Blog: Personal Bankruptcy
- Choosing between the Federal and State Bankruptcy Exemptions
May 15, 2023
Making the Right Decision in a New Jersey Chapter 7 Bankruptcy Filing When you qualify to file for protection under Chapter 7 of the American bankruptcy laws, you’ll have the right to permanently rid yourself of many of your debts. In exchange, though, you’ll be required to relinquish some of your assets to the bankruptcy court. The court will then sell those assets and distribute the proceeds to your creditors. Under both state and federal...Read More - The Advantages of Filing a Chapter 13 Bankruptcy
May 15, 2023
How a Debtor’s Reorganization Can Help You Get a Fresh Start You’re struggling to make ends meet and have been considering filing for bankruptcy protection. You’ll generally have a couple of options—the discharge of debt through a Chapter 7 filing and the restructuring of your obligations under Chapter 13. Why would you choose a Chapter 13 petition over Chapter 7? What benefits are available under Chapter 13? Keeping Your Property The most compelling reason for...Read More - Property that Can Be Protected in a Chapter 7 Bankruptcy
Apr 15, 2023
Minimizing the Loss of Property in a New Jersey Liquidation Proceeding When you file for protection under Chapter 7 of the bankruptcy laws, you have the right to permanently discharge certain debts, so that you’ll never have to make payments on them again. In exchange for that benefit, the law requires that you transfer some of your assets to the bankruptcy court, to be sold to provide some compensation to your creditors. You won’t have...Read More - Debts that Are Difficult to Extinguish in a Bankruptcy Filing
Apr 5, 2023
Making Certain You Get the Maximum Benefit from a Bankruptcy Petition You’re struggling to meet your financial obligations, whether because of the loss of a job, an unexpected illness or other personal crisis. When you compare your two primary options—Chapter 7 and Chapter 13—the ability to permanently discharge debts in Chapter 7 can be very appealing. It’s important to understand, though, that some debts cannot be discharged under any circumstances, while others may only be...Read More - Dispelling the Myths Surrounding Bankruptcy
Mar 12, 2023
Debunking the False Information about Your Rights under Chapter 7 and 13 You’ve lost your job or you’ve been hurt and can’t work. You’re falling further behind in virtually every financial obligation and there are no realistic prospects for a change of fortune. You’ve been considering seeking protection under the American bankruptcy laws, but you’ve been scared off by a lot of the things others are telling you— That you’ll be left with nothing That...Read More - What is the Automatic Stay in Bankruptcy?
Mar 3, 2023
How Does It Protect You? When Does It Go Into Effect? What Happens If It Is Violated? When you’re struggling to meet your financial obligations, whether as a result of an injury or illness, the loss of a job, or a divorce, one of the most difficult challenges you’ll face is the virtual barrage of phone calls, letters, emails, text messages and other communications from creditors. You can find it difficult to go to the...Read More - When You Might File for Chapter 13 Reorganization
Feb 3, 2023
The Reasons for Choosing Chapter 13 Over Chapter 7 If you’re struggling to make ends meet and have concluded that your best way forward is through the filing of a personal bankruptcy petition, a Chapter 7 may seem like the best choice. After all, with a Chapter 7 petition, you can permanently rid yourself of any obligation to repay a debt. There are, however, situations where you may be forced to choose a Chapter 13...Read More - Chapter 7 Bankruptcy Petitions
Feb 2, 2023
What Is a Chapter 7 Filing? What Restrictions Apply to Chapter 7? Life has thrown you a curve. Maybe you’ve been hurt in an accident or you’re suffering from a serious illness, making it difficult or impossible for you to work. Maybe the effects of the pandemic have finally hit your employer and you’ve lost your job. Maybe your marriage has fallen apart and you’re facing the prospects of divorce. A personal bankruptcy filing can...Read More - Get a Fresh Financial Start in 2023
Jan 23, 2023
The Benefits of Filing for Personal Bankruptcy Protection If you’re like many Americans, you started 2023 with financial concerns. Maybe you lost you job last year or maybe you suffered a serious injury or illness. Regardless of the reason, you’ve been struggling to make ends meet, and can’t quite get there. You’ve considered filing for bankruptcy protection, but you’re worried what it might do to your credit, and you feel like it’s a concession of...Read More - Taking the Right Steps in Preparation for Bankruptcy
Dec 15, 2022
Things You Do and Don’t Want to Do before Filing for Protection There’s an erroneous perception that bankruptcy is a bad thing, that it’s a sign of failure or irresponsibility, that it’s going to ruin you financially for the rest of your life. Those sentiments typically come from people who’ve never had an unexpected injury or illness, never lost a job or never gone through a divorce. The reality—the bankruptcy laws were enacted to give...Read More