Tag Archives: Morris County Bankruptcy Attorney

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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Can Student Loans be Discharged Through Bankruptcy?

New Jersey Bankruptcy Attorney Discusses the Facts A commonly-held belief in the last few years is that one cannot, under any circumstances, discharge a student loan debt through bankruptcy. The accepted thought is that you can get rid of most kinds of unsecured debt through bankruptcy, but student loans cannot be reduced. Student loans can, in fact, be reduced or discharged by bankruptcy, but only for those able to prove that repaying a loan would cause undue hardship. This is a difficult condition to meet: undue hardship is undefined in the bankruptcy code. To begin with, though, you must be able to prove that not only are you unable to afford your loans repayments now, but that you have very little chance of being able to pay them in the future. Since common wisdom says that discharging student loans is impossible, most borrowers do not even try. A 2007 report…
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Supreme Court: Inherited IRAs No Longer Protected From Bankruptcy

Morris County Bankruptcy Attorney Explains Inherited IRAs An IRA, or Individual Retirement Account, is a retirement plan that provides tax advantages for retirement savings. Every month that you earn a paycheck, you are entitled to deposit a percentage of your pay into a separate account. Once there, however, your funds must stay put until your retirement, unless you want to pay a decent-sized financial penalty. There is more than one type of IRA, so you will need to research them and decide which one is the best for you. The four primary types are the traditional, the Roth, the SEP (short for Self Employed Person) and the SIMPLE (short for Savings Incentive Match Plan for Employees). Each kind has its own rules as to how it works, but they all share one very important trait: they are exempt from being part of the bankruptcy estate. This means IRAs, under normal circumstances, are out of the reach of…
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