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December 2015 Archives

Will bankruptcy hurt your credit?

The answer is, yes. Bankruptcy will hurt your credit rating. On average, filing for bankruptcy will reduce your credit score by about 120 or 130 points. That said, it may be a necessary move in order to resolve debt issues that could plague you for a lifetime, and resolving this debt will eventually have a positive effect on your credit score. Let's look at some of the most common credit rating killers that bankruptcy will resolve.

Even the "rich and famous" can violate bankruptcy laws

You may have seen them on television: the "Real Housewives" of New Jersey, who engaged in a variety of sometimes seemingly outrageous attention-getting behaviors to boost viewership ratings. But sometimes what is made-for-TV acting out and acts that can have real legal consequences can blur together, as the recent release from prison of one of the cast of the above-named program attests to.

New Jersey remains near top of foreclosures nationally

When it comes to foreclosures, the good news nationally is that the number of home foreclosures that relate back to the collapse of the "housing bubble" in 2008 continues to decline, constituting slightly less than two-thirds of foreclosures as opposed to three-quarters of such activity just two years ago.

Which is better: Chapter 7 or Chapter 13 bankruptcy?

Most people are aware that there are multiple types of bankruptcy that can be used to help them get out of a financial crisis, but they do not know the differences or how they work. If you are considering filing for bankruptcy, it is important that you understand all processes so that you can decide which chapter will be the most beneficial to your situation.

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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.