The idea of filing for bankruptcy can be pretty daunting for many people but it can also be the first step towards a successful financial future. When an individual starts to think about bankruptcy, they may be unsure of which type of bankruptcy they should file for. However, there isn’t much of a decision because … Continued

One of the most common misconceptions concerning bankruptcy fraud is that amending a petition or schedule to supply missing information (or to correct inaccuracy) in an original filing will protect the debtor from a bankruptcy criminal charge. In the classic context, a debtor omits an asset from the schedules. At the meeting of creditors, the … Continued

If you want to keep your vehicle in a Chapter 7 your choices are “reaffirmation” and “redemption.” Reaffirmation is much more common. You and the lender agree to repay the loan as if you had not filed bankruptcy. You’re recommitting to pay the loan, “reaffirming” that you want to pay it. Redemption is much less … Continued

You may ask “why should I be concerned about signing a 60 or 72 month car loan if I can afford the payment?” The answer, in a word, is “depreciation.” Cars and trucks are depreciating assets. That is,  they go down in value with each day and each mile of wear and tear. When you get … Continued

Learn something from the Real Housewives of New Jersey. Don’t hire just anyone to handle your bankruptcy. So what happened to Teresa Guidice?  She and her husband got into the real estate flipping business, her husband signed off on a lot of papers he shouldn’t have, not always using his own name, and then the … Continued

A debtor might want to pay off a debt, even though that debt will be discharged in a bankruptcy case. For example, a debtor might want  to keep a car. A reaffirmation agreement is an agreement to pay that debt, even if it would have been discharged. Reaffirmations are voluntary and not required by law. … Continued

When we are in court, we frequently see people acting as their own lawyers.  And it is ugly. Very ugly.   The best comparison is probably between bankruptcy law and a car’s transmission. Its fairly easy to get a transmission off of a car when it isn’t working, and even open it up.  And even pull … Continued

Yet again, New Jersey has been ranked to have the highest number of home foreclosures in the United States. In 2017, New Jersey had nearly 70,000 properties go through foreclosure. Despite the fact that this number is the highest across the country, it is still lower than the 74,000 foreclosures that New Jersey saw in … Continued

About Bankruptcy  Bankruptcy is a choice that may help if you are facing serious financial problems. You may be able to cancel your debts, stop collection calls, and get a fresh financial start. Bankruptcy can help with some financial problems, but does not guarantee you will avoid financial problems in the future.  If you choose … Continued

Summary — All Waiting Period Requirements The following table summarizes the waiting period requirements for all significant derogatory credit events. Derogatory Event Waiting Period Requirements Waiting Period with Extenuating Circumstances Bankruptcy — Chapter 7 or 11 4 years 2 years Bankruptcy — Chapter 13      2 years from discharge date 4 years from dismissal … Continued