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Scura, Wigfield, Heyer & Stevens Blog

Navigating a Chapter 11 Bankruptcy in New Jersey

Dealing with any type of financial challenges could be overwhelming, emotional and in some cases, embarrassing. With regards to business debt, our firm understands that business owners in New Jersey might find it difficult to navigate complex financial matters regarding their business. For many, they seek to understand the best way to keep their business operating, but in some matters, business owners should note that some debt relief options might result in the sale or liquidation of their business.

Whether it is a small business or large corporation, dealing with financial challenges can sometimes be debilitating. The steps required and the debt relief options can be very complex, and those considering business bankruptcy should become knowledgeable about the process.

Avoid Common Mistakes When Filing for Bankruptcy

While bankruptcy can offer a fresh start, the process of filing for bankruptcy can be confusing. There are certain common mistakes people make when filing for bankruptcy, so it is important to educate yourself before filing.

Things Bankruptcy Can and Cannot Do

If you are struggling with overwhelming debt, you have options that are designed to help you get a fresh start and improve your long term financial picture. It is important, however, to know exactly what bankruptcy can and cannot do for you. Here we explore some of the basic concepts as to what bankruptcy can and cannot do.

When Considering Bankruptcy, It Is Important to Know Your Options

There are many reasons people find themselves in financial binds. Often, it is not their fault. A job loss, death in the family, major illness or injury or divorce can put a family behind on monthly payments and some are unable to return to solid financial footing after a life-changing event. Too frequently, individuals fail to recognize they are in financial trouble and delay seeking remedies until it is too late.

If circumstances have put you behind the 8-ball, it is best to know your options and to take steps to keep from falling further behind.

What is the Difference Between a Debt and a Lien In a New Jersey Bankruptcy?

People considering filing bankruptcy should understand the difference between a debt and a lien and how bankruptcy treats each of them.

Filing for bankruptcy can seem like an overwhelming task. There is a lot of paperwork to fill out, very specific procedures to follow and complicated financial concepts to grasp. One of the most important concepts that you should understand if you are thinking of filing bankruptcy is the difference between a debt and a lien because of how bankruptcy impacts each.

Is Credit Counseling Required Before Filing Bankruptcy?

Prior to filing bankruptcy, a debtor is required to take a credit briefing before the petition is filed, and attend a financial management course before the debtor is entitled to receive a discharge. The requirement is only for consumer debtors if the bankruptcy is filed under Chapters 7 or 13. If the debts are primarily business debts, then there is no requirement for the Credit Counseling before filing the bankruptcy. The credit counseling must be taken within 180 days of the filing of the bankruptcy case.

Understanding the Chapter 7 Bankruptcy Means Test

Filing for personal bankruptcy can be overwhelming. If you are in financial crisis and considering bankruptcy as an option for moving forward, you might be confused by the options for filing and what steps they need to take to file. This article will help you start thinking those things through.

How New Jersey Bankruptcy Lawyers Can Help to Keep Utilities On

Bankruptcy may help you in getting utility services restored if you were behind on your gas or electric bill. If the gas or electric company is threatening to turn off the services, and you file bankruptcy before they do, the federal stay under 11 U.S.C. 362 will prevent the utility company from shutting off the service. If the utility service has have been disconnected for nonpayment, bankruptcy can help in getting them turned back on.

How to Stop Vehicle Repossession in New Jersey

Bankruptcy Can Stop Repossession

Banks and auto dealerships will not hesitate to repossess your car if they think that you can no longer afford it. Some lenders will initiate repossession after you miss just one car payment.

Filing for bankruptcy protection can prevent repossession and give you an opportunity to catch up on what you owe. It may even be possible to refinance your auto loan through a Chapter 13 filing. The lawyers of Scura, Wigfield, Heyer & Stevens, LLP, can explain your rights and take action to save your car from being repossessed.

What Debts are Discharged in New Jersey Bankruptcy?

Can You Discharge Debt Through Bankruptcy?

Is bankruptcy the answer to your financial troubles? It depends on many factors, including the amount you owe, the nature of your debt and which chapter your bankruptcy is filed under. Some debts are eliminated completely, while other debts cannot be reduced at all through bankruptcy.

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