Essex County Bankruptcy Blog
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...
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...
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...
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...
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...
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"...
Conversion motion in Chapter 7 bankruptcy denied
On the one hand, the U.S. Bankruptcy Code allows filers to convert their bankruptcies from Chapter 7 to Chapter 13. On the other hand, what New Jersey residents might not know is that such a conversion is only permitted if the provisions of another section of the code...
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...
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...
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...
