eNewsletter for Our Morris County Bankruptcy Law Firm

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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Should I File for Joint Bankruptcy If I am Married?

Speak with a Morris County Bankruptcy Lawyer for Answers to Your Debt Questions Married couples have the option to face bankruptcy together using a method of debt relief known as joint bankruptcy. Joint bankruptcy allows a married couple to file for Chapter 7 or Chapter 13 as if they were an individual filing for bankruptcy. However, both spouses must disclose their debts, property, income and expenses, no matter if the spouses own these assets jointly or individually. This type of bankruptcy can be beneficial for many married couples, but in some circumstances, individual bankruptcy may still be the better option. Those who are married and considering bankruptcy should understand and fully explore their debt relief options before deciding to file for individual or joint bankruptcy. When is Joint Bankruptcy the Best Option? In most cases, a joint bankruptcy is the best option when both people in a marriage have significant…
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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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How Will Bankruptcy Affect My Credit?

Our Morris County Bankruptcy Lawyers Assist People with Debt If you file for bankruptcy, your credit score may take a hit. However, the vast majority of people who are in need of bankruptcy the most generally have poor credit scores prior to filing. Defaulting on loans or mortgages, being late on utility bills or credit cards, having a judgment entered against you—those things will all negatively affect your score. The good news for people worried about their credit scores is that bankruptcy can mark the beginning of a new financial life. Many who file for bankruptcy can improve their credit scores afterward, and for some, bankruptcy can be one of the quickest methods to do so. How Much Will Bankruptcy Hurt My Credit Score? The damage to your credit score upon filing for bankruptcy is difficult to predict. The effect largely depends on your current credit standing. If you have…
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