{"id":633,"date":"2017-09-08T21:32:23","date_gmt":"2017-09-08T21:32:23","guid":{"rendered":"https:\/\/www.karinalucidlaw.com\/?p=633"},"modified":"2023-09-26T09:08:13","modified_gmt":"2023-09-26T09:08:13","slug":"back-in-control-the-new-jersey-guide-to-individual-chapter-11-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.karinalucidlaw.com\/back-in-control-the-new-jersey-guide-to-individual-chapter-11-bankruptcy\/","title":{"rendered":"Back in Control: The New Jersey Guide to Individual Chapter 11 Bankruptcy"},"content":{"rendered":"

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<\/em>. \u2013Johnny Cash<\/p>\n

It is hard to imagine that you\u2019d end up in such a challenging financial position. But here you are. Perhaps your spouse had to take time off from a lucrative executive job because of a health problem; and the negative cash flow has left you scrambling. Or maybe you overleveraged your investments and just hit a streak of bad luck.<\/p>\n

Bestselling author Nassim Taleb<\/a> (The Black Swan<\/em>) once wrote that \u201cthe inability to predict outliers implies the inability to predict the course of history.\u201d In other words, no matter how carefully we plan for the future or how intelligently we react to events, life is full of surprises. So now what? How should you deal with your debts?<\/p>\n

The answer is not intuitive. Because of your high income, most people would consider you affluent. You may be quite good at keeping up appearances with friends and neighbors. But your financial situation is creating unbearable stress. Crunching the numbers is depressing. And common debt relief tools, like Chapter 7 and Chapter 13 bankruptcy, just don\u2019t seem up to the task.<\/p>\n

What can you do? Are there other options?<\/h4>\n

There might be! The individual Chapter 11 bankruptcy could be the right approach. This strategy is often-overlooked and misunderstood. It\u2019s not appropriate for most people, since it costs more than other individual bankruptcy types, and it\u2019s not easy to execute well.<\/p>\n

This blog post series (which will later be available for download<\/a> as an ebook) will introduce you to key ideas about individual Chapter 11s in New Jersey and answer many common questions. Our goal with this series is to help you feel back in control of your life and your future.<\/p>\n

Here\u2019s what this series will explore:<\/p>\n

Part One: The Basics of Individual Chapter 11s<\/strong><\/h4>\n

We\u2019ll tackle questions like:<\/p>\n