The unfortunate reality for business owners in New Jersey and elsewhere is that a business could encounter a rough patch. This can occur regardless of when and if the business was flourishing because business debt can cause a business to suddenly suffer. When a business hits a rough patch, declaring bankruptcy might seem like the only option. While it might end up being the best option for the hurting business, it is important to consider what alternatives are available to obtain realistic debt relief.
If you are struggling against a wall of debt, an experienced bankruptcy attorney might be able to help you toward a fresh start and a more stable financial future. The most common type of bankruptcy filing for individuals is Chapter 7. In order to qualify, though, you need to pass a means test.
The New Jersey means test attorneys at Scura, Wigfield, Heyer & Stevens, LLP, have helped numerous clients eliminate debt and start rebuilding their financial life. To be eligible for Chapter 7 in the eyes of the government, an individual must pass a means test. This test basically examines your income and assets to determine eligibility. Even if you do not qualify for Chapter 7 bankruptcy by virtue of the means test, you still might qualify to receive debt relief through filing Chapter 13 bankruptcy.
New Jersey residents facing financial difficulties or considering bankruptcy will benefit from learning about the automatic stay. When a debtor files for bankruptcy under any chapter of the bankruptcy code, the automatic stay immediately takes effect.
No one likes being pestered by debt collectors calling at all hours of the day, making empty threats and using language that makes one blush. Fortunately, a federal law known as the Fair Debt Collection Practices Act protects individuals from debt collector and creditor harassment. It also makes it illegal for debt collectors to use unfair, deceptive or abusive tactics to provoke people to pay up.
In a chapter 13, you still generally have to pay off secured loans in full, but you can restructure overdue payments or payments that have fallen in arrears. Unlike a chapter 7, in a chapter 13, you can take the amount you have fallen behind, such as on a house or car, and pay that arrearage amount over the life of a 60 month or five year plan. This enables you to potentially save the car or house. You must, however, generally make the regularly scheduled payments post petition on that loan after you have filed the case.
If you file personal bankruptcy and you own a business you have to be careful on the impact the bankruptcy will have. The first thing that has to be determined is the type of ownership structure, i.e., sole proprietorship, corporation, partnership or limited liability company. Next, you want to have an idea of the rough value of that business interest. To be sure, you want to be able to continue to operate and protect your ownership interest in the business if you file a bankruptcy.
Most of our bankruptcy clients do not have a choice but to file bankruptcy because circumstances in their life have spiraled out of control. Some of our clients have lost a job, are receiving less pay, became seriously ill or hurt, divorced or just plain got in over their head with debt. Our clients are good people deserving of the protection of the bankruptcy code. Our bankruptcy attorneys are surprised about some of the myths that still exist out there concerning bankruptcy and especially the myths with respect to the new bankruptcy laws as enacted in 2005. Some of these myths are being put out there by the credit card industry to scare people away from bankruptcy. Here are some common myths that we have learned about from our clients in our daily practice representing debtors in bankruptcy.
In the typical will contest, a party seeks to invalidate a decedent’s will due to an alleged lack of testamentary capacity and/or undue influence. The battle is often exclusively fought on these two fronts. For purposes of this article, we shall assume there exists a will meeting New Jersey’s statutory formalities. The good news for those seeking to invalidate a will is that proving either lack of testamentary capacity or undue influence is sufficient to prevail. The bad news is that you must overcome the legal presumption that a testator is of sound mind and competent when he or she executed the will.
Owner Liability for Dog Bites
There is a lot of misinformation about the responsibility of dog owners for their pets. However, the New Jersey law is clear. Dog owners have strict liability regarding injuries caused by their dogs. If you or someone you love has been bitten or attacked by a dog, you can hold the owner of that dog responsible for your injuries.
At the law offices of Scura, Wigfield, Heyer & Stevens, LLP, our NJ personal injury attorneys can help you get the full compensation you deserve.
Bankruptcy is something that no one wants to consider. Many people feel that filing for bankruptcy is an admission of failure in life and something that they can never recover from. Often people think that no one can relate to what they’re going through and that there’s no way out of the hole that they’re in. However, it’s important to know that many people are going through the same problems that you’re currently going through and bankruptcy can be the right tool to get the fresh start that you need. One common scenario in which people turn to bankruptcy to remedy is when they’re saddled with judgment debt.