Filing for bankruptcy is never an easy decision. Nonetheless, beginning the bankruptcy process is one of the most effective ways to stop harassing phone calls from your creditors so that you can regain control of your finances. If you or a loved one has been seriously thinking about declaring bankruptcy under Chapter 7 or Chapter 13, you may have thought about beginning the process on your own. Bankruptcies are notorious for being expensive and the thought of having to pay attorney fees can seem impossible. That shouldn't mean you have to make a risky decision.
When you file for bankruptcy, there are myriad different aspects of your life that will be affected. While most should be positive, there may be some things that come along with bankruptcy that you weren’t expecting. As your trusted local NJ bankruptcy attorneys, we at Scura are here to help you determine which assets will be affected in a bankruptcy filing and set your mind at ease.
In many circumstances, you take on debt because something unexpected happens. You or a loved one may lose a job or face long-term health problems. In other situations, however, the need to file bankruptcy may arise because you have developed some poor financial habits that trap you in a cycle of taking on more and more debt.
Has falling behind on your lease obligation caused your landlord to initiate eviction proceedings against you? If so, has the landlord also obtained a judgment of possession for the premises? This blog will explore your options if you are currently facing this scenario through a bankruptcy proceeding.
Generally, individuals file for bankruptcy after their creditors begin collection actions for repayment of outstanding debts. These actions may include written notices and daily phone calls. However, if the creditor is unable to obtain consensual repayment, they may seek additional legal remedies, including a wage garnishment order. When an individual experiences a wage garnishment, it is likely they are facing a financial hardship and garnishment will exacerbates the situation.
Has your property recently been foreclosed upon at a sheriff sale leaving you scrambling to try to retain it? There is an avenue of the law that may provide you with a potential solution through a preference action in a bankruptcy proceeding. However, as this blog will explore, it is an unsettled area of the law meaning that different parts of the country have ruled in different ways on this issue. Despite the uncertainty, pursuing this legal avenue may be your last best hope.
Did you know that 34 million Americans admit to paying their credit card bills late? Credit cards can be extremely useful when trying to establish credit or to use in case of an emergency. However, when they are used improperly, credit cards can plunge you further into debt than you had ever imagined. And as your debt builds up over time, it can become increasingly difficult to get your finances back on track.
New Jersey is one of the wealthiest states in the U.S. However, all of that income comes at a price—New Jersey also has high property taxes and even higher rent prices. It is in the top five most expensive locations to purchase a home in the United States. The U.S. average credit card debt is $6,304.26, but it is $8,406.60 for those in New Jersey.
Do you own real property that has equity in it, but are in default on your mortgage obligations? If so, then bankruptcy could be an option for you to be able to sell the property to protect the equity in the property.
Medical bills are one of the biggest financial burdens that Americans worry about each year. Different from your monthly credit card bills or mortgage payments, medical bills can often be so large threat they become a scary afterthought that most people simply don’t want to deal with. For this reason, medical bills are also one of the most common reasons that Americans seek debt relief through Chapter 13 bankruptcy.