January 2020 Archives

Critical information about the means test

To qualify for Chapter 7 bankruptcy, debtors in New Jersey may need to pass a means test. The means test is designed to determine if an individual has enough disposable income to pay his or her creditors. It is important to note that those who are looking to have business debts discharged generally don't need to pass it. However, those who are subject to this step will begin the process by gathering as much personal financial information as possible.

If you file for bankruptcy, what property can you keep?

Making the decision to file for bankruptcy isn't easy. This is a choice that likely comes after months or even years of financial struggle, and you may be worried about losing everything if you make this choice. Thankfully, bankruptcy law provides you a way to deal with certain types of balances once and for all while still keeping the property and assets that are most important to your life. 

Not everyone will pass the Brunner Test

Bankruptcy may be an ideal way for debtors to eliminate most of their outstanding debt balances. However, it is rare to see student loan debts discharged through bankruptcy. For a judge to consider discharging student loans in a bankruptcy case, an individual would need to pass the Brunner Test. To pass this test, an individual needs to show that he or she put forth a good faith effort to repay what he or she owed.

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