When I meet with potential clients for the first time, I feel their apprehension about filing for bankruptcy. Often times, they fear the stigma of bankruptcy. They feel like they have failed themselves and their families. They are worried what other family members, friends, neighbors and employers will think about them. I spend a lot of time explaining the process, [...]
I am receiving many phone calls from clients and potential clients. They are asking - Should I take a mortgage deferment during COVID-19? It is great that many lenders are working with their customers during these times. However, before deciding to take COVID-19 relief from your lender, know exactly the details of the deal. The key word in the question [...]
What if I have no assets? Are you considering bankruptcy? Refer to the bankruptcy code to find out which of the different types of bankruptcy you should file. For personal bankruptcy, the bankruptcy chapters you should pay attention to are either 7 or 13. 7 is the bankruptcy chapter involving liquidation while 13 is all about debt reorganization. A Chapter [...]
You’ve probably heard credit card companies claim that people go bankrupt because they can’t control their spending. However, the fact is that you don’t have to misuse your credit cards to go into bankruptcy. People many times in the past have filed for bankruptcy with bankruptcy courts for reasons other than overspending. This blog will discuss New Jersey bankruptcy basics. [...]
Are you after the bankruptcy protection that filers get when they petition for bankruptcy? If you’re a debtor in financial distress and you think that the automatic stay bankruptcies put in place will give you enough time to work out your financial problems without being hounded by the persistent debt collection efforts of your creditors and other collection agencies, a [...]
Financial distress can drive people to seek bankruptcy protection. Bankrupt debtors can relax when the automatic stay takes effect after they file for bankruptcy. The declaration of bankruptcy is often considered the last resort, but it’s a solution for getting out of debt. For assistance on how to file bankruptcy correctly, it’s best to engage the services of a bankruptcy [...]
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 [...]
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. [...]
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 [...]
