Filing for Chapter 7 bankruptcy may discharge most of your debts and give you a fresh opportunity to reorganize your finances and regain financial freedom. However, not everyone qualifies for this type of bankruptcy. To qualify for Chapter 7 bankruptcy, you must meet...
It seems that many power players in Washington, D.C., have heard the calls of millions of Americans who are drowning in student loan debt. As the average cost of a college education has skyrocketed over the past few decades, graduates find it increasingly difficult to...
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 a small business in East Orange, New Jersey struggles with debt, its owners can file Chapter 7 bankruptcy to get relief. The proceedings differ between consumers and small business owners, but also between business types. Chapter 7 bankruptcy for LLCs Chapter 7 is...
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...
Though individuals desire debt relief, they may have concerns about losing their homes in bankruptcy. Filing bankruptcy in East Orange New Jersey doesn't mean a person will lose his or her primary home. However, he or she may have to sell a second home depending on...
Filing for bankruptcy in New Jersey doesn't mean that you have to lose everything. However, you should be prepared to give up some of your non-exempt assets. If a judge rules that you can live without it, a trustee might sell it to pay off your debts. What is...
New Jersey residents who wish to file a Chapter 7 bankruptcy must first pass a means test. Lawmakers introduced the means test in 2005 when they passed the Bankruptcy Abuse Prevention and Consumer Protection Act. Individuals who cannot pass the means test can seek...
Filing for bankruptcy may have negative consequences for your credit score and overall creditworthiness. However, it may be possible to purchase a home in New Jersey in as little as a year after the discharge of your case. Let's take a closer look at some potential...
New Jersey homeowners facing financial difficulties could find themselves suffering even greater losses as a result of a tax break that expired. Since 2008, people who had their mortgage debt forgiven through a foreclosure or short sale could claim an exemption from...
