eNewsletter for Morris County Bankruptcy Law Firm

Working With a Trustee Under Chapter 13 Bankruptcy

2009 was one of the highest years for bankruptcy filings in recent memory. There were more than 1.3 million consumer bankruptcies and over 89,000 business ones. Home mortgages were a big reason for the surge in bankruptcies. Nearly a fifth of U.S. homeowners are reported to be underwater, which means they owe more on their mortgages than their houses are worth. Foreclosure rates have been at record levels in the past couple years. A Chapter 13 bankruptcy can be the best option to avoid a foreclosure if you are going to file for bankruptcy, but can truly afford the mortgage. A Chapter 13 protects your home. It is called an “income-earner’s” bankruptcy, because it enables a person with regular income to develop a plan to repay his or her debts. The highly detailed plan covers the next three to five years and must demonstrate how the person proposes to pay…
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What are Typical Bankruptcy Attorney Fees?

A Morris County Bankruptcy Lawyer Explains While everyone encounters money troubles at some point in their life, there are certain situations that cause an especially grievous amount of financial hardship, including unexpected medical bills, economic upheaval and loss of employment. When these situations arise, massive debt can sometimes follow. In the wake of these debts, many individuals turn to legal remedies such as bankruptcy to get their lives back on track. Bankruptcy and debt settlement are valuable tools that allow individuals to restart their financial records. However, many individuals are hesitant to use bankruptcy despite the relief that it offers. This apprehension sometimes occurs because they fear being unable to pay for the assistance of a qualified Morris County bankruptcy attorney. Attorney Fees in Chapter 7 and Chapter 13 Bankruptcy Attorney fees are handled differently depending on whether you choose to file under Chapter 7 or Chapter 13 rules. Chapter…
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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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What to Do After a Chapter 7 Bankruptcy

Morris County Bankruptcy Attorneys Offer Tips for Maintaining Good Credit You have discharged debts through Chapter 7 bankruptcy and you are ready to enjoy life without as many financial anchors weighing you down. However, the journey is not over. Much like staying in shape, you cannot immediately give up exercise and nutrition once you obtain an ideal figure. To keep it, you need to maintain a healthy lifestyle. Here, our Morris County bankruptcy attorney explains ways you can keep you a positive line of credit after you file for Chapter 7 bankruptcy. Maintaining Good Credit After a Chapter 7 Bankruptcy Bankruptcy offers a fresh start on your finances as long as you proceed carefully in the period following a bankruptcy. If your bankruptcy resulted in a discharge of debt, you will not be eligible for similar discharges in subsequent bankruptcies. You must wait eight years before you can get another…
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