigma associated with filing for protection under the American bankruptcy laws. For that reason, you may think it’s a better idea to work with a debt counselor, someone who will work with your creditors to negotiate some type of forgiveness of your financial obligations. If you have mortgage debt that you can’t pay, you may think it’s best to sell your...Read More - Can You Keep a Tax Refund When You File a Chapter 7 Bankruptcy?
Aug 3, 2022
Are There Ways to Avoid Losing Your Refund to Pay Creditors? You’re facing dire financial circumstances—maybe you’ve lost your job or you’ve been sick or injured. You’ve pretty much decided that the best way forward is through a Chapter 7 bankruptcy, where you can permanently rid yourself of some of your debts. But every penny matters at this point and you have a nice tax refund coming. Can the bankruptcy trustee take your refund, even...Read More - Avoiding Preferential Treatments in Bankruptcy
Jul 5, 2022
The Consequences of Selectively Paying Creditors Immediately before Filing When you’re initially facing financial challenges, it’s common to turn to friends and family for assistance. When it becomes clear that your problems cannot be resolved through any means other than a personal bankruptcy filing, you may be inclined to give priority to those friends and family who tried to help you out, paying them back before you file, so that they don’t have to settle...Read More - What Is a Chapter 7 Bankruptcy?
Jun 8, 2022
What Are the Limitations? What Will Chapter 7 Do for You? You have bills you can’t pay. You may not be working as a result of the pandemic. You may have suffered an unexpected illness or injury. That’s what the bankruptcy laws are there for—to help you get a fresh start when circumstance cause unmanageable financial challenges. When you start investigating bankruptcy as an option, you’ll quickly discover that there are two distinct approaches—a liquidation...Read More - Indications That You May Need a Fresh Start in Bankruptcy
Jun 1, 2022
Signs to Look for to Determine If You Need Bankruptcy Protection If you’re struggling to meet your financial obligations, there may or may not be any comfort in knowing that you’re not alone. Every year, more than 1.5 million Americans use the bankruptcy laws to try to resolve financial challenges. Sometimes, it’s clear that you need to seek protection, but there are other instances where you may be able to turn things around without the...Read More - Protecting Home Equity in a Bankruptcy Proceeding
Dec 4, 2020
Make the Right Decision About Filing for Bankruptcy If you’ve been furloughed or laid off because of the coronavirus pandemic, or fear potential financial challenges as virus numbers resurge, you may worry about keeping a roof over your head. Can you use personal bankruptcy to keep your home? Can you file under Chapter 7 or Chapter 13? How does it work? Choosing the Appropriate Chapter It’s possible to file under either Chapter 7 or Chapter...Read More - Filing for Bankruptcy Without Losing Your Property
Oct 28, 2020
Getting a Fresh Start Without Losing Everything You’ve lost your job because of the pandemic, or you’ve just gone through a divorce. Maybe you suffered an injury or illness and have considerable unreimbursed medical expenses. A personal bankruptcy filing may be appealing, but you can’t afford to lose your property. What are your options? Filing a Chapter 7 Petition For many debtors, a Chapter 7 liquidation is highly attractive, allowing you to permanently discharge certain...Read More - Credit Counseling Prerequisite for Personal Bankruptcy Filing
Oct 15, 2020
Debtors Must Receive Counseling Prior to Bankruptcy Petition If you’re struggling to make ends meet because you’ve lost your job, incurred substantial out-of-pocket medical expenses, or gone through a divorce, you might consider bankruptcy filing as a way to get a fresh start. The daily stress may give you thoughts of contacting an attorney today and getting your petition filed tomorrow, but that’s unlikely to happen. First, your attorney will need to gather all relevant...Read More - Legal Actions Not Affected by Bankruptcy Filing
Sep 15, 2020
Bankruptcy Won’t Stop All Legal Proceedings If you’re struggling to make ends meet, a personal bankruptcy filing can help you get a fresh start. When you file for bankruptcy protection, an automatic stay immediately goes into effect. This stay prevents creditors from harassing you by phone, sending threatening letters, or taking legal action to collect the debt except through bankruptcy proceedings. However, a bankruptcy petition won’t suspend all legal proceedings to which you may be...Read More