Chapter 13

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Should you use a personal loan to consolidate credit card debt?

When should you use a personal loan to consolidate credit card debt? My knee jerk reaction and response to the question is always: NEVER! But then I take a step back. In some circumstances it may be the best choice. You really have to consider all the facts and the individual’s specific circumstances. Terms of Debt Usually, the lender for [...]

The CARES Act – Should I Apply for a Mortgage Deferment During COVID-19?

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 [...]

Chapter 13 Cases during the COVID-19 Crisis

These are stressful and frightening times for all of us. I am receiving many calls about Chapter 13 cases during the COVID-19 crisis. Therefore, I am providing this update should you have a Chapter 13 case in progress or pending. The Court and Chapter 13 Trustees are finding ways to keep everyone’s Chapter 13 cases afloat through this crisis. However, [...]

Confirmation Hearing for Chapter 13 Bankruptcy

Financial distress can drive people to seek bankruptcy protection. Bankrupt debtors can take a breather from their money worries when the automatic stay takes effect after they file for bankruptcy. Declaring bankruptcy is often considered the last resort, but it’s usually the viable solution for getting out of debt. For assistance on how to file bankruptcy correctly, it’s best to [...]

When to File for Chapter 13 Bankruptcy

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 [...]

Cramdown – Reducing Debt in a Chapter 13

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 [...]

Understanding the New Jersey Means Test

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 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 that debtors [...]

2018-07-12T18:12:29+00:00Blog, Chapter 13, Chapter 7|

Top 10 Things to Do Before Filing a Chapter 7 or Chapter 13 Bankruptcy

For our clients and friends, we have compiled the following list. It is the top 10 things to do before filing a Chapter 7 or Chapter 13 bankruptcy. Disclose All of Your Income, Expenses and Assets Anyone filing a Chapter 7 or Chapter 13 Bankruptcy in New Jersey must disclose all information. This information includes all income, expenses and assets [...]

Download our Free “Bankruptcy and Divorce Survival Guide”

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 [...]

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