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March 2016 Archives

Should bankruptcy be an option for student loan debt relief?

This question seems to be gaining some traction in political circles. With nearly $1.5 trillion dollars in student loan debt across the country, some sources say that something needs to be done before another nationwide economic crisis occurs. Re-instituting bankruptcy as a way for financially struggling college graduates to obtain student loan debt relief could help remove at least some of the pressure that students here in New Jersey and around the country feel when they are unable to repay their loans.

Medevac helicopter rides can push people into bankruptcy

Any New Jersey resident who has been involved in a serious accident or suffered from a medical emergency knows how high the medical bills and other expenses can get. Many of those people have filed bankruptcy in order to be free from the overwhelming amount of health care expenses -- even if they had medical insurance. The cost of a medevac helicopter alone can be overwhelming.

Understanding the Chapter 7 bankruptcy process

Once a New Jersey resident has decided to file for bankruptcy, it will be helpful to understand how the process works. A Chapter 7 is a liquidation, which means that the trustee could sell any non-exempt assets in order to pay creditors. In many cases, all of a filer's property falls under an exemption, and qualifying debts are discharged.

Mortgage underwater and do not want to keep your home? Now what

This might seem like an odd question, but it is one that many people ask themselves. Not everyone in who owns a home here in New Jersey or elsewhere wants to fight to keep it. If your mortgage is underwater and you do not want to keep your home, you could be asking yourself what to do about it.

Filing bankruptcy can stop a multitude of creditor actions

Many New Jersey residents find themselves in financial distress for a variety of reasons. Regardless of what caused them to be unable to pay their bills, creditors' responses are often similar. Filing for bankruptcy can stop creditor actions since an "automatic stay" goes into effect that restricts creditors from attempting to collect a debt.

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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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