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What Happens To Your Credit Score In Bankruptcy?

Active judgments, collections accounts, charge offs and delinquent debts are reported to the credit reporting agencies. These will have a devastating effect on your credit score. Your credit score will suffer greatly, often dropping hundreds of points. The problem is intensified over time as these derogatory reports linger and just sit on your report. A… Read More »

Can You File For Bankruptcy If You Are Unemployed?

You are not required to be employed to file a Chapter 7 Bankruptcy. In fact, depending upon your prior or future income, your period of unemployment may be the only time that you will qualify. Regular income is not required unless your seeking a Chapter 13 Plan of Reorganization. Chapter 7 cases do not require… Read More »

Will Bankruptcy Stop An Eviction?

A bankruptcy filing will stop or prevent an eviction. Upon filing, there is a “Stay” automatically/immediately imposed on all efforts to collect a debt or enforce a judgment. Since an eviction is an action to enforce a judgment of possession, an eviction can be stayed immediately. Depending on the type of bankruptcy you file, you… Read More »

Can You File Bankruptcy Without Your Spouse?

You do not need the consent or participation of your spouse to file bankruptcy. The law allows you to file either a “Joint Case” with your spouse or an “Individual Case – Non Filing Spouse.” Husbands and wives can disagree on the decision to file. In some cases, one spouse has no debt or has another… Read More »

Can You File Bankruptcy If You Owe Child Support?

Yes, you can still file bankruptcy if you owe child support. Some mistakenly believe that owing child support is bar to filing bankruptcy. Not true. Domestic support obligations cannot be eliminated (discharged). Child support arrears can be repaid over time through a Chapter 13 Plan of Reorganization. In fact, unpaid child support that is properly… Read More »

Can You File Personal Bankruptcy and Keep Your Business?

Bankruptcy laws are very specific in labeling assets that you can and cannot keep if you file a petition. Very often, you can keep your business when you file bankruptcy because many businesses fit within the permitted “Exemptions”. Factors such as value, equity and marketability are all considered in providing the “Exemption Analysis”. Many times,… Read More »

Can You Keep Your Credit Cards in Bankruptcy?

Yes, you can only keep your credit cards in bankruptcy if the creditor agrees to it, however this is rare. The filing of a bankruptcy discharged all of your debts, all of your credit cards, whether you want to or not. Many people have that favorite credit card, store card account that want to keep…. Read More »

Can You File Bankruptcy on Student Loans in NJ?

In most cases, you cannot file bankruptcy on student loans in New Jersey because bankruptcy protection does not apply to student loan debt. A special federal exclusion means that those obligations must still be paid even after other debts are discharged in a Chapter 7 proceeding. However, New Jersey residents who face desperate financial circumstances… Read More »

Can You File Bankruptcy on Medical Bills in NJ?

You can file bankruptcy on medical bills in New Jersey, because debt associated with medical expenses can be discharged. Unlike obligations such as taxes and student loans, medical bills are not accorded special treatment in bankruptcy proceedings. Studies have shown that healthcare costs are the most common cause of bankruptcies in the United States, so… Read More »

Curing a Mortgage Default In New Jersey

A mortgage default occurs when a homeowner fails to make a required monthly mortgage payment. The mortgage loan agreement provides various remedies to the lender. The lender can impose late fees and even file a lawsuit to take back the property, to “foreclose” the owner’s interest in the property. Since lenders make their living on interest… Read More »