Debunked – Bankruptcy Costs More Than it is Worth

One of the biggest myths of bankruptcy is that its costs more than it is worth. This is simply not true. Look at it this way, once you get rid of your creditors, you will have more money. The costs associated with bankruptcy will be peanuts in comparison. Collections agencies, credit card companies, big banks, mortgage lenders, and all the [...]

Post-Bankruptcy Car Loan Scam! Reaffirm Instead!

I am always amazed how low some organizations can be when preying on people who have filed for bankruptcy. A client recently passed along a solicitation letter that she received in the mail. It is an obvious post-bankruptcy car loan scam. Basically, this letter says that once you file for bankruptcy, all your creditors will stop reporting activity on lines [...]

2020-07-24T14:22:14+00:00Bankruptcy, Chapter 7|

No-Asset Chapter 7 Bankruptcy Cases

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 [...]

An Introduction to Chapter 7 Bankruptcy

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. [...]

Chapter 7 Bankruptcy: What Happens at the Meeting of Creditors?

You have filled out your bankruptcy paperwork, provided all the necessary documentation, and we have filed your petition for relief. Now, it’s time to get ready for the meeting of creditors. This meeting is also known as a 341 Meeting or the Meeting of Creditors. During this meeting, the trustee overseeing your bankruptcy case will ask a list of questions. [...]

2021-08-24T11:06:29+00:00Chapter 7|

Chapter 7 Bankruptcy Timeline

How Long Does Filing Chapter 7 Take? With mounting debt and the incessant calls from collectors, you should not delay sorting out your financial troubles. You might even consider filing for Chapter 7 bankruptcy. However, the most important concern for many is the Chapter 7 bankruptcy timeline. A Chapter 7 bankruptcy case typically takes 3-6 months to complete. It is [...]

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 New Jersey 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 [...]

2021-02-18T21:58:49+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 [...]

Chapter 7 Means Test – Prospective Client Q&A

Prospective Client Question: If one's income is more than the means test in NJ, can they still file a chapter 7? Debt is substantial (many times my income) and includes debt that is non-dischargeable. Do own home but am way behind in payments. Answer: The short answer is: maybe. There is a complex form used to determine if you have [...]

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