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...
chapter 13
How do I know when to file for bankruptcy?
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,...
What is a Chapter 13 repayment plan?
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...
3 loan modifications to ask for in a Chapter 13 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...
Obtaining a mortgage after bankruptcy
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...
Why bankruptcy can put a stop to wage garnishment
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...
Can I get a car loan while in Chapter 13?
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...
What debts cannot be discharged under Chapter 13?
In New Jersey and around the country, some people choose to file for Chapter 13 bankruptcy to restructure their debts and repay a portion of what they owe through court-approved plans before receiving discharges of their remaining unsecured debt balances. While...
New bankruptcy protections are in effect
Bankruptcy represents a chance for debtors to start over. It's an important tool that individuals and businesses can use when they are underwater and unsure of how to get back to solvency. People in New Jersey who are considering bankruptcy should be aware that there...
Bankruptcy is nothing to be ashamed of
Many people have more compassion for other people than they do for themselves. When a friend or loved one tells you that they are going through personal bankruptcy to get out of debt, you may agree that it was a wise decision. But if you ever find yourself in a...