Minion & Sherman
Call Us Today for a Free Confidential Consultation

Chapter 7 Archives

Music producer says bad choices led to Chapter 7 filing

New Jersey hip-hop fans may recognize the name Scott Storch, who has worked with artists such as Beyonce, Justin Timberlake and Dr. Dre. At the height of his career, he was worth an estimated $70 million. He admits that bad financial choices led to his need to file for Chapter 7 bankruptcy.

Not having enough medical insurance could lead to bankruptcy

Between the monthly premiums and the out-of-pocket expenses that accompany medical insurance, many New Jersey residents are finding that having medical insurance does not seem to be saving them any money. Individuals who contract illnesses or are injured in accidents often end up with an overwhelming amount of medical debt. This situation could lead to the need to file 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.

Even if medical billing errors are fixed, bankruptcy may be best

Any New Jersey resident who has been to the doctor lately is painfully aware of the fact that the cost of health care is on the rise. To make matters worse, it is estimated that nearly 49 percent of medical bills sent to patients contain errors. Even if these errors are corrected, patients could still owe a substantial amount to doctors, hospitals and other medical providers, which still makes bankruptcy a viable option for many people to use to eliminate this type of debt.

Bankruptcy and the student loan debt crisis

By now, many New Jersey residents are aware that hopeful college students have incurred more than $1 trillion in student loan debt across the nation. Students are borrowing more than just the actual money -- they are borrowing against their future as well. Unfortunately, many people are unable to make their student loan payments. This debt cannot be discharged in bankruptcy, but that does not mean that filing will not help with the burden.

Millions are filing for bankruptcy due to medical debt

Medical expenses are often due to unexpected accidents or illnesses. As any New Jersey resident who has experienced a sudden illness or injury can attest, the costs quickly run into the thousands of dollars and higher -- even with medical insurance. By 2013, the rising costs of health care resulted in medical debt being the number one reason why people are filing for bankruptcy.

More seniors may be eligible to file bankruptcy than in the past

As New Jersey residents age, they are taking more and more debt into retirement than in the past. Some of those people are not able to pay the debts that have followed them into their later lives. As a result, it is possible that more seniors are eligible to file for bankruptcy.

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.

New Jersey's poverty rate may lead to more bankruptcy filings

Newly released census data indicates that 998,549 people in New Jersey are living at or below the poverty rate last year.  The 11.4 percent poverty rate makes the state one of three that experienced an increase.  This could mean more people will file for bankruptcy.


At the law offices of Minion & Sherman, our New Jersey bankruptcy attorneys have been providing families with real solutions for more than 20 years.

Email Us For A Response

Contact Us Today for a Free Consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

West Caldwell Office
33 Clinton Road
Suite 105
West Caldwell, NJ 07006

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions

Newark Office
201 Washington Street
Newark, NJ 07102

Toll Free: 866-915-1839
Phone: 973-559-5791
Fax: 973-882-0856
Map & Directions