Review Our Morris County Bankruptcy Law Firm Newsletter

What To Expect at a Bankruptcy Hearing

The stigma associated with bankruptcy is completely unwarranted. Bankruptcy is a sensible solution to consolidate debts and reestablish financial security for you and your family. Much of the hearing involves counseling with the judge to determine the best balance of your practical needs given your financial situation. As such, it is best to be very honest and transparent about your finances. What Is A Bankruptcy Hearing Like? If you are filing for Chapter 7 bankruptcy, you will not have to appear before a judge unless there is an objection to your claim or you desire a reaffirmation hearing. A reaffirmation hearing is held only when a debtor wants to hold on to some debt in order to maintain ownership of the property tied to it. For example, if a debtor’s father is elderly and dependent on the debtor to drive to the pharmacy to pick up medications, then a debtor…
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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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Chapter 11 Bankruptcy for Individuals

A Morris County Bankruptcy Lawyer Explains a Lesser-Known Debt Solution Bankruptcy offers individuals a valuable and efficient solution to ongoing financial troubles. The two most common forms of individual bankruptcy are Chapter 7 and Chapter 13 filings. However, when people hear the phrase “Chapter 11 bankruptcy,” they often immediately think companies going under reorganization. While not as common for individual bankruptcies, Chapter 11 still offers the same protections and rights as other forms of bankruptcy for certain people. However, there are some key differences. Why Would a Person File Chapter 11? Both individuals and businesses can file for Chapter 11; however, individuals typically only file in cases where: They have more than $336,900 in unsecured debt, like credit cards and medical bills They have more than $1,010,650 in secured debt, like vehicles, homes, and valuable property They need to keep property or assets in order to run a business Many…
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Do I Make Too Much Money to File Bankruptcy?

One of the most common questions many bankruptcy filers ask is, “Do I earn too much money to qualify for bankruptcy?” The truth is how much money you make is not as relevant to the issue as you may think. The basic way to determine if you qualify for bankruptcy is by a means test. A qualified Morris County bankruptcy attorney can assist you in determining how much your earnings will affect your means test. Basic Truths About Income and Bankruptcy Many people feel that they earn too much money to qualify for Chapter 7. Since the new law has toughened the qualifying rules for Chapter 7, individuals are now required to pass a means test. A knowledgeable Morris County bankruptcy lawyer can explain the new law in more detail. Qualifying for bankruptcy really has to do with other things besides income. One of the ways to determine if you…
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