When you consider filing for bankruptcy, you may become familiar with the terms “Chapter 7” and Chapter 13.” However, you may not understand the nuances that exist between the two types. Both are methods of filing for personal bankruptcy. Yet, there are some important...
Chapter 13
Can bankruptcy stop foreclosure and repossession?
If you have fallen behind on your mortgage payment or car note and are struggling to catch up, bankruptcy might be a viable solution for your circumstances. You might find yourself wondering if it can stop lenders from foreclosing on your home or repossessing your...
U.S. District court reverses ruling on Chapter 13 plan
In many instances, appeals of an order entered in a U.S. Bankruptcy Court here in New Jersey or elsewhere are heard by the U.S. District Court in the same geographic area. Recently, a ruling that approved a Chapter 13 bankruptcy plan was reversed by an out-of-state...
Rapper’s Chapter 13 bankruptcy dismissed — debts not discharged
New Jersey music fans might be familiar with rapper Tyga, whose real name is Michael Ray Stevenson. In Dec. 2010, Tyga filed for Chapter 13 bankruptcy. That bankruptcy was dismissed in February of this year for failure to provide required documents to the court. He...
Wells Fargo owes money to some Chapter 13 homeowners
When a New Jersey homeowner is behind on his or her mortgage and is otherwise overwhelmed financially, he or she may turn to the bankruptcy court for help. Filing Chapter 13 bankruptcy often allows homeowners the opportunity to keep their homes while reorganizing...
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...
Chapter 13 may be right for many New Jersey residents
A New Jersey resident can quickly become overwhelmed by debt after a divorce, job loss, accident or illness. Under these circumstances, filing for bankruptcy may be an easy decision. However, deciding whether to file a Chapter 13 or Chapter 7 bankruptcy -- the most...
Chapter 13 bankruptcy could eliminate a second mortgage
Most of the attention during the housing crisis rightly went to first mortgages. However, numerous New Jersey homeowners also took out second mortgages in better economic times. In the aftermath of the Great Recession, those second mortgages add to the overwhelming...
Qualifying for a Chapter 13 bankruptcy
When a New Jersey resident decides to file for bankruptcy, the next step is to determine what type of bankruptcy to file. Consumers most often file either Chapter 7 or Chapter 13. Both chapters have certain requirements, which often help make the decision of which to...
There are numerous benefits to filing for Chapter 13 bankruptcy
Since the United States Bankruptcy Code changed, not as many New Jersey residents qualify to file for Chapter 7 bankruptcy because they have disposable income, which is the money an individual has left after paying for necessities such as shelter, food and health care...
