Blog: Bankruptcy
- How to Be Certain Bankruptcy Is the Right Option
Aug 21, 2020
What Bankruptcy Can and Cannot Do for You If you’re one of the millions of Americans struggling financially because of the pandemic, you may be considering bankruptcy. There’s a common misunderstanding, though, that filing for bankruptcy will allow you to wipe out all your debt and start over again. While bankruptcy offers many benefits and can be instrumental in getting you back on solid footing, there are some limitations. Chapter 7 Liquidation Proceedings If you...Read More - Personal Bankruptcy Filings—When the Automatic Stay Doesn’t Apply
Aug 7, 2020
Legal Proceedings That Are Not Suspended by Bankruptcy Filing One of the most attractive features of American bankruptcy law is the automatic stay, which goes into effect immediately upon filing your petition. The stay temporarily suspends all legal proceedings to collect debt and prevents your creditors from harassing you with collection calls or letters. The stay does not, however, apply to all legal proceedings, even some related to your finances. The Automatic Stay Won’t Affect...Read More - Exempting Property from Chapter 7 Bankruptcy in New Jersey
Jul 28, 2020
What You Can Keep and Still Permanently Discharge Debts When you file for bankruptcy protection under Chapter 7, you can permanently rid yourself of certain debts, but there’s a tradeoff—you must relinquish some of your assets to the bankruptcy court. Those assets are then sold, with the proceeds being used to pay your creditors. You are entitled, however, to claim certain property as exempt and not subject to sale through the bankruptcy proceeding. There are...Read More - Personal Bankruptcy Filings—Can You Keep Your Property?
Jul 24, 2020
What Can You Keep If You File Under Chapter 7 or Chapter 13? You may have lost your job because of the COVID-19 pandemic, or other life events—divorce or personal injury, for instance—may be making it difficult to meet your financial obligations. You might be considering bankruptcy to get a fresh start and relief from creditors but fear that you’ll lose everything you’ve worked so hard to get. Can you file for bankruptcy without losing...Read More - Personal Bankruptcy—The Benefits of the Automatic Stay
Jul 10, 2020
Getting Relief from Creditor Harassment When you’re struggling to make ends meet due to job loss, medical bills, or other reason, it can be hard to deal with the incessant calls and letters from creditors. You can get a pit in your stomach every time the phone rings or the mail is delivered. When you file for personal bankruptcy protection, the “automatic stay” gives you temporary relief from calls, letters, and other attempts by creditors...Read More - Bankruptcy Options for Your Business
Jun 2, 2020
Using Bankruptcy Laws to Protect Your Business Interests After the COVID-19 Pandemic Small businesses are taking a huge hit because of the COVID-19 pandemic, with an estimated 7.5 million family and small enterprises at risk of closure. American bankruptcy laws were enacted precisely for times like these, when honest, hardworking people face unanticipated financial challenges. You can use bankruptcy to minimize the impact of shutting down a business or to buy some time to get...Read More - When the Automatic Stay in Bankruptcy Does Not Apply
Jan 31, 2020
The Limits of Your Legal Protection in Bankruptcy One of the most attractive features of American bankruptcy law is the “automatic stay” that goes into effect immediately upon filing of a bankruptcy petition. It generally prohibits creditors from calling, writing, filing legal action, or otherwise attempting to collect a debt except through the bankruptcy process. But the automatic stay does not apply to all legal actions—only those to collect a debt. Legal Matters Not Affected...Read More - Preferences in Bankruptcy
Jan 8, 2020
What Is a Preference? Will It Have an Impact on Your Filing? One of the most significant benefits of American bankruptcy law in the automatic stay, which goes into effect immediately and prohibits creditors from taking any action to collect a debt outside of the bankruptcy proceeding. The bankruptcy court, however, is concerned with more than where you’re headed. There’s also a “look back” period, where the court will review any payments or transfers of...Read More - The Treatment of Recent Payments in a Bankruptcy Proceeding
Dec 12, 2019
What is a Preference? How Will It Affect Your Bankruptcy Filing? Sometimes you have a pretty clear sense that you’re heading toward bankruptcy, and sometimes you don’t. You may be working hard to get all your vendors paid but unable to get over the hump without the protection of American bankruptcy laws. When you file for bankruptcy, the court and trustee will look carefully not only at your assets but also any disbursements made in...Read More - Cramdowns in Chapter 13 Bankruptcy Filings
Dec 5, 2019
What Is a Cramdown? How Do You Qualify? When you need protection under American bankruptcy laws but don’t qualify to discharge debts under Chapter 7, you still can secure significant benefits with a Chapter 13 reorganization. In addition to obtaining the protection of the automatic stay, which prohibits creditors from calling, writing, or taking any legal action to collect the debt, you also can employ what is known as a “cramdown.” What Is a Cramdown?...Read More