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  • Factors to Consider When Contemplating Bankruptcy

    Nov 7, 2020

    Making the Right Decision about Filing for Bankruptcy Protection When you’re struggling to make ends meet, whether you’ve lost your job, incurred substantial medical bills or gone through a divorce, the relief available through a personal bankruptcy filing can be attractive. Before you file, though, you want to consider the following factors, so that you make the right decision about your future: A bankruptcy filing won’t necessarily relieve you of the obligation to pay creditors—There...
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  • 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...
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  • 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...
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  • 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...
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  • Discharging Debt in Chapter 7 Bankruptcy

    Sep 9, 2020

    Which Debts Can Be Discharged and Which Cannot? When you’re considering bankruptcy options, the ability to permanently discharge certain debts in Chapter 7 can be very appealing. To qualify for Chapter 7, you must pass the means test by demonstrating to the bankruptcy court that you lack the resources to repay your creditors over a three-to-five-year period. Assuming you meet the eligibility requirements for Chapter 7, you are still limited as to what you can...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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  • 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...
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