eNewsletter for Our Morris County Bankruptcy Law Firm

Little Known Facts about Bankruptcy Law

Many people who are considering filing for bankruptcy may have misconceptions about the way it works, and this is understandable. Bankruptcy law is a complex field, and it is not always clear what property you get to keep, what property you have to sell, and how long it might take to rebuild your finances following a bankruptcy filing. Below are some important facts that people may not know about bankruptcy. It is important to remember, though, that legal advice will always vary depending on each individual’s situation. A Morris County bankruptcy lawyer can help you understand the important aspects of a bankruptcy filing so that you can make the best decision for your needs. General Bankruptcy Facts You can bounce back quickly from a bankruptcy filing. While it is true that bankruptcy is a major decision that can be on your credit report for up to ten years, people who…
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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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Should You File With Your Spouse?

When to File a Joint or Individual Bankruptcy Married people file bankruptcy all the time, and many of them start off with the misconception that they must file a joint case. However, you do not have to file a joint bankruptcy just because you are married, and in some situations, you might be better off filing individually. A Morris County bankruptcy lawyer can review your debts and assets to help you determine which type of filing is right for you. The Bankruptcy Discharge A bankruptcy discharge does not wipe out your debt. Rather, it wipes out your legal obligation to repay the debt. The debt still exists, but your liability is gone. If you owe a debt jointly with another person, such as a co-signer, and you file bankruptcy, your discharge only affects you. The co-signer is still responsible for the debt. Benefits of a Joint Case A joint Chapter…
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Debt Settlement vs. Bankruptcy: the Tax Consequences

In these harsh economic times, many people are finding themselves struggling to make ends meet. No matter how persistent or resourceful they are, some people will find themselves in the difficult position of having to radically restructure their finances because they suffer from unmanageable debt. There are two basic options for dealing with overwhelming debt. You can either declare bankruptcy or you can seek to settle the debts directly with the creditors. Both options have their upsides and downsides, and it is not always easy to decide which option is best for you. You should discuss your situation with an experienced Morris County bankruptcy lawyer to make sure you find the best debt relief mechanism for you. Debt settlement refers to a debt reduction process where the debtor reaches an agreement with the creditors to forgive a percentage of the debt in exchange for completely paying a portion of the…
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