People struggling with insurmountable debt can file for bankruptcy. Personal bankruptcy can end collection activity temporarily and even help people protect their assets from creditor lawsuits. The filer receives an automatic stay that ends collection activity when...
Understanding the types of bankruptcy available to you is crucial before proceeding with bankruptcy. Individuals typically file for Chapter 7 or Chapter 13 bankruptcy. Chapter 7 involves liquidating assets to pay off creditors, while Chapter 13 allows you to keep...
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...
