Chapter 11 Bankruptcy is a court provision that affords you a temporary stay against creditor collection activities, allowing you time to reorganize and negotiate for repayment of your debt without losing profitability. The following section-by-section summary outlines the different sections when filling out a Notice of Chapter 11 Bankruptcy (For Individuals and Joint Debtors)—also known as Official Form 309E, also [...]
You’ve decided to handle your debt through Chapter 11 individual bankruptcy. You’ve met with a credit counselor, filed your petition, submitted your monthly operating reports and have had your Section 341 meeting. Now what else do you need to do? The New Jersey Bankruptcy Court’s website provides an excellent breakdown of the basics of the Chapter 11 process. However, this [...]
After you’ve determined that filing Chapter 11 bankruptcy is the best way to handle your debt issues, what’s next? How does the process work? The New Jersey Bankruptcy Court’s website: www.njb.uscourts.gov provides an excellent breakdown of the process. This 2-part blog post will provide you with some easy to follow guidance and help you better understand the process. Let's begin [...]
You’re in debt, and you need to find some relief; and filing for bankruptcy under Chapter 7 or Chapter 13 isn’t right for you. Maybe you earn too much money. Or maybe have too much debt spread across multiple properties or other assets in New Jersey and beyond. Consequently, an individual Chapter 11 might work for you. The Plan Chapter [...]
Let’s cut to the chase. The main difference between Chapter 11 liquidation and Chapter 7 is that you, as the debtor, remain “debtor in possession.” In other words, you have control over the sale process. You also control the distribution of assets through the bankruptcy court. In a Chapter 7 case, by contrast, you are immediately taken out of possession. [...]
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 [...]
