When you file for bankruptcy, the court imposes an automatic stay. This part of bankruptcy law protects consumers from collection attempts while they go through the bankruptcy process. It also applies to the vast majority of creditors. As soon as an individual files for bankruptcy, the automatic stay goes into effect. It prevents individual creditors and companies from continuing collection [...]
Do not beat yourself up thinking of how to make ends meet in the midst of mounting medical bills. You are not alone. Personal bankruptcy is largely driven by unexpected causes, like medical debt. Monstrous medical bills are the biggest driver of personal bankruptcies in the US. In fact, an American Journal of Public Health study found 66.5% of all [...]
Through Chapter 13 bankruptcy, a debtor’s obligations aren’t fully discharged. Rather, they are restructured to allow creditors to get some of the money they are owed. Meanwhile, debtors benefit from a more realistic payment schedule. A "cramdown" is one way to reduce payments in a Chapter 13 bankruptcy. The cramdown is a way to reduce the principal balance or interest [...]
Debt is nearly unavoidable in today’s world. For some, medical debt, credit cards, personal loans, and other obligations become a burden that leaves them unable to care for their families. Chapter 7 may be an option to people in this situation. If debt is one of your largest stressors, this introduction to Chapter 7 bankruptcy may be helpful to you. [...]
Bankruptcy law is confusing to the novice. The purpose of this blog is to explain the differences between bankruptcy dismissal and bankruptcy discharge. More often than not, a bankruptcy filing signifies that you are in financial trouble. You want and expect to get a fresh start by having your debt discharged or wiped out. Usually, a discharge stops any collection [...]
If you have decided that bankruptcy is the right choice for you, you may be worried about your family home. Even if you can’t afford the payments on your other debt, you may be able to keep your home. How is that possible? Clients can participate in the New Jersey Bankruptcy Court’s Loss Mitigation Program as a way to save [...]
For some, Universal Based Income sounds like a great plan. For others, it just doesn't make sense. After a lot of research, I would say it is not a bad idea. Based on data, as a country, the United States (US) would thrive. Alaska and New York have shown through actual implementation and/or experimentation that UBI can work. Other countries [...]
President Trump has proposed to increase the budget in certain areas. Such as, increases for the Departments of Defense, Commerce, Homeland Security and Veteran Affairs. We can agree that these increases are necessary. But at what cost? Other areas that should have at least remained the same have suffered a great loss. Loan forgiveness is one of those areas. Public [...]
When filing for bankruptcy, whether it is Chapter 7 or Chapter 13, you need to comply with specific requirements. Unable to do so will result to bankruptcy court dismissing your case with or without prejudice. A bankruptcy case dismissal without prejudice means the reason for non-compliance is lapse in procedures. Therefore, it is critical that you work with a bankruptcy [...]
Chapter 13 may be a viable option for you if you do not meet the requirements for Chapter 7 bankruptcy. Chapter 13 is also an option if there are certain assets you want to protect from bankruptcy. This blog will offer a brief guide to Chapter 13 bankruptcy. If Chapter 7 Bankruptcy Is Not an Option In many cases, debtors [...]
