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August 2012 Archives

Essex County debtors can keep house, car in Chapter 13 bankruptcy

While the Olympics are wrapped up and the events are over, the eyes of Essex County sports fans are still on the athletes who competed and walked away victorious. This attention, as it does for any celebrity, is not always the most positive, though. For Gabby Douglas, a gold-winning gymnast, this has brought the eyes of the world to her family and her mother's Chapter 13 bankruptcy.

New Jersey debtors, like sports stars, find relief in bankruptcy

New Jersey residents may be among many who imagine that someone in the public eye, such as an athlete or actor, must be rolling in the money and well away from financial trouble. While this may be the case for some who are actively working in the public eye, when a celebrity falls out of this popularity their finances can decline quickly. When these individuals are often unable to adjust to new financial situations and changes in how much they can spend, they can find themselves facing debt and even the need for bankruptcy relief.

New Jersey retirees may need to consider bankruptcy

Traditionally, student loan debt has been a problem that younger or middle-aged Americans had to worry about. Now, however, a growing number of retired New Jersey citizens find themselves having to confront student debt head-on. Many of them may have taken out the student loans to help children or other dependent family members cover college tuition, while some took on the loans for themselves to attend college later in life. Whatever their reasons, the government is now becoming more aggressive in seeking re-payment for those loans, even if it means taking a bite out of retiree Social Security benefits and even if it could cause some to seek the protection of the bankruptcy court.

Chapter 7 vs. Chapter 13: Which one is right for you?

When an Essex County household is struggling with over-burdening debt, options become fewer and fewer to escape that debt. However, even with few options it can still be difficult to know which method of escaping debt is financially smartest for your future. Much of this comes down to choosing between the two most common forms of personal bankruptcy: Chapter 7 and Chapter 13.

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At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

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