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Posts tagged "personal bankruptcy"

Bankruptcy can stop harassing phone calls from creditors and more

Many New Jersey residents find themselves in financial distress for one reason or another. By the time they consider filing bankruptcy, creditors could be calling incessantly and demanding payment. Fortunately, one of the benefits filers enjoy is that filing for bankruptcy can stop harassing phone calls from creditors.

You may keep some property, and some debts, in bankruptcy

New Jersey residents could have some misconceptions regarding bankruptcy. Many people believe that the court will require them to give up all of their property. Others believe that they will be able to discharge all of their debts. Neither of these statements about bankruptcy is true.

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.

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.

What happens to property during a bankruptcy?

Many New Jersey residents might hesitate to file for bankruptcy because they are concerned about losing their property. Fortunately, the U.S. Bankruptcy Code provides for filers to be able to keep certain property. Furthermore, if a filer wants to keep a piece of property that secures a debt listed in the bankruptcy, that might be possible as well.

What happens when a creditor comes calling after a bankruptcy?

One of the benefits of receiving a bankruptcy discharge is that a debtor no longer owes the debts that are wiped clean by the court. However, occasionally, a creditor will contact a New Jersey resident regarding a debt that was discharged in the bankruptcy. When this happens, it is often in violation of the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).

Certain tax debts can be discharged through Chapter 7

By the time a New Jersey resident has filed for bankruptcy protection, his or her debts have usually reached a level that is insurmountable. Those debts may include a mix of credit cards, loans, utility bills and even tax debt. Most people are aware that discharging tax debt during Chapter 7 bankruptcy is a difficult task, but few understand the requirements that must be met in order to attain that goal. The following information is offered in the hopes of educating consumers about their options during bankruptcy.

Bankruptcy can eliminate student loans for some filers

Millions of people around the country, including many here in New Jersey, carry student loan debt. In the aftermath of the recession and collapse of the housing market, many people find it increasingly difficult to make payments on their student loans and other debt. Filing for bankruptcy could eliminate most of an individual's debt, but most people are told that student loans cannot be discharged. That statement is not entirely true.

Consumers can stop harassing phone calls from creditors

New Jersey residents who are behind on their bills know what it is like to have creditors and collection agents calling. Many debt collectors will demand money immediately, using threats and continuous calls meant to harass and intimidate. However, consumers can stop harassing phone calls from creditors because many of the tactics they use violate federal law.

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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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