Bankruptcy Law

September 2, 2013

Benefits of a Chapter 13 Bankruptcy

When an individual schedules an appointment to talk with a bankruptcy attorney in NJ they may be given several options including filing either a Chapter 7 or a Chapter 13 bankruptcy. If they have too much income they may not be able to file a Chapter 7 bankruptcy. But the Chapter 13 may be much more advantageous in some situations than the Chapter 7. There are certain situations where one option is better than the other and in many instances […]
August 29, 2013

Benefits of a Chapter 11 Bankruptcy

A Chapter 11 bankruptcy is sometimes called a “business bankruptcy” even though it can also be a good choice for an individual. A Chapter 11 allows a business or debtor to continue their normal operations while they come up with a “plan for reorganization.” In some circumstances they can create a plan for liquidation as well. It is essential to discuss the particulars of the case with a bankruptcy attorney in NJ to determine if it is beneficial for a […]
August 26, 2013

Benefits of a Chapter 7 Bankruptcy

When you talk to a bankruptcy attorney in NJ he will explain how filing a Chapter 7 bankruptcy is a process of federal law that allows for individuals or businesses to make a fresh start. Chapter 7 will eliminate most of an individual’s unsecured debt and is usually the suggested type of bankruptcy for a person who has no assets, or at least very few of them. In most cases the unsecured debts that are released through a Chapter 7 […]
August 22, 2013

What is Chapter 13 Bankruptcy?

A Chapter 13 bankruptcy will include a 3 to 5 year repayment plan which will allow a debtor to repay creditors by paying off total amounts or partial amounts of the debts. A Chapter 13 can prevent a foreclosure on a house, pay back taxes, and stop a tax debt from accruing interest, help make up missed payments on a house or car and any number of other things. As long as an individual stays to the proposed repayment schedule […]
August 19, 2013

What is Chapter 11 Bankruptcy

Each state has its own way of handling bankruptcies and has their own provisions. This is why it is important to visit with a local legal professional who can help you come to an understanding of the laws and guidelines concerning bankruptcies. For those who live inLivingston,New Jersey then they should contact a bankruptcy lawyer in NJ. Most of the differences between states have to do with limits pertaining to debts and income levels which have to be met in […]
August 15, 2013

What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy is generally filed to eliminate unsecure debt. A corporation, married couple, partnership or an individual can file for this type of bankruptcy. It typically discharges debts such as medical bills, personal loans and credit cards. In some cases, even though the Chapter 7 will free an individual from their debts, there are some types of property that they may be able to keep. They will just have to make arrangements which will reaffirm the debt. For most […]