Review Our Morris County Bankruptcy Law Firm Newsletter

What to Do After a Chapter 7 Bankruptcy

Morris County Bankruptcy Attorneys Offer Tips for Maintaining Good Credit You have discharged debts through Chapter 7 bankruptcy and you are ready to enjoy life without as many financial anchors weighing you down. However, the journey is not over. Much like staying in shape, you cannot immediately give up exercise and nutrition once you obtain an ideal figure. To keep it, you need to maintain a healthy lifestyle. Here, our Morris County bankruptcy attorney explains ways you can keep you a positive line of credit after you file for Chapter 7 bankruptcy. Maintaining Good Credit After a Chapter 7 Bankruptcy Bankruptcy offers a fresh start on your finances as long as you proceed carefully in the period following a bankruptcy. If your bankruptcy resulted in a discharge of debt, you will not be eligible for similar discharges in subsequent bankruptcies. You must wait eight years before you can get another…
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Keeping Your Vehicle in a New Jersey Bankruptcy

No matter what type of vehicle you own or what condition it may be in, your car provides a vital means of transportation for you on a daily basis. Without the dependable income that comes from holding a job, getting back on one’s feet following a bankruptcy is nearly impossible, and without a car, getting to work is a challenge. It is no wonder that those who consider filing for bankruptcy are often preoccupied with whether the bankruptcy court will allow them to keep their vehicles. The good news is that you do not automatically lose your vehicle when you decide to file for bankruptcy in New Jersey. How you keep your vehicle will depend on whether you file under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 13 bankruptcy is a method of debt reorganization. This type of bankruptcy involves restructuring your debt and working with creditors…
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Unsecured Versus Secured Property in New Jersey

Debt has become an inescapable part of life in America. Everyone from the highest politicians in the land to the hardest working private individual has to reconcile their earnings with the amount of money they owe creditors. The recent political maneuvering regarding the nation’s debt ceiling shows how serious a problem unmanageable debt poses. When your debt becomes more than you can handle, there is a way out. You can declare bankruptcy under either Chapter 7 or Chapter 13 in order to settle or discharge your debts. Filing for bankruptcy does not mean you have to sell off or lose all of your property and assets in order to cover the debt. A Morris County bankruptcy lawyer can help you keep certain types of property, no matter how much money you might owe to your creditors, through the use of federal and state exemptions. Exemptions allow you to protect your…
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Can I Proceed With a Short Sale While in Bankruptcy?

Since home values dropped so dramatically during the mortgage crisis, more and more homeowners want to know if they can complete a short sale after filing for bankruptcy. The answer is yes, you can short sell your home while in bankruptcy. Because a short sale involves a property with no equity, neither the bankruptcy trustee nor your creditors should have any objection to the sale. For Chapter 13 filers, a short sale can mean avoiding a deficiency claim that has to be paid through the plan. For Chapter 7 filers, a short sale might help with qualifying for another mortgage loan faster. If you are behind on mortgage payments, an experienced Morris County bankruptcy attorney can explain the various avenues for keeping or letting go of your home, including all available bankruptcy options. What Is a Short Sale? A short sale is when the proceeds from a real estate sale…
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