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August 2015 Archives

The difference between chapter 7 and chapter 13 bankruptcy

If you have decided to file for personal bankruptcy in New Jersey, you might be wondering what the differences are between filing for chapter 7 bankruptcy and filing for chapter 13 bankruptcy. Though the situation is stressful and all the new information can be intimidating, knowing the answers could be the key to getting you out of debt quickly. At the end of the day, the goals are the same. You want to save your home from being foreclosed, stop your car from being repossessed, pay back your debts and save your assets.

Finding the right debt counselor

Receiving advice and services from a reputable debt counselor in New Jersey can be very beneficial if you are seeking debt relief. This individual can help you to map out a repayment plan for paying off debts and set a budget that will work well for your lifestyle. Tackling your finances can relieve huge amounts of stress, especially if you are living paycheck to paycheck. Many people would love to get advice from a debt counselor, but they do not know how to go about finding a professional who will be right for their situation. There are some red flags that you should look out for as you seek a debt counselor.

Major banks targeted by CFPB for student loan repayment practices

The Consumer Financial Protection Bureau has recently focused its efforts on collections practices used by student loan services. The Bureau’s emphasis on this segment of consumer debt is based on the growing importance of student loan debt in the nation’s economy: with over 40 million borrowers owing over $1.2 trillion, the student loan segment is now the second largest in the U.S. debt market.

The different debts involved in a chapter 13 repayment plan

In consumer bankruptcy, there are two major facets. One is chapter 7, in which debts are essentially forgiven. The other is chapter 13, in which the consumer must pay back the debts in a restructured payment plan. Within this, there are three different forms of debt. These each have different time tables and stipulations for New Jersey residents who are filing for chapter 13 bankruptcy.

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.