Individuals who are experiencing a sudden drop in income or a sharp increase in their debts may find themselves falling behind on their financial obligations. Eventually, they may even miss mortgage payments. People at risk of foreclosure may go to great lengths to...
Individuals filing for personal bankruptcy quickly have two main options. Unless someone is a business owner, professional fisherman or farmer, they probably need to choose between Chapter 13 and Chapter 7 bankruptcy. Chapter 7 bankruptcy is the faster option, with...
Living paycheck to paycheck means being dependent on getting paid in the future to pay off current debt. For example, someone may charge most of their expenses on a credit card every month, get paid at the end of the month, and pay off the credit card. The system...
When some people file for bankruptcy, they wonder if opting for Chapter 13 is a good idea. (Chapter 13 bankruptcy deals with payment arrangements.) If you’re unsure whether Chapter 13 is appropriate for your financial situation, read its advantages and disadvantages...
Knowing when, or if, to file for bankruptcy is a tricky and highly emotional decision. Even if it’s through no fault of your own, bankruptcy seems like running into a brick wall of failure. Logically, you know bankruptcy is common, especially in the era we live in,...
Chapter 7 bankruptcy involves the liquidation of specific assets to pay creditors. A portion of the remaining debt ends up being discharged. For many, Chapter 7 is preferable, but they do not meet the means test. New Jersey debtors could still file for bankruptcy...
Chapter 13 bankruptcy has multiple unique features that make it a valuable process. For example, its higher income limits make it accessible even to successful professionals, while its repayment plan allows those with substantial assets to take control of their debt...
Filing for bankruptcy may allow you as a New Jersey resident to eliminate medical bills, a credit card balance or other financial obligations. However, doing so can also make it harder to qualify for a mortgage. In fact, you will have to wait at least a year after...
If you fail to pay a New Jersey creditor, government entity or any other party in a timely manner, your wages may be garnished. However, it may be possible to put a temporary end to the garnishment by filing for bankruptcy. Generally speaking, a garnishment cannot...
People in New Jersey going through a Chapter 13 bankruptcy still need to drive to work, school and family events. During the course of your bankruptcy proceedings, you may need to purchase a new car and want to finance the purchase through a car loan. However, you may...
