eNewsletter for Our Morris County Bankruptcy Law Firm

Working With a Bankruptcy Trustee

When undergoing bankruptcy, it is important that debtors understand the role of a bankruptcy trustee. When involved in a bankruptcy case, the trustee’s main interest is to mediate financial matters with creditors. This knowledge will help when working with a bankruptcy trustee. The trustee is a court-appointed official who is in charge of directing the affairs of the debtor’s bankruptcy estate. A Morris County bankruptcy lawyer can fully explain how a trustee is assigned. Chapter 7, Chapter 11 and Chapter 13 filers are all appointed a trustee by the bankruptcy court judge. Having the assistance of an experienced Morris County bankruptcy attorney can help you make the transition as worry-free as possible. Basic Responsibilities of Trustees There are certain responsibilities that trustees must do when assigned to a bankruptcy case. For instance, trustees must ensure that the handling of the debtor’s estate is administered efficiently. A Morris County bankruptcy lawyer…
Read More »

Student Loans in Bankruptcy

Student loans generally are not dischargeable in bankruptcy, but bankruptcy may still be the right choice for a student loan borrower struggling to keep up with payments. Unless a debtor can prove “undue hardship,” a student loan – federal or private – will not be discharged. Prior to the bankruptcy law change in 2005, private student loans were treated differently than federal student loans; however, they are now treated the same under bankruptcy law. If you are considering bankruptcy and have student loan debt, an experienced Morris County bankruptcy attorney can explain how filing for Chapter 7 or Chapter 13 bankruptcy may benefit you. The Hardship Discharge After you file bankruptcy, you can initiate what is called an adversary proceeding to seek a hardship discharge of your student loans. An adversary case is filed in the same bankruptcy court where you filed your bankruptcy case. If you can demonstrate to…
Read More »

Chapter 11 Bankruptcy for Individuals

A Morris County Bankruptcy Lawyer Explains a Lesser-Known Debt Solution Bankruptcy offers individuals a valuable and efficient solution to ongoing financial troubles. The two most common forms of individual bankruptcy are Chapter 7 and Chapter 13 filings. However, when people hear the phrase “Chapter 11 bankruptcy,” they often immediately think companies going under reorganization. While not as common for individual bankruptcies, Chapter 11 still offers the same protections and rights as other forms of bankruptcy for certain people. However, there are some key differences. Why Would a Person File Chapter 11? Both individuals and businesses can file for Chapter 11; however, individuals typically only file in cases where: They have more than $336,900 in unsecured debt, like credit cards and medical bills They have more than $1,010,650 in secured debt, like vehicles, homes, and valuable property They need to keep property or assets in order to run a business Many…
Read More »

Cramming Down a Vehicle Through Chapter 13

One question most people ask before filing bankruptcy is what will happen to their cars. They want to make sure they will not lose their primary means of transportation, especially if they commute to work, live someplace without public transportation, or have kids or elderly family members who depend on them. The good news: many people are able to keep a car in bankruptcy. Most debtors are able to exempt the equity in their vehicles and maintain possession of them. More good news: if you are upside down on your vehicle, that is, you owe more than it is worth, you may be able to reduce the amount owed through Chapter 13 bankruptcy. This procedure is known as cramming down a vehicle. A Morris County bankruptcy attorney can review your case and explain your vehicle options in both Chapter 13 and Chapter 7 bankruptcy, including whether you are eligible for…
Read More »