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As a result of COVID-19, difficulty in hiring, and other economic factors, many small businesses have closed. There are even more businesses that can’t meet ongoing expenses and are taking on more debt to try to stay open. The hard question a struggling small...
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...
Small business owners put their heart and soul into starting and maintaining their small businesses. The COVID-19 pandemic has had a significant and unfortunate impact on many small businesses. If your small business is struggling with debt, filing a bankruptcy might...
Are you thinking about filing bankruptcy and want to know if your employer will find out? Although all NJ bankruptcies are public record, there are only certain times that your employer will definitely find out. As you consider this path, it is important to know that...
There are a number of important deadlines that it is important to be aware of in a NJ Bankruptcy. These deadlines will be included in the Notice of Bankruptcy Filing (Notice), which will be issued by the Court when you file your NJ Bankruptcy. This Notice...
In another successful case, Bruce Levitt of Levitt & Slafkes, P.C. sued a lender who had improperly recorded a deed in lieu of foreclosure and was threatening to evict our client and his large family from their home. As a result of the lawsuit, the Court issued an...
After losing a home to a NJ tax sale foreclosure, a real estate investor recently hired to get his home back. With our help, title to the home is now back in the investor’s name and the foreclosure is over. When real estate taxes in New...
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 Keep All of their Property After a Chapter 7 Bankruptcy A person who files bankruptcy, known as a debtor, is allowed to keep a certain amount of property in order to get a fresh start after bankruptcy. The property a debtor is allowed to keep is called...
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...