eNewsletter for Our Morris County Bankruptcy Law Firm

Stopping a Foreclosure on Chapter 13

A chapter 13 bankruptcy allows an individual to keep his property and to pay back his debts over a period of three to five years. When someone files for Chapter 13 bankruptcy, he must submit a list of all his debts. In addition, he must supply a list of all his monthly incomes and expenditures. A plan is then generated that allows the debtor to pay installments to each of his creditors, each month, until the debts are paid off. When determining how long an individual will be making payments under Chapter 13 bankruptcy, the debtor’s monthly income is compared with the median income for the state of New Jersey. If the debtor earns less per month than the median income for New Jersey, his Chapter 13 repayment plan will be for three years. A bankruptcy court may then determine that the three-year plan is too short to pay off…
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Using Bankruptcy to Prevent Creditor Harassment

People facing financial troubles often face harassment in the form of non-stop calling or other tactics from their creditors. Creditors or collection agencies may use explicit language or make threats about putting you in jail, or they may even try to track you down outside of your home, at work, for instance. A Texas woman sued a debt collection company in federal court after she had had enough of its harassment. She alleged that the company would call her twice a day, every day. She said that the caller would identify himself as an attorney and threatened that he would have a judgment against her. In her lawsuit, the woman accuses the company and its callers of violating the Fair Debt Collection Practices Act and the state law governing debt collection. The woman is seeking $1,000 for each violation of the act. If you would like more information about ending…
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Reestablishing Credit After Bankruptcy

Bankruptcy provides people with a fresh start by allowing them to reorganize their debts and discharge certain liabilities. Even though bankruptcy enables you to take control of your finances, it does take a toll on your credit rating. Over time, your credit rating will begin to improve, especially if you take steps to rebuild your credit. A knowledgeable Morris County bankruptcy attorney can help you understand the bankruptcy process and explain how filing bankruptcy will affect you. Pay Bills by the Due Date One factor that impacts your credit score is whether you pay your bills on time. When your bankruptcy case is complete, you will resume payments for your vehicle, house, and other collateral you wish to keep, as well as for nondischargeable unsecured debts like student loans and certain income taxes. You will also be responsible for making monthly payments toward any credit cards or loans you obtain…
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Filing Bankruptcy Under Chapter 11

While unmanageable debt has become an increasingly common problem for individuals, many people are able to find relief by filing for bankruptcy under either Chapter 7 or Chapter 13. When a business finds itself in a similar situation, it too has options. Small business owners who find themselves facing overwhelming debt and struggling to meet their payroll, taxes, ordinary expenses and other financial burdens should consider reorganizing their debts under a Chapter 11bankruptcy. Individuals can also file Chapter 11 if they make too much money or have too many valuable assets to file Chapter 7 bankruptcy but have too much debt to file Chapter 13. A Morris County bankruptcy attorney can help individuals decide if Chapter 11 is right for them. Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship. The upside of a Chapter 11 bankruptcy is that it allows the business to keep its…
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