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People who are facing insurmountable debts often seek bankruptcy protection. At the end of the process, they expect their debts to be discharged. However, not every bankruptcy case ends in a discharge. There are several reasons why bankruptcy petitions can be denied. The chief cause of bankruptcy cases going off track is the debtor’s failure… Read More »

If you are experiencing significant financial distress from overwhelming debt, the prospect of filing for bankruptcy may be appealing. However, a bankruptcy can be time-consuming and expensive and could leave you with a significantly damaged credit score. Before deciding to start the bankruptcy process, you should consult an attorney who can advise you on other… Read More »

One of the misconceptions about filing bankruptcy is that you “lose everything.” While it’s certainly true that you’ll have to adjust and sell some assets, bankruptcy law contains several exemptions that allow you to protect certain assets from creditors. Retirement accounts are one of those exemptions — retirement savings and income are generally untouchable during… Read More »

The U.S. Supreme Court is poised to resolve the question of whether a creditor may retain possession of a debtor’s repossessed vehicle once the debtor files for bankruptcy. Five of the nation’s circuit courts have said no but the Third Circuit, which covers New Jersey, Delaware and Pennsylvania, has disagreed, making the issue ripe for… Read More »

No matter how dire your financial situation, there is no rule that says you must file for bankruptcy. But if filing is something you choose to do, then the type of bankruptcy you file will be largely determined by what is known as the means test. We’ve gone into the details of the means test… Read More »

Filing Chapter 13 bankruptcy means you’ll spend three to five years paying back your debts as part of a court-ordered repayment plan. The amount you pay and the length of your payment period depends on how much you earn and how much you spend. It is not very difficult to build a repayment plan for… Read More »

The American Bankruptcy Institute (ABI), along with several judges, scholars and politicians, has proposed a relaxation of bankruptcy restrictions to allow for discharge of student debts in limited circumstances. The ABI’s Commission on Consumer Bankruptcy urged a return to an earlier law that allowed student loan debt to be discharged as part of a consumer… Read More »

In the middle of an election year where healthcare is already a hotly debated issue, the COVID-19 pandemic has stirred further discussion about whether major changes are necessary. During the Democratic presidential primary, the concept of Medicare for All split the candidates. While the candidate who promoted that concept has since dropped out of the… Read More »

As the coronavirus (COVID-19) continues to impact all areas of our lives, many New Jersey consumers and business owners are experiencing serious financial difficulty or may encounter it soon. Temporary closures may become permanent for small businesses that can’t survive long without customers. And we’ve already seen employees across the country losing their jobs or… Read More »

When you file for bankruptcy, tax debt may be a top concern, especially if other expenses — such as medical bills — have taken priority. If you are worried about tax debt, you will be relieved to learn that once you file for bankruptcy, both the IRS and the state of New Jersey stop tax… Read More »