• posted: Sep. 25, 2020
• Jim Zimmermann
• Chapter 13 payment plan,  credit counseling,  debts,  interest rates

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 Read More

• posted: Aug. 15, 2020
• Jim Zimmermann
• Are all retirement accounts exempt in bankruptcy?,  retirement accounts and bankruptcy

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 Read More

• posted: Jul. 15, 2020
• Jim Zimmermann
• City of Chicago v. Fulton,  creditors' duty to release impounded vehicles,  getting your repossessed car back in bankruptcy

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 Read More

• posted: Jun. 15, 2020
• Jim Zimmermann
• bankruptcy means test

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 Read More

• posted: May 15, 2020
• Jim Zimmermann
• filing for Chapter 13 when self-employed,  NJ bankruptcy laws for self-employed people

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 Read More

• posted: Apr. 02, 2020
• Jim Zimmermann
• coronavirus,  COVID-19,  small businesses,  tax liability

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 Read More

• posted: Mar. 20, 2020
• Jim Zimmermann
• back taxes,  Chapter 13 plan

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 Read More

• posted: Feb. 10, 2020
• Jim Zimmermann
• homestead exemption,  motor vehicles,  personal property

Chapter 7 bankruptcy allows eligible debtors to discharge their debt, making it an appealing option for many people living paycheck to paycheck with little hope of catching up on accrued Read More

• posted: Jan. 10, 2020
• Jim Zimmermann
• repayment plan

Losing your home to foreclosure can happen quickly even when you’re earning a steady income. If you or a loved one suffers a serious illness and faces extensive medical bills Read More

• posted: Dec. 10, 2019
• Jim Zimmermann
• bankruptcy discharge,  credit repair

Bankruptcy laws and procedures were designed to help people recover from overwhelming debt and start fresh. But even after your debt is discharged, your credit score still bears the mark Read More

• posted: Nov. 10, 2019
• Jim Zimmermann
• Chapter 7 eligibility,  means test,  median income

If you are considering filing Chapter 7 bankruptcy, which discharges debt, you must prove that you don’t have the means to pay back your debt. And you prove that by Read More

• posted: Oct. 10, 2019
• Jim Zimmermann
• Chapter 13 eligibility,  secured debt,  unsecured debt,  wage earner's plan

If you are struggling to pay off debt or keep up with monthly bills, you may consider filing for Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, all of Read More

• posted: Sep. 10, 2019
• Jim Zimmermann
• cosigner

Cosigning a loan, lease or another financial obligation for a friend or a loved one is a kind gesture but it involves crucial legal responsibilities. Before you cosign any document, Read More

• posted: Jul. 10, 2019
• Jim Zimmermann
• creditor,  automatic stay

One of the benefits of declaring bankruptcy is that an automatic stay is issued, prohibiting creditors from coming after you for debt collection. Under the terms of the stay, many Read More

• posted: May 10, 2019
• Jim Zimmermann
• alimony,  Chapter 7 discharge

Alimony, also known as spousal support or maintenance, is often a vital resource for recipients and a considerable expense for the paying individual. When insurmountable debt leads the paying spouse Read More

• posted: Mar. 09, 2019
• Jim Zimmermann
• Chapter 13,  Chapter 7,  credit score

Filing for bankruptcy comes with the understanding that notice of the bankruptcy will appear on your credit report for years to come — specifically, seven years after filing a Chapter Read More