April 2018 Archives

How do I know when it is time to file for bankruptcy?

If creditors are calling your phone nonstop and your mailbox is full of bills, there is no doubt that you probably feel stressed and frustrated by your financial situation. It is not that you do not want to pay your debts. You cannot give them money you do not have. Before you throw in the towel and file for bankruptcy, consider the following information first. 

What is a Chapter 11 bankruptcy?

If you own a New Jersey business that is failing due to too much debt and not enough profit, you and it may be a candidate for a Chapter 11 small business bankruptcy. As FindLaw explains, you qualify if you employ no more than 500 people and your business has less than $2.19 million in debt.

Release from every debt is not always possible

If you're among many in New Jersey who have been wading through some rough financial waters, you may be trying to focus on the future, more specifically, what options are available to help you rebuild your finances and restore financial stability in the weeks and months ahead. If you also happen to be among those who determined that bankruptcy is the most viable option to secure immediate debt relief and pave the way toward a healthier financial future, you might be wondering about dischargeable versus non-dischargeable debt.  

What mistakes should I avoid when filing for bankruptcy?

If you feel as if you have hit rock bottom and are so deep in debt that you cannot dig your way out, you might be thinking about filing for bankruptcy. Many people in the East Orange area fall on hard times and rely on bankruptcy to give them a fresh financial start. As tempting as it may seem for you to rush and submit your petition to the courts, you do not want to make mistakes. 

What are the basic filing fees for Chapter 7 and Chapter 13?

If you have reached the point that you cannot afford your expenses and have mountains of debt continuing to pile up, you may feel as if you have no way out. You may consider bankruptcy, but you may have concerns regarding the costs associated with filing a petition and completing the bankruptcy process.

How does Chapter 13 bankruptcy work?

If you are considering filing for bankruptcy in New Jersey, then it is a good idea to consider your options. You have two types of bankruptcy that you can file: chapter 7 and chapter 13. Due to the latest changes in bankruptcy law, chapter 7 can be difficult to file unless you have a lower income. Most people end up having to file chapter 13. 

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