Bankruptcy and Divorce - Survival Strategies In New Jersey, Bankruptcy and Divorce are both common and scary words. At Lucid Law we see many clients who are either in the process of or have recently completed a divorce. Divorces are emotionally draining and, in New Jersey, they can be very financially draining as well. Our "Bankruptcy and Divorce [...]
Being challenged in life is inevitable, being defeated is optional. – Roger Crawford What is an individual Chapter 11? As someone with an unmanageable debt, you need solid answers about how to get free from your burden. Most people who need bankruptcy turn to either Chapter 7 or Chapter 13. But what if you have too much income to qualify for [...]
You build on failure. You use it as a stepping stone. Close the door on the past. You don't try to forget the mistakes, but you don't dwell on it. You don't let it have any of your energy, or any of your time, or any of your space. –Johnny Cash It is hard to imagine that you’d end up [...]
"Don't Reclaim! Get Paid on Your 20 Day Claim!" Have a claim for goods sold to a debtor just before bankruptcy was filed? This article may interest you! Often business people are aware that they can file a motion to reclaim goods that were shipped to a debtor shortly before the debtor filed a chapter 7 or a chapter 11 [...]
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I was recently invited to speak to a group of businesswomen in Hunterdon County - Bankruptcy and Beyond. The presentation addressed some important FAQ's about consumer bankruptcy cases. Questions like: Do I qualify? What will happen to my credit? Can't I just negotiate with my creditors instead of filing for bankruptcy? The complete power point is attached. It is a [...]
St Michael's Medical Center filed a chapter 11 case in Newark, New Jersey on August 10, 2015. A sale of substantially all of St Michael's assets to the "highest and best" bidder, is scheduled for November 5, 2015. Currently, the best bid on the table is a $49m bid from California based Prime Healthcare. But those involved in NJ healthcare [...]
Recent Supreme Court decision, Ransom v FIA Card Services, reminds consumer debtors and their attorneys to watch how they calculate their deductions for the "means test"! A debtor in bankruptcy who owns a vehicle and does not have a loan or lease payments may not deduct the expense of having that vehicle for purposes of calculating eligibility for a chapter 7 bankruptcy or [...]
Prospective Client Question: If one's income is more than the means test in NJ, can they still file a chapter 7? Debt is substantial (many times my income) and includes debt that is non-dischargeable. Do own home but am way behind in payments. Answer: The short answer is: maybe. There is a complex form used to determine if you have [...]
When I discuss Chapter 13 plans with my clients I know that it is important to be realistic. After all, five years is a long time. You file your petition and receive a confirmation of your plan. Meanwhile, life continues with all of its ups and downs. Your car might break down, you may find yourself with medical bills you [...]
