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December 2017 Archives

Why Some Debts Cannot Be Discharged in Chapter 7 or 13 Bankruptcy

Why some debts cannot be discharged.jpgIf you have found yourself in serious financial distress, you may feel completely helpless-and very alone-at first. As the calls from debt collectors escalate, bills pile up, and your income is not sufficient to pay them, you may finally seek a final solution in filing for Chapter 7 or Chapter 13 bankruptcy. With the help of an experienced bankruptcy firm like Levitt & Slafkes, PC, you will be able to find the best solution for getting back on the path to financial freedom.

Three to Five Years: Living with Chapter 13 Bankruptcy

Three to Five Years Living with Chapter 13 (1).jpgIf you are considering filing for bankruptcy, whether Chapter 7 or Chapter 13, you may have countless questions. You are probably concerned about impending sacrifices, whether you must give up all or most of your assets and how long will the entire process will last. Many debtors hope to file Chapter 7 bankruptcy as nearly all debts are discharged within a 3 to 6 months period. This is not always feasible though, due to income qualifications (see our recent blog, 'What is the Means Test--And What if I Don't Pass?'). In that case, or for other reasons such as wanting to save a home from foreclosure, you may end up filing for Chapter 13, and wondering what happens in the three- to five-year timeframe.

How Soon Must We Notify Renters About Possible Foreclosure?

use - how soon must we.jpgIf your home is headed into foreclosure, you probably have a list of questions and concerns. Whether you live in this home or use it as investment rental property, if you are like most homeowners, it is traumatic to lose such an asset to foreclosure. If you have renters, you are likely concerned about the effect the foreclosure will have on them and what their rights are during and after the foreclosure. According to the New Jersey Foreclosure Fairness Act enacted in 2010, the new owners (whether individuals or a bank) must serve renters with documents informing them of the foreclosure sale no later than ten business days after the sale. By law, if they have a lease, the new owner must uphold the previous agreement, and must also inform the renters of new contact information and where to pay or send monthly rental payments. If they are on a month-to-month lease, renters will still usually be given 90 days to remain if there is to be an eviction upon new ownership.

Filing for Bankruptcy: Going Pro Se is a Difficult Road

use - going pro se 2.jpgWhile you can file for bankruptcy without an attorney, it is not recommended unless you have an in-depth grasp of bankruptcy law and the many intricate details involved in the process. There is a learning curve involved to understand all aspects of filing for Chapter 7 or Chapter 13 bankruptcy. Without a skilled bankruptcy attorney, this learning curve is usually extremely time-consuming and challenging. Before you get started, it is important to seek expert advice on whether bankruptcy is right for you and if so what type of bankruptcy.

Our bankruptcy attorneys will help you escape debt and
face the future with optimism.

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