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September 2015 Archives

Filing for bankruptcy while on Social Security

The days of retiring debt free are long gone for many of New Jersey's elderly residents. Now, many worry that their Social Security benefits will be garnished in order to pay their debts. Those benefits may be safe from some creditors, but not all. Filing for bankruptcy could help.

Some debts are treated differently in a Chapter 13 bankruptcy

When a New Jersey resident files for bankruptcy, the first step is to determine under which Chapter to file. This decision is often less about the individual's preference since income level often drives that choice. If a person's income is above a certain level, he or she will need to file a Chapter 13 bankruptcy, and certain debts are treated differently in such a filing than in a Chapter 7 petition.

Overwhelmed by debt? Filing for bankruptcy may be the answer

New Jersey's economic landscape remains in a state of flux -- mostly thanks to Super Storm Sandy and the crash of the housing market. Hard working residents struggle every day just to keep their heads above water. Filing for either Chapter 7 or Chapter 13 bankruptcy may be the best option for many of these individuals.

There is life after bankruptcy for New Jersey residents

Some New Jersey residents avoid filing for bankruptcy because they believe that it will completely destroy their credit. However, continuing to struggle with overwhelming debt that they are unable to pay will only make matters worse. There is life after bankruptcy, and any existing credit damage can be repaired more quickly than many might think.

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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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