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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Can a Debtor Keep a Credit Card In a Chapter 7 Bankruptcy?

Credit Cards and Chapter 7 Bankruptcy

Personal Credit Cards

A common question that many individuals contemplating bankruptcy ask during our firm’s free consultation is whether they can retain a credit card during bankruptcy.  In almost all cases, once a credit card institution receives notice of the bankruptcy filing, it will almost immediately cancel the debtor’s credit card.

How Can I Afford to Hire a New Jersey Bankruptcy Lawyer?

If you are in a financial state where you have considered filing for Chapter 7 or Chapter 13 bankruptcy, you may also be worried about how you will afford a reputable New Jersey bankruptcy lawyer. This classic catch-22 can be difficult to sort out in any situation but is made worse by the fact that filing fees and attorney fees can sometimes tally up to hundreds or even thousands of dollars. So what are you supposed to do when bankruptcy seems like your best option and you’re unsure of how much it will cost to work with the right team of bankruptcy attorneys?

The Applicable Rate Of Interest For Secured Claims In New Jersey Bankruptcy

The Supreme Court’s landmark decision of Till v. SCS Credit Corp., 541 U.S. 465 (2004), took up the issue of the proper method of selecting an interest rate sufficient to pay present value under section 1325(a)(5)(B)(ii). The Court considered and rejected the coerced loan, presumptive contract rate, and cost of funds approaches, and instead settled on a formula approach. Under this formula approach, the interest rate is determined by starting with a national prime rate and adjusting upward to account for greater risk of default.

When Chapter 13 Bankruptcy is the Best Choice for Debt Relief

Chapter 13 bankruptcy is often the best choice of debt relief for individuals and families who don't qualify under another bankruptcy chapter or would be unable to completely eliminate their unsecured debt under the new bankruptcy laws of 2005. Chapter 13 can also be an excellent way to prevent foreclosure and repossession while restructuring your monthly debt payments into a supervised installment agreement.

Get a Fresh Start from Your Debts With Chapter 7

What could you and your family do with a fresh start from your credit card debt and other loans? Chapter 7 bankruptcy may be the best option for helping you get out from under your burden of debt, while keeping your house and family car.

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. 

What to Expect at Your 341(a) Meeting of Creditors

The meeting of creditors, also called the 341 hearing, is a required appearance by all debtors in a bankruptcy case.  The debtor’s appearance is required pursuant to section 341 of the Bankruptcy Code.  Within a reasonable time after the bankruptcy case is filed, the United States trustee will convene and preside at a meeting of creditors.  See, 11 U.S.C. §341(a).  Normally, the meeting takes place approximately 30 days after the bankruptcy petition is filed.  There is no judge at the meeting of creditors, although the debtor is placed under oath and is asked a series of questions.  The meeting usually takes 10 minutes but can vary depending on the complexity of the case.  Debtor’s counsel is present with the debtor during the meeting. 

The Truth about Transferring Property on the Eve of Bankruptcy

If you have recently had a judgment entered against you or if you believe that a judgment may be entered against you soon, then you may be panicking trying to figure out how to protect your assets.  The thought of transferring assets out of your name to a friend or family member prior to filing for bankruptcy may enter your mind as a potential solution to your problems.  However, this blog will explore the consequences of these transfers on the eve of bankruptcy and the effects they can have on the transferee (the person the property was transferred to).

What Chapter 7 Bankruptcy Can’t Do

Chapter 7 bankruptcy is an extremely helpful legal proceeding for those drowning in debt.  It is useful to eliminate credit card debt, medical bills, and unsecured personal loans.  There are certain debts that cannot be eliminated in a chapter 7 bankruptcy case and would simply remain due and owing after the case is discharged.    

What You Need to Know About Chapter 13 Bankruptcy

When most people hear the word bankruptcy they immediately think of Chapter 7 bankruptcy, which eliminates the obligation to pay back the majority of their debts. However, there is another type of bankruptcy available for those who are looking for additional options to take care of their outstanding debts. Chapter 13 bankruptcy can be useful for anyone who may be behind on large debts like car or house payments and wants to find a good way to get caught up. While filing for Chapter 13 bankruptcy isn’t for everyone, it is worth taking a closer look when considering how to properly take control of your financial future.

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