eNewsletter for Our Morris County Bankruptcy Law Firm

When Do I Become Eligible for Another Discharge?

Even if you filed bankruptcy in the past, you can still file again. However, there are rules surrounding your discharge eligibility. If you filed bankruptcy before and find yourself experiencing financial difficulties again, an experienced Morris County bankruptcy attorney can help you understand all of your debt relief options, as well as your eligibility for another bankruptcy discharge. I Received a Chapter 7 Discharge… The unexpected can happen at any time…even after obtaining a fresh start financially through Chapter 7 bankruptcy. People get laid off, file for divorce, lose a loved one, incur unexpected medical expenses, and any one of those life events can lead to financial difficulty. If you received a prior Chapter 7 discharge and find yourself struggling with debt once again, you: Become eligible for another Chapter 7 discharge eight years from the filing date of your previous Chapter 7 case that resulted in a discharge Can…
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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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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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How the Bankruptcy Reform Act of 2005 Affects Bankruptcy Filers

In 2005, with approval from Congress, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCA). BAPCA was a result of eight years of negotiating, and it made significant changes to bankruptcy law for the first time in decades. The consensus is, however, that BAPCA favored creditors more than debtors. Support for the Act came from banks and credit card companies, which spent more than $100 million lobbying for it over the eight years preceding its passage. Opposing the Act were many consumer advocates, legal scholars and other bankruptcy experts. In many instances, the Act makes it more difficult for consumers to file for bankruptcy. A Morris County bankruptcy attorney can help you understand how the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 affects your bankruptcy filing. Means Test for Chapter 7 Filers Perhaps the biggest change brought about by BAPCA is…
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