Personal Bankruptcy

Chapter 20 bankruptcy is not an actual chapter of the U.S. Bankruptcy Code. Instead, it refers to filing Chapter 7 bankruptcy followed by Chapter 13 bankruptcy. This approach can provide relief that neither chapter could accomplish on its own, particularly when unsecured debt, mortgage arrears, or other financial obligations require different solutions.

Most people only need to file one type of bankruptcy. However, when a single filing does not fully address a person's financial circumstances, a Chapter 20 strategy may offer additional options. Whether it makes sense depends on your income, assets, debts, and long-term financial goals.

If you are considering personal bankruptcy, one of the first questions you may have is whether you can keep your home. The answer is often yes.
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For most people, bankruptcy is an avenue of last resort, only to be considered when everything else has been tried and has failed. It is unfortunate that people view bankruptcy this way as they frequently waste considerable sums of money and even lose valuable assets trying to avoid bankruptcy that could have been protected in bankruptcy. If you are facing financial hardship and are considering filing a chapter 7 bankruptcy you should consult with an experienced New Jersey bankruptcy attorney; however, in the meantime there are some common considerations that may help you decide if filing a chapter 7 bankruptcy is right for you.

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.