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Is an Oral Business Contract Enforceable in New Jersey

Sep 30, 2024

Can You Enter a Binding Agreement Without Putting It in Writing? Under the laws of New Jersey, there are five requirements for a binding and enforceable contract: An agreement by at least two parties—In legal terms, there must be an offer and an acceptance of that offer. Consideration—This legal term means that each party to the agreement must either give something of value or promise to refrain from doing something they have a legal right...

Choosing the Right Legal Structure for Your New Jersey Business

Sep 27, 2024

Factors to Consider When Setting Up a New Business You’ve decided you want to be your own boss. You have a plan for how to obtain financing, and you have a strong sense of your market and how to reach potential customers. One of the first things you’ll need to consider, though, is what legal form your business will take. Will you operate as a sole proprietorship, a partnership, a corporation, or a limited liability...

Can You Use Chapter 7 to Permanently Rid Yourself of Medical Debt?

Aug 30, 2024

Getting a Fresh Start When You’re Overwhelmed by Medical Bills You’ve been sick or gotten hurt in an accident, and you’ve needed extensive medical care, some of it unreimbursed by insurance. As a result, you’ve run up substantial medical bills, which you simply can’t pay while also meeting the costs of your basic needs. You may even be unable to work because of your health issues. Every time the phone rings, you get a pit...

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...

Choosing to File a Chapter 13 Bankruptcy Petition

Jul 31, 2024

When Might You Want to Reorganize Debt Even Though You Qualify for Discharge Under Chapter 7? As a consumer, you have two general options when filing for bankruptcy protection. If you qualify, you can seek to permanently discharge your debts in a Chapter 7 proceeding. If not, your only option is to restructure or reorganize your debt through Chapter 13. If you meet the test for Chapter 7, should you automatically go that route? Are...

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...

Happy 4th of July 2024

Jul 4, 2024

On this Independence Day, let us all aspire to those principles that make our nation great—freedom, liberty, and justice for all. We wish you a safe and happy holiday with loved ones...

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...

Common Mistakes to Avoid When Filing for Bankruptcy

Jun 26, 2024

Doing These Things Can Jeopardize Your Rights You’ve been struggling to keep your head above water financially, and you’ve finally concluded that your best path for moving forward is through a personal bankruptcy filing. It’s a difficult decision, but one that can help you get the relief you need and give you a fresh start. You need to be careful, though, that you don’t do certain things that might get you in trouble with the...

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...