eNewsletter for Morris County Bankruptcy Attorney

Dischargeable and Non-Dischargeable Debts during Bankruptcy

When considering filing for bankruptcy, it is important for a debtor to understand the types of debt that he or she may have. The type of debt will determine whether bankruptcy can discharge it. If you are considering filing for bankruptcy and would like to learn what debts the bankruptcy will discharge, a Morris County bankruptcy lawyer can advise you of your options. Debts Dischargeable During Bankruptcy Credit card debt Unpaid leases Personal loans - as long as you did not use the loans to pay off non-dischargeable debt. Unpaid car debt after your creditor has repossessed the vehicle Car accident-related judgments against you Older unpaid taxes - those taxes older than three years. Court judgments against you - but,...

An In-Depth Look at How Debt Settlement Works

Debt settlement is a less drastic alternative to bankruptcy. Bankruptcy should be a last resort. It is a decision that there is no way you can pay back your debts, and filing for bankruptcy will impact your credit score and even job prospects for several years. Debt settlement, on the other hand, has less severe consequences but it is still a serious step. If you are considering debt settlement, a Morris County bankruptcy attorney can review your situation with you and help you make the best decision. Important Steps of the Debt Settlement Process Usually a debtor does not deal with his or her creditors directly. Instead, a debtor consults with a debt settlement company. This company...

Rebuilding Your Financial Life Following Bankruptcy or Settlement

Anyone who has successfully filed for bankruptcy or used a debt relief program has just one step left — rebuilding credit and finances. It may seem daunting when you are at the very beginning but you are in a much better position than you were before. It is true that, in the immediate aftermath of a bankruptcy or debt settlement, your credit score will take a big hit. The impact is only temporary, however. As the years pass, you can still obtain the best interest rates on credit. If the impact that a bankruptcy or settlement can have on your credit score concerns you, a Morris County bankruptcy lawyer can help you separate fact from fiction. Rebuilding Your Finances Following Bankruptcy or...

Recent Bankruptcy Laws and What They Mean for You

Congress passed one of the most sweeping changes to bankruptcy law in 2005 — the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA). One of the most important consequences of the Act was to make it more difficult for consumers to file for bankruptcy. The Act created new steps and standards that debtors must meet in order to be able to file for bankruptcy. State law may have more generous provisions than federal bankruptcy law, so it is always wise to consult an experienced Morris County bankruptcy lawyer at David Alan Ast, PC regarding recent changes in bankruptcy law. How BAPCA Changes Might Affect You Debtors are required to seek credit counseling before they are able to file for bankruptcy. The courts require verifiable proof of the counseling. The Act eliminates a Chapter 7 bankruptcy for many debtors. Chapter 7 is a liquidation bankruptcy. It eliminates consumer debt. Debtors are no longer eligible for Chapter 7 if...