Once you have filed for Chapter 13 bankruptcy, you may feel as though you are getting back on track with your finances. Chapter 13 helps debtors set up a payment plan to repay their debt over a certain period of time. In some cases, the bankruptcy decreases the amount of debt you owe through negotiations with creditors. A bankrupcy, however, can affect your credit score and may make it difficult to apply for loans or qualify for other financial items as well. Some people may turn to using a credit card as a way to rebuild their credit once their bankruptcy has been discharged. You should be extremely careful when doing this, as some credit cards are not designed to help you financially.
Owning and running your own business can be a thrilling experience, which is why some New Jersey business owners may not like the idea of going back to being an employee and taking orders from someone else. And yet if you are going through Chapter 13 bankruptcy, becoming an employee again may actually be helpful and could help save your business from being sold to pay your debts.
At Goldman & Beslow, we know that when you owe a significant amount of debt in New Jersey, you may start experiencing annoying behavior by creditors that sometimes reaches the level of harassment. Examples include calling you several times a day and making threats against you. As a last resort, creditors may even bring lawsuits against you.
When you decide to file Chapter 13 bankruptcy, you may have many questions regarding your finances going forward. There are strict rules you must follow to stay within the guidelines of the court. The main one is following your repayment plan. However, what happens when you have changes in your income that give you some extra money each month. Can you put that into a New Jersey bank savings account?
The biggest difference between Chapter 7 and Chapter 13 bankruptcy is that in Chapter 13 you repay your debts based on the bankruptcy plan. If you file Chapter 13 in New Jersey, you may wonder how the court creates the repayment plan. There are a few considerations the court makes when developing your plan to ensure fairness to your creditors and to you.
If you are facing foreclosure on your home in New Jersey, you have a lot more to worry about than losing your home. There are scammers out there who prey on people like you. They make big offers and in the end, only manage to steal your money, leaving you in sometimes worse shape than before. According to USA.gov, these scammers gather your information from public foreclosure postings. They may contact you directly in many cases, pretending to be a professional who can help you avoid foreclosure.
When employees are given information about how their benefits will function throughout their term at a company, they expect to receive nothing less than they were promised. In situations where retirement benefits such as pensions, 401K's and other options are available to people in New Jersey, they often pay their dues to receive their entitlements upon their retirement.
If you are running into financial difficulties with your business in New Jersey, you may have entertained the thought of filing for bankruptcy. While you know it will take a hit to your credit and potentially destroy your company, you are not sure if there are any other options. Fortunately, you may have a second chance if you can effectively reduce your debt and reallocate your resources to reorganize your financial expenditures.
When you consider filing for bankruptcy in New Jersey under Chapter 13, you are taking a sensible step to relieve your burden of debt and make a fresh start financially. However, according to FindLaw, as a debtor, you have responsibilities to meet when you reorganize your debt with a Chapter 13 filing. If you fail to live up to the plan that you establish, the court may dismiss your case at any time.
One of the first steps to discharging your debts through a Chapter 13 bankruptcy and making a fresh financial start is to go through credit counseling. By law, you must complete two rounds of credit counseling for your bankruptcy process to be valid. A failure to complete either one could result in your New Jersey bankruptcy judge throwing your case out.