Debtors get protection from persistent debt collection efforts when they file for bankruptcy under Chapters 7, 11, or 13. These types of bankruptcy trigger “automatic stay”, an injunction that halts all debt collection activities. With an automatic stay in place, creditors and collection agencies must immediately stop all collection efforts. When you file for bankruptcy, you are spared from the [...]
An emergency bankruptcy filing, which is also referred to as a “skeletal petition,” offers you many of the same protections as other bankruptcies but in an expedited manner. Reasons for an emergency bankruptcy filing include to avoid a vehicle repossession, eviction, sheriff's sale or foreclosure judgment, wage garnishments or bank levy, and other adverse circumstances. Usually, once you file a [...]
If you want a solution for your financial problems that won’t cost you everything you own, you may choose to file for bankruptcy under a bankruptcy chapter that allows you to hold on to certain assets through exemptions. The most common personal bankruptcy chapters are 7 and 13; both allow filers to exempt some assets from bankruptcy proceedings. Exempt assets [...]
While bankruptcy cases all share certain similarities, there are different types of bankruptcy, and each bankruptcy case should be evaluated individually when considering the need to hire a bankruptcy attorney. Usually, the legal services of a bankruptcy lawyer are not a requirement in filing for bankruptcy. However, there are particular cases when taking that route is necessary. For instance, it’s [...]
When dealing with debt collectors, nothing makes your heart sink faster than a phone call from an unrecognized 800 number. Collectors and creditors can be extremely aggressive when trying to secure late payments. However, before you assert your rights and control your situation, it’s important to know who you’re dealing with. Who Is Your Initial Lender? A creditor is anyone [...]
It may temporarily put a mark on your credit report, but the bankruptcy process also offers you a fresh start. If you’re besieged with financial problems leaving you unable to pay your debts, filing for bankruptcy could very well be the solution. To avoid any misstep, get some legal advice on your potential bankruptcy case right away. Which Bankruptcy Chapter [...]
In New Jersey, what is an involuntary bankruptcy? There is a provision in the bankruptcy code allowing a creditor to file bankruptcy for a debtor. This is a rare occurrence, but it can be done. Debtors have to deal with debt collection efforts and figuring out debt settlement solutions. They may also have to consider the possibility of having one [...]
The bankruptcy process begins with a petition for relief. The petition for relief is also known as a bankruptcy petition. This is your official request to the court to have your debts discharged. Arguably the most important document in the entire process, a bankruptcy attorney can ensure that your petition is accurate. Equally important, the petition must be filed correctly. [...]
Your credit scores may be low due to bankruptcy, years of bad spending habits, or accounts in default. You can start taking steps today to repair your credit and improve your financial health. The first thing is to gain an understanding of credit repair. Start With Copies of Your Credit Reports Before you can start working on your credit, you [...]
The bankruptcy code boasts different bankruptcy chapters. The most common for personal bankruptcy are Chapter 7 and Chapter 13. A debtor who files under Chapter 7 is usually after a quicker bankruptcy discharge. Those who file for bankruptcy under Chapter 13, however, have its distinct benefits in mind. Knowing when to file for Chapter 13 bankruptcy is important. When Is [...]
