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Posts tagged "Chapter 7 bankruptcy"

Basics of a Chapter 7 discharge

When a New Jersey resident receives a discharge in bankruptcy, he or she is no longer liable for the debts affected. Further, the creditors to which those particular debts were owed may not attempt to collect them from the individual. However, certain financial obligations cannot be discharged in a Chapter 7 bankruptcy, and under certain circumstances, a discharge can be denied.

Filing for Chapter 7 bankruptcy does not need to be a last resort

Conventional wisdom tells New Jersey residents that they are obligated to struggle in order to pay off their debts, regardless of how overwhelming their financial situations are for them. People are often discouraged from filing bankruptcy out of a false sense of moral obligation to faceless corporations. In fact, filing for Chapter 7 bankruptcy does not need to be a last resort, it can be the first step toward a better financial future.

Keeping a secured piece of property in a Chapter 7 bankruptcy

Filing for bankruptcy in New Jersey can cause a great deal of trepidation when it comes to being able to keep your furniture, television and other items. In a Chapter 7 bankruptcy, you are permitted to keep property that falls within certain exemptions. However, property that serves as collateral for an outstanding debt does not fall under any exemption.

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.

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).

Anyone can end up in financial trouble and filing for bankruptcy

Financial troubles do not discriminate based on an individual's income level. Anyone from the average New Jersey resident to famous actors such as Mekhi Phifer can end up filing for bankruptcy. Granted, the average American will most likely not have $1.2 million in debt, but the burden created by any amount of debt can often feel as though it is insurmountable.

Bankruptcy may be the best option for some New Jersey residents

Many New Jersey residents still consider filing for bankruptcy as a last resort. However, it is often the best option and the most responsible way to deal with seemingly insurmountable financial problems. The question many people struggle with is how to know when filing bankruptcy is the way to go.

Chapter 7 bankruptcy could help families recovering from Sandy

The recession and collapse of the housing market caused plenty of financial damage to New Jersey residents. Then Hurricane Sandy blew through the state and became the second most costly natural disaster in the United States. More than a year has passed since Oct. 29, 2012, and thousands of people still cannot get back into their homes after the devastating storm. Filing Chapter 7 bankruptcy could give some families the opportunity to eliminate debt and rebuild their financial lives to get back on their feet.

New Jersey debt: Will Congress renew housing tax provisions?

As the year comes to an end, many New Jersey homeowners may be wondering whether Congress is going to renew the homeowner friendly tax provisions that are expiring on Dec. 31. Many homeowners continue to struggle with their mortgage debt and are doing what they can to find some closure before the end of the year. One of the biggest questions on a lot of minds right now is what will happen come Jan. 1 if the situation isn't resolved.

New Jersey bankruptcy: Talking about debt can be difficult

Most Americans have debt these days - it's really only a matter of how much and whether each individual has the capacity to pay it. In today's economy, more and more people are simply unable to do so. Understandably, many New Jersey residents don't want to talk about their debt and how tough things are for them. However, being able open up about debt, bankruptcy, and tight budgets may help relieve some of the stress debt creates.

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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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