When you file a Chapter 7 or Chapter 13 bankruptcy, the automatic stay is immediately effective. The stay prohibits creditors from continuing any collection activity during the bankruptcy case. Thus, because the stay is effective as soon as your petition is filed, the...
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Month: June 2013
Married Couples Filing Bankruptcy in New Jersey
If you are considering filing a Chapter 7 or Chapter 13 bankruptcy and you are married, you must decide whether you will file jointly as a married couple or if only one of you should file. There are numerous factors to consider in making this decision. For example:...
Your Credit Score & Bankruptcy
One of the most common myths about bankruptcy is that it forever destroys your credit. While it takes time to improve your credit score after a bankruptcy filing, with patience and hard-work, a debtor can rebuild his or her credit. It is important to understand what...
Will Student Loans in New Jersey Increase?
According to the American Federation of Teachers in New Jersey (AFTNJ) student loan rates for more than 7.4 million students with federal "Stafford loans" are scheduled to double July 1, 2013. If nothing is done, the current rate of 3.4% will increase to 6.8%. The...
Medical Issues Can Lead to Bankruptcy
A recent study performed by researchers from the Fred Hutchinson Cancer Research Center in Seattle revealed that cancer patients were twice as likely to file for bankruptcy as individuals without cancer. The report linked bankruptcy court records and information from...
The Pros & Cons of Filing Bankruptcy
If you are considering filing for Chapter 7 or Chapter 13 bankruptcy, it is important to understand the consequences. There are pros and cons to filing for bankruptcy protection. Below is a summary of the good and bad: Pros of bankruptcy: The majority, if not all of...
Bankruptcy Fraud – Yes, it still happens
Most of us assume that with the strict regulations governing bankruptcy, it is unlikely that bankruptcy fraud crimes still occur. However, a Bethesda woman who pleaded guilty to using a bankruptcy scheme to defraud creditors was recently sentenced in federal court to...
Ten Brands Predicted to Disappear in 2014
We recently came across an article predicting 10 brands sold in America that will disappear before 2014. The criteria used to make the predictions are listed as: Declining sales and losses Disclosures by the parent of the brand that it might go out of business Rising...
Is the National Mortgage Settlement Agreement Working?
I recently came across a CNBC article discussing how millions of Americans have their home stuck in limbo despite government programs meant to help them. Bank regulators ordered a national review of troubled loans, only for the government to cancel the review and...
How Social Media Can Impact Your Bankruptcy Case
Facebook, Twitter, Instagram and other social media sites have become one of the primary ways people communicate with each other. Many individuals love sharing their lives, including pictures and daily posts on what we're doing. However, if you are a debtor in a...