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Should small business owners file for Chapter 7 or Chapter 13?

Small business owners face an uphill battle in the marketplace. It becomes even more precarious when there are unkind financial events. For instance, according to federal data, during the Great Recession between 2008 and 2010, the United States lost more than 170,000 small businesses.

Why bankruptcy may be the best option

New Jersey homeowners facing financial difficulties may consider several options to avoid foreclosure. Short sales often come up in discussions of what to do if you are having trouble making your mortgage payments. However, a short sale may come with certain consequences that you might be able to avoid by turning to bankruptcy instead.

Housing options after bankruptcy

Deciding to file for bankruptcy may have provided you with relief from creditor harassment and the constant stress of incoming bills you are not able to pay. You may be wondering, though, how it will affect your living situation.

Dealing with the emotions from a bankruptcy

Bankruptcy is designed to help a person start over after a financial devastation, but the reality is that many people who file bankruptcy often feel as if it is a moral failure. Emotions can range from embarrassment to depression. Some even resort to suicide rather than face a bankruptcy, but there are ways to cope with the fear and shame. One key thing to remember is that the majority of bankruptcies in the United States are due to a serious illness, a divorce or a loss of a job.

Foreclosure versus short sale: weighing the ramifications

If you can no longer afford to pay the mortgage on your home, you may be weighing the consequences of proceeding with either foreclosure or a short sale. Before you commit to one course of action or the other, consider the process involved and the tax implications of each option.

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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.