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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Don't Get Tricked by Extra Fees In a Bankruptcy Retainer Agreement

Understanding the Different Types of Bankruptcy Retainers

Attorneys’ fees for a bankruptcy will always vary from attorney to attorney. For the most part, when you’re hiring an attorney to handle your bankruptcy case, you will be quoted a retainer amount plus the court costs associated with the filing. If the retainer is on an hourly basis, the client will be responsible to pay for services in excess of the retainer amount. If the retainer is for a flat-fee (or a one-time payment), there should be no additional charges by the attorney (with the exception of a few situations mentioned below). Regardless of whether the retainer is on an hourly basis or a flat-fee, the retainer amount should cover most, if not all, of the administrative aspects of the bankruptcy.

What You Need to Know About Chapter 11 Bankruptcy

There are several types of bankruptcy, and each type varies depending on certain characteristics of the debt. For example, individuals can file Chapter 7, 11, and 13. Corporations must file either Chapter 11 bankruptcy or Chapter 7. Family farmers will generally file Chapter 12 bankruptcy. Knowing the benefits and drawbacks, as well as the requirements to qualify as a debtor, will be helpful in determining which type of bankruptcy will work for your particular situation.

The Impact of a Sheriff Sale & Your Options In New Jersey Bankruptcy

In the aftermath of the 2008 financial crisis, many people have found themselves facing foreclosure wondering what their options are.  When a secured lender files for foreclosure, the end game (unless a modification is entered into between the parties) is for the secured lender to take the property to sheriff saleThis blog will explore the impact of a sheriff sale and your options through the bankruptcy code that are at your disposal.

What Type of Creditor Claims are Listed in a Bankruptcy Petition?

In its simplest terms, a creditor is a person or entity who is owed money by a different person or entity. In bankruptcy, creditors are primarily categorized into three separate classes, which depends on whether the creditor maintains an interest in collateral the debtor owns, or receives special treatment in accordance with the United States Bankruptcy Code. The primary classes of creditors are secured creditors, unsecured creditors, and priority creditors. This blog will outline the differences of these three classes of creditors.

What Happens After I File Bankruptcy?

When you begin considering filing for bankruptcy, you likely have many questions about the process itself and what will happen after everything is all said and done. Your financial future may look very different after you file bankruptcy. Many of your long-term goals are still attainable after you go through the bankruptcy process—and it may not take as long as you might think. 

Dischargeability of Equitable Distribution in Chapter 7 and Chapter 13

The chapter of bankruptcy that an individual files is extremely important.  There are several different chapters of bankruptcy and each has a set of rules and laws that govern them.  If the incorrect chapter of bankruptcy is filed, it may not be easy to change between chapters without yielding an objection from a creditor or the trustee.  In addition, there may be additional fees and/or  legal expense to get into the correct chapter. 

Will Filing Bankruptcy Ruin My Credit?

The choice to file bankruptcy is one that shouldn’t be taken lightly. It will have an effect on your future credit and could also cause issues with your self-image and even your reputation. However, it is also important to keep in mind that filing for bankruptcy can greatly improve your short-term quality of life, stopping harassing phone calls and letters and allowing you to begin a fresh start with your finances.

Do I Have to Go to Court If I File Bankruptcy?

Filing for bankruptcy can be extremely intimidating. This is especially true if you end up having to appear in court regarding your case. Thankfully, the vast majority of individuals who file for bankruptcy will never see the inside of a courtroom based on their bankruptcy case.

What To Do Upon Being Sued & the Option of Bankruptcy

For many people, being served with a lawsuit can be a jarring experience.  You may think that your wages are going to be imminently garnished and that your bank accounts will be immediately levied.  However, the legal system provides you with time to evaluate your options prior to creditors being able to resort to these collection methods.

What are Adversary Proceedings In a New Jersey Bankruptcy Case?

Adversary proceedings are separate lawsuits within a bankruptcy proceeding.  Creditors who feel they were misled about a debtor’s ability to repay at the time monies were lent can file an adversary proceeding.  A separate case number is assigned and separate litigation will commence.  The creditors who sue debtors usually seek to have their claim deemed nondischargeable which will prevent the debtor from eliminating that specific debt.  The litigation can also seek to have the debtor denied a discharge or all debts. 

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