eNewsletter for Our Morris County Bankruptcy Law Firm

What To Do If You Are Considering Bankruptcy and Divorce

Divorce and bankruptcy are both immensely stressful experiences. Emotions and finances are often stretched thin, and it can be difficult to know how best to proceed. If you are facing this tough situation, our Morris County bankruptcy lawyers are ready to help you move past this stressful time and establish a solid footing for the future. There are key differences between filing for bankruptcy before and after a divorce. Although the results are ultimately the same – a discharge of debt and a financial “clean slate,” there is a right way and a wrong way to go about filing for bankruptcy in the face of divorce. It is important to realize that each case is different, and no one should attempt to file for both bankruptcy and divorce without seeking qualified legal assistance. Considering Filing Bankruptcy Before Divorce? In cases where both spouses intend to file for bankruptcy, it may…
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Bankruptcy and Creditor Harassment

There is little doubt that Americans use a lot of credit. There are over 500 million Visa and MasterCard credit cards out there. Nearly 80% of Americans have at least one credit card, and the average credit card debt per household is $8,329. A recent survey indicates that 70 million Americans have problems relating to bad credit. Bankruptcy, however, is a serious decision to deal with your financial problems. Filing for bankruptcy can have a large, negative effect on your credit rating for up to 10 years following the filing. Roughly 20,000 New Jersey residents file for bankruptcy every year; most opting for a Chapter 7 bankruptcy, which discharges all debt but at the sake of negatively affecting your credit rating and selling off many of your possessions. A Morris County bankruptcy lawyer can help you weigh your financial options and decide whether bankruptcy is the best one for you….
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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…
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Reorganizing Your Business During Chapter 11 Requires Organization

Under a Chapter 11 bankruptcy, a business reorganizes its financial affairs to pay off debts to creditors. Only a corporation, partnership or sole proprietor may file for a Chapter 11 bankruptcy reorganization plan. During the process of a Chapter 11 bankruptcy, the business submits a full list of all its assets and liabilities. It also includes a thorough list of its current financial affairs. Typically, there is no official trustee assigned to the Chapter 11 bankruptcy case. The debtor acts as its own trustee and holds its own meetings of creditors. If the court finds that the debtor acts inappropriately in this role, or if the debtor mismanages the funds, the court may, however, appoint a trustee to the Chapter 11 bankruptcy case. How a Chapter 11 Bankruptcy Works Approximately 30 days after a business files for a Chapter 11 bankruptcy reorganization plan, the business and its Morris County bankruptcy…
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