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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

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.

Helpful Bankruptcy Websites for New Jersey Residents

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.

Can I Keep My Car in Bankruptcy?

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.

Tax Returns Must Be Filed by Chapter 7 and Chapter 13 Bankruptcy Debtors

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.

Should I File for Bankruptcy?

Exploring the Pros and Cons of Filing for Bankruptcy

Bankruptcy was established by the federal government as a safety net for honest debtors who would otherwise be burdened for years or a lifetime by debts they cannot repay. Bankruptcy offers true relief from creditor actions and crushing debts, but it is a big step. You must meet certain criteria, and there are downsides.

The New Jersey bankruptcy attorneys of Scura, Wigfield, Heyer & Stevens, LLP, can help you make this important decision. The vast majority of people we counsel find that the advantages outweigh any disadvantages, or realize that they are out of other options. However, there may be alternatives to bankruptcy for your particular situation. We will give you our analysis in a free, no-obligation consultation so you can make an informed choice.

Need Help? Contact Us Today!

 

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