Blog: Consumer Bankruptcy In New Jersey
- Will a Bankruptcy Filing Permanently Ruin Your Credit Rating?
Aug 21, 2024
The Short- and Long-Term Impact of a Bankruptcy on Your Ability to Obtain Credit There’s a common misconception that filing for bankruptcy protection will be the death of your credit rating, that you’ll be forced to pay cash for everything for the rest of your life. That’s simply not true. Though the immediate consequences will make it difficult or impossible to secure any type of credit for a period of time, there is life and...Read More - The Section 341 Meeting of Creditors in Bankruptcy
Jul 29, 2024
The Purpose of the Meeting | Preparing for the Meeting When you seek protection in bankruptcy—whether you hope to permanently rid yourself of debt through Chapter 7 or restructure debt under Chapter 13—one of the hearings you must attend is the Section 341(a) meeting of creditors. The meeting is typically conducted by the bankruptcy trustee. Your attorney and counsel for creditors may also appear, though creditors often don’t attend. What Is the Purpose of the...Read More - What Property Can You Keep in a New Jersey Bankruptcy?
Jun 28, 2024
What Are the New Jersey State Exemptions in a Chapter 7 Bankruptcy? As a consumer, when filing for bankruptcy protection, you can seek to reorganize your debt under Chapter 13 or, if you qualify, you can permanently rid yourself of some of your obligations through Chapter 7. If you meet the requirements to discharge your debts under Chapter 7, you’ll also have to relinquish property to be sold by the bankruptcy trustee, with the proceeds...Read More - The Role of the Trustee in a Consumer Bankruptcy
Jun 24, 2024
What Is the Function of the Bankruptcy Trustee in a Chapter 7 or Chapter 13 Petition? When you have decided to seek protection from creditors in bankruptcy, whether you’re hoping to permanently discharge debts under Chapter 7 or make new payment arrangements through Chapter 13, you’ll be working with a bankruptcy trustee at some point. What is a bankruptcy trustee? What are the responsibilities of the trustee? What Is a Bankruptcy Trustee? A bankruptcy trustee...Read More - No-Asset Chapter 7 Bankruptcy in New Jersey
Jun 18, 2024
What Is It? Is It Different from Other Chapter 7 Filings? With limited exceptions, when you are struggling to meet your personal financial obligations, you have two potential paths to use American bankruptcy law to get a fresh start: liquidation or discharge of debt under Chapter 7 or restructuring/reorganization of debt through Chapter 13. Eligibility for Chapter 7, though, is not automatic. You must demonstrate to the court, by submitting to the “means test,” that...Read More - How Does the Means Test Work for Chapter 7 Bankruptcy?
May 2, 2024
How Does the Bankruptcy Court Determine Whether or Not You Qualify? When you’re struggling to meet your financial obligations and have determined that a personal bankruptcy filing is your best chance for a fresh start, you may have a couple of options. If you qualify, you can permanently discharge certain debts in exchange for the relinquishment of unprotected property. This type of filing, known as a Chapter 7 petition, requires that you submit to a...Read More - Do You Still Have to Pay Your Bills When You’ve Filed for Bankruptcy Protection?
Apr 3, 2024
Does the Automatic Stay Mean You Don’t Have to Pay Your Debts? When you file for personal bankruptcy, whether you’re seeking to permanently discharge debts in Chapter 7 or want to set up new payment arrangements through Chapter 13, the automatic stay immediately goes into effect, preventing creditors from calling, writing or taking any other action to collect the debt, other than through the bankruptcy proceeding. Does that mean you don’t have to pay current...Read More - Will a Chapter 7 Bankruptcy Affect Your Retirement Assets?
Feb 21, 2024
Are Funds in a Qualified Plan a Part of Your Bankruptcy Estate? When you qualify to permanently discharge debts through a Chapter 7 bankruptcy petition, you must make some of your assets available to the bankruptcy court, to be used to pay some of your debt to your creditors. In New Jersey, you can claim exemptions for real property, a car and a certain amount of personal property. What about your retirement accounts? Will your...Read More - Mistakes to Avoid When Considering Filing for Bankruptcy
Jan 17, 2024
Common Pitfalls People Make before Seeking Protection Seeking protection through a Chapter 7 or Chapter 13 bankruptcy can help you get a fresh financial start. That’s precisely why lawmakers put these laws in place, so that you won’t be permanently affected by the costs of uninsured medical care, the loss of a job or other circumstances beyond your control. It’s important, though, that you take the right steps, even before you file your petition, so...Read More