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Facing significant debt can be a frightening and overwhelming experience. Chapter 13 bankruptcy gives individuals who have a regular income the opportunity to reorganize their debts and repay them with a structured bankruptcy plan. A common question we are asked when...
Are homeowners’ association (HOA) fees and assessments dischargeable in bankruptcy? This is a question we often get from people who live in condominiums or communities that require all homeowners to be a part of an HOA and pay monthly fees and sometimes special...
Filing for bankruptcy can be a stressful and overwhelming experience, but having the right bankruptcy lawyer by your side can make all the difference. Bruce Levitt, a partner at Levitt and Slafkes in Maplewood, New Jersey, is an experienced NJ bankruptcy lawyer who...
Can Bankruptcy Stop a NJ Wage Garnishment? In short, yes. Filing for bankruptcy can stop a wage garnishment in New Jersey. Under the U.S. Bankruptcy Code, if you file for a Chapter 7 or Chapter 13 bankruptcy, an automatic stay immediately goes into effect. The...
The decision to seek bankruptcy relief is difficult, but it comes from a place of necessity and strength. When deciding to file a Chapter 13 bankruptcy it is important to have a clear understanding of the process. Chapter 13 Bankruptcy Chapter 13 bankruptcy basically...
If you are drowning in debt but aren’t eligible or shouldn’t file a Chapter 7 bankruptcy, a Chapter 13 bankruptcy might be for you. This blog will explain what a Chapter 13 bankruptcy is, who qualifies and what the process is like. Qualifications to File a Chapter 13...
Curious about how bankruptcy works and if it might be right for you? The first step is to set up a consultation with an experienced NJ bankruptcy lawyer. Many people are nervous about this first meeting since it involves discussing something as personal as their...
On June 21, 2022 the President signed into law the Bankruptcy Threshold Adjustment and Corrections Act . Among other things the Act increased the Chapter 13 debt threshold to $2.75 million. Both secured and unsecured debt counts towards this single limit. Previously...
While there are several kinds of bankruptcy, most people file either a Chapter 7 or a Chapter 13 bankruptcy. Chapter 13 is often used for individuals with regular income that have a large amount of equity in a home or a car and wish to keep those assets. In a NJ...
Most people who file a NJ Chapter 7 Bankruptcy get to keep all or almost all of their assets. What property can be kept is determined by bankruptcy exemptions. Bankruptcy exemptions determine what property you can keep. The Bankruptcy Code Section 104(b) provides that...