Personal Bankruptcy

Monday, July 9, 2018

Drowning in Student Loans? Bankruptcy May Soon Help

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.


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Monday, January 22, 2018

Top Causes of Bankruptcy

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.


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Monday, November 20, 2017

Why You Need a Personal Injury Lawyer


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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Monday, April 17, 2017

Consider Using Your Tax Refund to File for Bankruptcy


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 . . .


Monday, January 5, 2015

Are Student Loans Dischargable in a Chapter 7 Bankruptcy?

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.


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Thursday, November 13, 2014

How Does Filing for Chapter 7 Bankruptcy Affect A Cosigner?

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.


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Monday, November 10, 2014

Can I Eliminate or Avoid Liens on My Property if I file for Chapter 7 Bankruptcy?

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.


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Thursday, October 30, 2014

Can I Transfer Property Before Filing Chapter 7 Bankruptcy?

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.


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Monday, July 7, 2014

Can Taxes Be Discharged in Bankruptcy?

There are a seemingly endless number of causes of financial troubles; however, one debt that can grow large enough to be a major source of financial struggles is a tax debt. Once you get behind on taxes the debt seems to take on a life of its own, growing at an unbelievable rate. If your delinquent tax debt is part of a bigger picture of financial troubles it may be time to consider bankruptcy as a long-term solution. Be sure to consult with an experienced New Jersey bankruptcy attorney, however, before moving forward to discuss what tax debts, if any, can be discharged through bankruptcy. Often, when you file for bankruptcy plays a major role in determining whether or not tax debts are dischargeable.


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Thursday, July 3, 2014

What Is Bankruptcy?

“What Is Bankruptcy?” Unfortunately, there are a number of myths and misconceptions about bankruptcy in the United States. Many of these myths and misconceptions cause debtors to shy away from considering bankruptcy when they are in financial trouble. Hesitating often means a debtor loses valuable assets that could have been saved through bankruptcy. If you find yourself in a situation where the bills continue to pile up and you see no end in sight it might be time for you to consider bankruptcy. A better understanding of bankruptcy and the bankruptcy process may help you make the decision.


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Wednesday, June 25, 2014

Mortgage Reaffirmation in a Chapter 7 Bankruptcy

If you are one of the millions of Americans struggling with debt that you have no realistic way of paying off it may be time to consider filing for bankruptcy protection. Over the last several years the number of bankruptcy petitions filed in the United States has reached historic levels, sue in large part to the recession the country as a whole has suffered through. If you have been reluctant to consider filing bankruptcy because you are concerned you will lose all your hard-earned assets in the process it is time to learn more about chapter 7 bankruptcy and the New Jersey exemptions. Once you understand how the exemptions can be used to your benefits you will likely be ready to pursue bankruptcy as a possibly long-term solution to your financial problems.


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