Personal Bankruptcy

Have you been struggling to keep up with your minimum credit card payments? Have some of your debts been sent to collectors and the phone calls have begun to roll in? If you are finding it difficult to stay financially afloat, then Chapter 7 bankruptcy may be an option to get you a fresh start. There are, however, specific eligibility requirements to be met and hoops to jump through in order to successfully navigate Chapter 7 bankruptcy.
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These are difficult economic times for many. With business closures due to COVID-19 and the resulting losses of available jobs, many people are finding it difficult to make ends meet. If you are going through financial struggles and finding it difficult to keep up with things such as minimum payments on your outstanding debt obligations, Chapter 7 bankruptcy may provide you with much-needed relief. At the end of a successful Read more . . .

There is a pervasive misconception in society that conflates bankruptcy with an end to financial well-being. It is, in fact, the opposite. For those finding themselves in difficult financial situations, bankruptcy can provide a fresh start. Filing bankruptcy should not be viewed as an ending, but a beginning of a chance to build a solid financial future. Before you file bankruptcy, it is important to evaluate your own situations and your goals.
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Can I discharge my student loans in a bankruptcy action?

Most college graduates today exit with considerable student loan debt. Over 44 million Americans owe student debts which amount to some $1.5 trillion, according to financial website Make Lemonade. The average student loan borrower today will have $37,172 in debt, an increase of $20,000 from 13 years ago. Student loan debt can be crippling, preventing graduates from saving money, buying a home, and establishing themselves.

Is credit card debt the top cause of bankruptcy?

Over 800,000 people declare bankruptcy every year.  Bankruptcy can be a powerful tool for individuals strapped with debt to herald in a fresh financial start.  Eligible individuals in New Jersey may be able to file for personal bankruptcy to erase their unsecured debts.  The causes of bankruptcy are numerous, and at times the debt that ultimately leads to bankruptcy is simply unavoidable.

What are the dangers of trying to represent yourself after an accident?

Deciding to forego the assistance of a personal injury attorney can come at great cost to you both financially and emotionally.  The experienced help of a New Jersey personal injury lawyer is vital to the success of your automobile accident or other personal injury related claim.
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What does it cost to file for bankruptcy?

Your tax refund could mean many things, including a new car, much-needed vacation, or even a way out of oppressive debt.  Filing for bankruptcy can be costly, but your tax refund could offer just the funds you need to escape from your debt.  Chapter 7 bankruptcy can eliminate most or all of your unsecured debts, allowing you to achieve a fresh start in life.  Bankruptcy filings surge during the months of March and April each year, indicating that many Americans take advantage of their tax refunds to file for bankruptcy.  Our Read more . . .

College and graduate school can become very expensive over time. After years of education and a tough economic climate, debts can accumulate quickly, especially if you have student loans to repay. It is no surprise that many young people explore bankruptcy as a way to help alleviate some of the debts they have acquired.

Student loans cannot be discharged unless undue hardship is proven. Many courts use the Brunner test which uses three factors to demonstrate undue hardship. These three factors: poverty, persistence, and good faith must all be proven.

If You Have Concerns or Questions About How Filing for Chapter 7 Bankruptcy Can Affect a Cosigner Contact the Cassidy Law Firm for a Free Consultation with an Experienced Monmouth County Bankruptcy Attorney

What happens when you file for a Chapter 7 bankruptcy and you have a cosigner on some of your debt?  Chapter 7 bankruptcy will only eliminate the debt of the petitioner and not that of a cosigner.

Your cosigner is held liable for your debt if you default on the loan. Whether or not a Cosigner will be harmed when you file for bankruptcy depends on the type of Bankruptcy you choose to file. Although Chapter 7 bankruptcy can alleviate your debt problems, the debt burden will fall upon your cosigner. You may want take steps to protect your cosigner, especially if they are a friend or relative. When a cosigner is involved alternatives to Chapter 7 bankruptcy should be considered.

To Find out If You Can Eliminate or Avoid Liens on Your Property Contact the Cassidy Law Firm for a Free Consultation with an Experienced Monmouth County Bankruptcy Attorney

In some cases it is possible to eliminate liens which are attached to your property when you file for Chapter 7 bankruptcy.  Lien avoidance is a process by which you ask the bankruptcy court to eliminate or reduce liens on certain types of exempt property. This procedure can allow you to discharge large amounts of debt and/or keep property. Lien avoidance must be requested in a special legal proceeding in your bankruptcy case. If steps are not taken to petition for lien avoidance, the lien will not be eliminated and will still exist after a chapter 7 bankruptcy has been finalized.

Many People Considering Filing for Bankruptcy Ask the Question: Can I Transfer Property Before Filing Chapter 7 Bankruptcy?

Prior to filing for Chapter 7 Bankruptcy it may be tempting to transfer your property to friends or relatives in order to protect the property from creditors. Unfortunately, transferring your property may cause you harm as it could result in serious consequences that range from making you ineligible to file for Chapter 7 Bankruptcy for a period of time to losing your property and having your Bankruptcy case dismissed.