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February 2015 Archives

How much will you Pay Creditors in a Chapter 13?

If you are planning to file a personal bankruptcy, you are probably considering either a Chapter 7 or Chapter 13 case. As a general rule, if your monthly income is lower than your monthly expenses, you likely qualify for a Chapter 7 case. However, in addition to other factors, if your monthly income exceeds your monthly expenses, you may want to consider a Chapter 13. To learn more about Chapter 7, please read our blog titled "How Chapter 7 Bankruptcy Can Benefit You." This blog will focus on Chapter 13 filings and the most common question individuals ask which is how much they will have to pay in their Chapter 13 repayment plan.

Can I Lose my Bankruptcy Discharge?

Once you obtain your discharge order, can you finally breathe a sigh of relief? In the vast majority of the cases, the answer is "yes." However, there is a small area where a creditor or the trustee can seek to have your discharge revoked. This complaint must be based on the ground of fraud in your filing and it must be lodged within a year of your discharge date.

NEW JERSEY COURT RULES TRIAL MODIFICATION AGREEMENTS MAY BE ENFORCEABLE

It is an all too common scenario. A homeowner applies for a modification and receives the letter from the lender congratulating him or her and providing a trial period modification agreement. The agreement says that the homeowner must make three payments and then he or she will receive the permanent modification. Very excited and relieved, the homeowner makes the three required modification payments, and usually more, waiting with bated breath for that final agreement. But that agreement never comes. Eventually, the lender stops accepting the trial payments and ultimately starts foreclosure proceedings.

How are my Assets Protected in Bankruptcy?

If you are planning to file a personal bankruptcy, one of your major concerns is likely what will happen to your assets. Fortunately, bankruptcy law provides numerous exemptions that exclude certain types of property from being included in your bankruptcy estate. In other words, you will be able to keep the exempted property. It should be noted, however, that most exemptions provide a maximum dollar amount that can be exempted. In New Jersey, you have the option to use either the state or federal exemptions, so it is important to confer with us to determine which would be most advantageous to you.

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