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If you own a home and you are considering filing a Chapter 7 bankruptcy, it is important to understand all of your options. Most Chapter 7 debtors keep their house as long as they remain current on their mortgage payments. However, if you are overwhelmed by your...
When you file for Chapter 7 bankruptcy, the automatic stay immediately is effective and protects you from collection activity. Many clients ask what happens to debt that is secured by collateral such as a home, vehicle, boat, motorcycle or other asset. It is important...
Many people are not sure if they make too much money to file for bankruptcy protection. It can be stressful to make a decent salary but to still be overwhelmed with debt. A Chapter 7 bankruptcy allows a debtor to discharge or eliminate unsecured debt such as credit...
When a debtor files for Chapter 7 bankruptcy, the New Jersey bankruptcy courts require certain specific documents to be filed with the court. The skilled lawyers at Levitt & Slafkes can help you complete the required paperwork and ensure that your filing is...
If you are considering filing a Chapter 7 or Chapter 13 bankruptcy, it is important to understand the advantages and disadvantages. Every case is unique, so it is important to discuss your individual circumstances with a skilled bankruptcy lawyer. Below is a summary...
When you file a bankruptcy case, you are required to disclose all of your assets. Guns are considered an asset. A firearm may be a tool of your trade, an investment, used for personal protection or as a hobby. Thus, when you schedule your guns in your bankruptcy...
Chapter 7 cases are the most common type of personal bankruptcy filings. As experienced bankruptcy attorneys, we are here to answer your questions and guide you through the bankruptcy process. Below are a few questions we commonly get about Chapter 7 cases: Who should...
If you are delaying filing a Chapter 7 or Chapter 13 bankruptcy because you are concerned who will find out about it, hopefully this blog will calm your fears. While bankruptcy filings are a matter of public record, the reality is that your family and friends are...
In 2005, the Bankruptcy Code was amended. Part of the amendment included a formula to be used by the courts to determine if an individual is eligible to file a Chapter 7 case. This formula is referred to as the "means test." The purpose of the means test is to prevent...
The two main types of consumer bankruptcy filings are Chapter 7 and Chapter 13. Below is a short summary explaining the differences between each type of filing. Chapter 7 You must be eligible to file a Chapter 7 case. To determine if you qualify, you must pass the...