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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Business Chapter 7 Bankruptcies

Sometimes businesses just fail. The debt can become overwhelming and creditors can begin exercising their rights for repossession of equipment (leased or financed), levies on bank accounts, and enforcement of personal guarantees against the business’ shareholders/members.  An insolvent business has two bankruptcy options: Chapter 11 and Chapter 7. 

Chapter 11 is a good option for businesses looking to restructure their debts under a plan of reorganization, while continuing to operate during that process.  Chapter 7 is a good option for businesses who choose to close, liquidate their assets, and dissolve the corporate structure.  

Can You Protect Your Home In Chapter 7 or Chapter 13 Bankruptcy?

If you own a home and you are in financial turmoil, you may be wondering what will happen to your home if you file for bankruptcy. For many, the primary concern that they have when entering the bankruptcy process is that their home is protected. This blog will explore the implications of filing for personal bankruptcy in a chapter 7 or chapter 13 on an individual’s residential real property.

As an aside, in either chapter 7 or chapter 13 a debtor would need to continue to pay their mortgage and property taxes in order to avoid an eventual foreclosure.

Eliminate Credit Card Debt and Start Over with a Chapter 7 Bankruptcy

Credit card debt is a major issue in most consumer bankruptcies. You are not alone in needing relief from overwhelming credit card debt; many people in New Jersey have benefited from the fresh start that a Chapter 7 bankruptcy provides.

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.

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 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.    

Chapter 7 or Chapter 13 Bankruptcy: Which Chapter is Right for You?

Most people assume that if you file for bankruptcy, you must liquidate virtually everything you own to pay your creditors. While this is true under some circumstances, you actually have more than one option when you file for bankruptcy.

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. 

Chapter 7 Bankruptcy Basics: When Should You File?

Bankruptcy often has a bad reputation. Many people assume that if you file for Chapter 7 bankruptcy you are a poor money manager or that you have bad spending habits. Often times, however, this is simply not true. People file bankruptcy every day for a variety of reasons. These may include an unexpected, serious life change, such as a loss of employment or significant medical bills.

Chapter 7 Bankruptcy and Its Effect on Owning A Home

When contemplating bankruptcy, one of the biggest trepidations that people often have is how it will affect their home.  Will the bankruptcy cause their home to be lost?  Will the mortgage lender commence foreclosure as a result of the bankruptcy filing?  What are the legal consequences of all those documents they signed when purchasing the home?  This blog will explore those topics and how a bankruptcy will affect their home ownership.

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