With Chapter 11 bankruptcy, there is one objective in mind: to reorganize debts and assets. Unlike Chapter 7 where assets are liquidated to pay off creditors, Chapter 11 is arguably more forgiving. With Chapter 11, you don’t have to liquidate all of your assets to pay off your debts. You can work with your creditors to restructure payments towards your [...]
If you intend to file for bankruptcy, it helps to know crucial information on what is dischargeable or not. Maybe you are asking if tax debt is dischargeable under Chapter 7 or Chapter 13 bankruptcy. Most tax debts are not dischargeable in bankruptcy. You will still owe them at the end of a Chapter 7 bankruptcy case. And, you will [...]
New Jersey bill A-4292 passed in the state senate in July 2018. It is currently in the hands of the New Jersey Assembly. If this bill becomes a law, it would essentially make it harder for victims of shady car deals to receive triple damages from the car dealer. Not only that, but it would slash attorneys’ fees in auto [...]
How Long Does Filing Chapter 7 Take? With mounting debt and the incessant calls from collectors, you should not delay sorting out your financial troubles. You might even consider filing for Chapter 7 bankruptcy. However, the most important concern for many is the Chapter 7 bankruptcy timeline. A Chapter 7 bankruptcy case typically takes 3-6 months to complete. It is [...]
Do you get harassing phone calls from creditors? Does the phone ring late at night or early in the morning because of overdue bills? Do you know what they are doing is illegal? Laws Protect You There is a law on how collectors can go about doing their jobs, without unnecessarily causing inconvenience or harassment to the debtors. Case in [...]
What is Chapter 11 Bankruptcy? Chapter 11 bankruptcy is most thought of as the commercial bankruptcy option for businesses, sole proprietors and partnerships. And it involves a reorganization of a debtor's business affairs, debts, and assets. While the debts are being restructured, they liquidate assets and restructure payment plans with creditors. Chapter 11 is also available to individuals. However, not [...]
Litigation and mediation are both dispute resolution tools. Two, or more, parties can utilized either when there is a dispute that cannot be resolved amicably. Litigation means that one or more of them have decided to bring a lawsuit in front of a court of law. A judge will decide the outcome of their disagreement. A judge makes a decision [...]
When we think of bankruptcy, we think of certain groups of the population. Most commonly, we think of students, younger individuals, and first-time homeowners. However, there is one segment of the American population that is catching up when it comes to filing for bankruptcy. That group is senior citizens. Every year, more and more senior citizens file for bankruptcy. Growing [...]
Student loan debt is growing exponentially. Many students with student loans may not be able to pay them back when the time comes. Student loan debt alone can force someone into bankruptcy. In addition, it can also easily compound on other debt such that a health crisis or job loss. Hence, sending your entire structure toppling down. It is not [...]
To qualify for a Chapter 7 bankruptcy in New Jersey, you must meet certain eligibility requirements regarding your current income. One of those requirements is the New Jersey means test. In other words, the test takes into account your financial means and income. Those who make too much money may not be able to file for Chapter 7 bankruptcy. Remember [...]
