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January 2016 Archives

Determining whether to file Chapter 7 or Chapter 13 bankruptcy

Overwhelming debt can either sneak up on a person or hit them like a ton of bricks, depending on the circumstances. Either way, the results are the same -- people are unable to pay their bills and creditors are harassing them. In order to obtain a financial fresh start, many New Jersey residents decide to file for bankruptcy. When that happens, they inevitably have numerous questions about where to begin.

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.

New Jersey foreclosures for delinquent mortgage debt declining

Since the housing market crashed and the recession began, New Jersey has been one of the hardest hit states for foreclosures. Since 2011, foreclosure filings in the state rose each year -- that is, until 2015, when they actually declined. Even so, the number of foreclosures being filed due to delinquent mortgage loan debt remains high.

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.


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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West Caldwell Office
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