The primary goal in filing for bankruptcy protection is to discharge debt. To discharge debt essentially means to eliminate your liability to pay it. It is important to understand that while most debts are dischargeable, there are a few that are not. When you complete...
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Month: August 2013
Bankruptcy in New Jersey: Unsecured vs. Secured Debt
Deciding whether or not to file for bankruptcy protection is a big decision. If you are feeling the burden of overwhelming debt, the option of discharging or eliminating the majority of your debt should be appealing. An experienced bankruptcy attorney can review your...
Will Trials Soon Be Held Without People?
The ABA Journal recently posted an article discussing how courts are moving toward a paperless existence. The article poses the question of whether the need for mobility of judges, attorneys and citizens will soon lead to not only a paper-less court, but also a...
What Happens to Your Retirement Accounts in Bankruptcy?
When you file a Chapter 7 or Chapter 13 case, you are likely seeking to obtain a fresh financial start. One of the biggest concerns debtors have before filing their case is what will happen to their assets. It is important to understand that bankruptcy law was created...
‘Real Housewife’ Settles Fraudulent Transfer Claim
According to the Wall Street Journal, Danielle Staub, a Real Housewife of New Jersey star, has agreed to pay $35,000 to settle a fraudulent-transfer claim. Ms. Staub filed for Chapter 7 bankruptcy claiming $500,000 to $1 million in debts and the same amount in assets....
Garnishments & Bankruptcy
Many creditors use garnishment as a tool for collecting on a monetary judgment. A garnishment orders a third-party to pay money, otherwise owed to you, directly to the creditor. A wage garnishment and account garnishment are the two most common types. Wage Garnishment...
Chapter 13 Bankruptcy: What is a cramdown?
When you file a Chapter 13 bankruptcy, you can take advantage of the "cramdown" tool. The cramdown allows a debtor who owns a vehicle that is worth less than what is owed on it to reduce the balance and interest rate on the car loan. A vehicle begins to depreciate in...
Mistakes Made in Bankruptcy
Unfortunately, mistakes happen. What happens if an error is made in your Chapter 7 or Chapter 13 case? In many instances, it is possible to reopen your case and cure the mistake. Typically, cases are reopened to fix a procedural error. Common examples include: failing...