eNewsletter for Our Morris County Bankruptcy Law Firm

Why Hiding Assets in Bankruptcy is Never a Good Idea

You may have heard it before, and your Morris County bankruptcy attorney will tell you, that you must disclose all of your assets when filing bankruptcy. The bankruptcy court will dismiss your case if you intentionally refuse to disclose property you own or omit material information about your financial affairs. Furthermore, the United States Trustee may pursue fraud charges against you, and you can go to jail if the government convicts you of bankruptcy fraud. Disclose Everything When Filing Bankruptcy When you sign your bankruptcy paperwork, you do so under the penalty of perjury that all the information contained therein is true; your signature is an oath that you have disclosed everything and have listed all your property, income and debts. If you purposely omit information or hide information, the court can dismiss your case. Honest mistakes will not cause you any trouble. If you accidentally omit or misstate information,…
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Qualifying under the Chapter 7 Bankruptcy Means Test

In order to be able to file for a Chapter 7 bankruptcy, a person must qualify under the Chapter 7 “means test”, which aims to keep people with a high income and few expenses from discharging a large portion of their debt via a Chapter 7 bankruptcy. Chapter 7 bankruptcies are for people who have no real options to pay back their debts. If a debtor has at least some income available to repay debt, the means test may push him or her into filing for a Chapter 13 bankruptcy. The means test is flexible, though, so even if you have a stable monthly income, you may be able to qualify if your expenses are high enough. Deciding which bankruptcy to file is an important decision that you should make only after carefully consulting with a bankruptcy attorney and reviewing your financial situation. A Morris County bankruptcy lawyer is available…
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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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Are Employees Guaranteed Jobs if a Bankrupt Business Reopens?

Morris County Bankruptcy Lawyer Discusses Filing Claims for Unpaid Wages In January, our attorneys discussed the Chapter 11 bankruptcy and the Revel Casino in Atlantic City. Recently, new developments bring Revel back into the spotlight for us, as the casino has been closed and sold to a Toronto-based company. This caused over 3,100 workers to wonder if they will have their jobs back under the new company or not. Unfortunately, it was later announced that the new owner, who may change the name of the casino, is not required to rehire former employees. Why is this the case? There was a sale agreement reached during the settlement. In the agreement, the new casino owner, Brookfield US Holdings LLC, has the liberty to decide if it wants to rehire any of the employees. While this is generally the case in bankruptcies, a benevolent company has the option of protecting its workers…
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