When your spouse approached you and told you that they were behind on their bills can had a heavy debt load that you didn’t know about, you were shocked. You realize that a bankruptcy may be a good option for them, but you don’t want to end up with a bankruptcy on...
Chapter 7 And Chapter 13 Bankruptcy
Will you need to reaffirm your car loan during bankruptcy
Your credit situation changes dramatically when you file for bankruptcy. Your existing lines of credit will freeze. Often, unsecured lines of credit will be eligible for discharge in the bankruptcy. That means you won't have to pay them back after the court finalized...
Can you get a home loan if you go into bankruptcy?
There are many people who struggle with their finances but who still want to try to move forward in life. They may want to take out a home loan and start building wealth, but with poor credit, it’s difficult. Bankruptcy is a good way to eliminate debt and help you get...
What you need to know about New Jersey bankruptcy exemptions
A common misconception about filing for bankruptcy is that you will lose everything you own and start life afresh. Does it mean a life of abject poverty and losing all your assets? If you are thinking of filing for bankruptcy, you have probably heard of exemptions....
How long will your bankruptcy discharge affect your credit?
When the courts discharge the balances on your unsecured lines of credit in a bankruptcy filing, they absolve you of the obligation to repay those debts in the future. While your discharge will help you by freeing up your financial resources, it can also limit your...
What does bankruptcy do for you?
“Filing bankruptcy” means that you will be discharging or eliminating some of your debts. Depending on your situation, you may choose to file for one kind of bankruptcy over the other form. These are Chapter 13 and Chapter 7. You may have gotten sick or lost your job....
What should you know about Chapter 7 bankruptcy?
Many people have a false perception of bankruptcy as a sign of failure or financial inexperience. The reality is that when unplanned hardships like personal injuries, severe illnesses and job loss happen, bankruptcy offers hundreds of thousands of Americans a way to...
Who decides what you pay during Chapter 13 bankruptcy?
Each kind of bankruptcy has different rules and requirements. Chapter 13 bankruptcy is a popular form of personal bankruptcy that people also call a wage earner's plan. Those with higher incomes can still qualify for Chapter 13 bankruptcy, which allows them to protect...
Why is an automatic stay issued in bankruptcy?
People who file for bankruptcy might be tired of having debt collectors constantly contacting them. Often, phone calls and mailed demands are used to try to get people to pay. This can make answering the phone or checking the mail a stressful experience. When you file...
Can you protect your car during a New Jersey bankruptcy?
There are many reasons that people feel concerned about filing for bankruptcy. Some people worry about the effect on their credit score. Others worry about whether bankruptcy will affect their job or financing options. Another common concern about bankruptcy is the...