The means test helps determine if an individual qualifies to file for Chapter 7 bankruptcy. This form of bankruptcy allows eligible debtors to discharge most unsecured debts, such as credit card balances and medical bills. The test ensures that only those with limited...
Chapter 7 And Chapter 13 Bankruptcy
Weighing the pros and cons of filing for Chapter 13 bankruptcy
Filing for bankruptcy can be tough, overwhelming and daunting, especially when it comes to dealing with the complexities of Chapter 13. With its benefits and drawbacks, it is vital to know the implications of this debt relief option. If you are struggling to make ends...
How do new bankruptcy rule changes impact individual filers?
Recent changes to the Federal Rules of Bankruptcy Procedure aim to make the bankruptcy process easier for individuals. These amendments, emphasizing electronic filing and simplified forms, are designed to help individuals navigate Chapter 7 and Chapter 13...
Does bankruptcy stop eviction in New Jersey?
Facing eviction can be a stressful experience, especially when dealing with financial difficulties. Filing for bankruptcy might offer temporary relief from eviction. Understanding how bankruptcy affects eviction proceedings can help tenants make informed decisions....
What would disqualify me from filing for Chapter 13 bankruptcy?
Chapter 13 bankruptcy offers individuals a way to reorganize their debts and create a manageable repayment plan. However, not everyone qualifies for this type of bankruptcy. Income requirements To qualify for Chapter 13 bankruptcy, you must have a regular income that...
Can you write off medical expenses in bankruptcy in New Jersey?
Medical expenses can pile up quickly and become overwhelming, especially if you face a major illness or injury. In New Jersey, if you struggle with substantial medical debt, filing for bankruptcy might be a solution to consider. Both Chapter 7 and Chapter 13...
Are employee retirement benefits affected by employer bankruptcy?
When a company goes bankrupt, it affects more than just its operations and finances. Employees who rely on pension plans for their future can face significant impacts. Understanding how bankruptcy affects pension plans can help workers protect their retirement...
Will bankruptcy affect your life insurance policy?
Some people hesitate to file for bankruptcy due to fears that it will make it harder to take out loans or apply for new credit cards. You may also worry that bankruptcy will negatively impact your life insurance or your ability to obtain it in the future. In reality,...
What happens to the mortgage when you file for bankruptcy?
Filing for bankruptcy can be a daunting decision, especially when it comes to understanding its implications on your financial obligations, such as your mortgage. When you file for bankruptcy, it initiates a legal process that can impact your debts and assets. Many...
How bankruptcy can help those who are facing creditor lawsuits
When someone falls behind on their financial obligations, their creditors may take legal action against them. Those who have missed credit card payments or who have medical debts they cannot pay off rapidly often worry about how creditors may attempt to collect what...