You should always investigate and look to see whether bankruptcy is the best option for you. There are various helpful websites that provide information on bankruptcy and can be helpful in making a decision. You should always consult with an attorney before making that final decision, but along with our website's comprehensive bankruptcy information, these sites are helpful in educating yourself on the process.
When residents in New Jersey decide to start a business, it is very common that they will seek a small business loan. While it is obvious that at the start of the small business the owner will deal with a certain amount of debt, if the business fails to accumulate revenue and assets, they might have to consider debt relief options, filing for Chapter 11 bankruptcy or even ending the business. This is why it is important to understand how to address business debt, especially when they are dealing with their own debt collection issues from their customers or clients.
Under the Bankruptcy Code, debtors and bankruptcy trustees are authorized to assume or reject executory contracts and unexpired leases in bankruptcy. The legislature, in drafting Section 365 of the Bankruptcy Code, understood the importance of permitting a debtor to shed burdensome contracts and retain beneficial ones. In providing a trustee or a debtor with the rights and powers provided for in Section 365, the legislature was careful to provide some protections for the counterparty, particularly during the period of time from filing until the election to assume or reject is made.
Changes in Chapter 13 Bankruptcy Law Treatment of Condominium Association Liens
Over the past year, New Jersey bankruptcy law concerning condominium association liens and their treatment under a Chapter 13 plans of reorganization has dramatically changed.
Many business owners find themselves in a situation where they are saddled with debt and can see no way out. These businesses may even own real property facing foreclosure. An insolvency proceeding through the bankruptcy court or an assignment for the benefit of creditors through the State Court may be the answer to your problems.
Many fears surround bankruptcy. One common worry is that it is impossible to keep a car after filing bankruptcy. It is true that in some cases it makes more sense for a bankruptcy filer to allow a creditor to repossess a car rather than continue to make payments. If the filer does want to keep his or her car, however, there are ways to do so. What assets a person keeps after bankruptcy depends on individual circumstances and the desires of the bankruptcy filer.
If you are married and mired in debt, bankruptcy can stop creditor actions and give you a fresh financial start. A common question is whether to file jointly or file only under one spouse's name. Depending on the facts of your case, it can make a difference for your finances and the impact on your credit.
As with many legal questions, the answer is not always simple. The filing of a bankruptcy triggers what is known as the Automatic Stay. The Automatic Stay is the equivalent of an injunction: a court order prohibiting or commanding some action.
U.S. District Judge Freda Wolfson recently ruled in favor of a homeowner’s claim for breach of contract after the mortgage company failed to honor a permanent modification after the homeowner completed all of the requirements of the trial modification.
A requirement of The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (BAPCPA) requires that a Chapter 13 debtor must file all returns for tax periods ending within the 4 years prior to the filing of the bankruptcy case. The trustee, however, may extend this deadline. Section 1228(a) of BAPCPA provides that in Chapter 7 bankruptcy cases that a debtor is not entitled to a discharge in the case of an individual who is a debtor unless requested tax documents have been provided to the court. Under a Chapter 13 bankruptcy, a plan cannot be confirmed unless all tax returns have been filed. The tax return requirement is a strict one in bankruptcy and the court will not overlook it. Under prior bankruptcy law prior to the changes in 2005 under BAPCPA, tax returns did not have to be filed.