Blog
- 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 - 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...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 - 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...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 - What Is the Process for Filing a Chapter 7 Bankruptcy Petition?
May 22, 2024
What Steps Can You Expect When Seeking to Discharge Debts Permanently? When you’ve lost your job or had an unexpected injury or illness, bankruptcy may be the best way to get a fresh start. If you qualify, you can ask the bankruptcy court to permanently discharge certain debts in exchange for the relinquishment of some of your property. If you are eligible for liquidation of debt under Chapter 7, here’s what you can expect to...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 Filing for Bankruptcy Protection Permanently Affect Your Credit?
Apr 3, 2024
How Long Will a Bankruptcy Affect Your Credit? Will It Ever Drop Off Your Credit Report? For many, one of the biggest fears associated with bankruptcy is the perception that it will permanently destroy your credit, that you’ll never be able to get a loan or credit card again. Is there any truth to that concern? What happens to your credit when you file a Chapter 7 or Chapter 13? Will the bankruptcy ever disappear...Read More