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August 2014 Archives

Filing for Chapter 7 bankruptcy in New Jersey

Having a rudimentary understanding of what will happen during a Chapter 7 bankruptcy can help eliminate any hesitation or discomfort New Jersey residents may have with the process. Filing for bankruptcy can be unsettling enough, but not knowing how it works can make the process even more intimidating. Therefore, below is a broad outline of the Chapter 7 process.

You can stop harassing phone calls from creditors

Many New Jersey residents find themselves dealing with more debt than they can handle through no fault of their own. For some reason, debt collectors seem to think that harassing people who are already stressed -- and whose finances are stretched to the limit -- will get those debts paid. Fortunately, it is possible to stop harassing phone calls from creditors.

How to complete credit counseling after bankruptcy

Now that you have decided to file for bankruptcy in New Jersey, there are certain requirements that must be met before you can receive a discharge. One of these requirements is credit counseling. This may sound complicated, but, fortunately, the procss can be made easy with help from a bankruptcy law firm.

What does bankruptcy mean for New Jersey consumers?

Simply put, bankruptcy is the federal court procedure designed to assist individuals and businesses with eliminating debt and paying creditors. New Jersey residents file two types of bankruptcy most often. The first is liquidation (Chapter 7), and the second is reorganization (Chapter 13).

There are numerous benefits to filing for Chapter 13 bankruptcy

Since the United States Bankruptcy Code changed, not as many New Jersey residents qualify to file for Chapter 7 bankruptcy because they have disposable income, which is the money an individual has left after paying for necessities such as shelter, food and health care -- just to name a few. As an alternative, these individuals may file for Chapter 13 bankruptcy, which is a reorganization of a person's debts through a payment plan overseen by a trustee who works for the bankruptcy court. The benefits to filing a Chapter 13 bankruptcy are numerous.

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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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