The U.S. Bankruptcy Code allows New Jersey residents to exempt some of their assets from liquidation. If you file for Chapter 7, the court may require you to sell valuable property to repay outstanding debts. An exemption, however, could allow you to keep some of your...
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Do you have to sell your dog during bankruptcy liquidation?
When you sit down to pay your monthly bills, you may notice your paycheck does not go as far as it once did. This is not your mind playing tricks on you. In fact, according to reporting from Reuters, the U.S. Consumer Price Index has jumped more than 4% in just one...
Looking at the benefits and disadvantages of an automatic stay
Perhaps you are dealing with nonstop harassment from creditors seeking payments from you and you want this situation to end. If you have decided to declare bankruptcy, keep in mind that as soon as you file, you release the power of the automatic stay. However, along...
How long may it take to foreclose on a property in New Jersey?
As outlined by the Consumer Financial Protection Bureau, federal law prohibits mortgage lenders from initiating a foreclosure unless you failed to make a payment for at least 120 days. As noted by the National Consumer Law Center, however, new and possibly short-term...
How can you restore your financial reserve after bankruptcy?
Bankruptcy can help you reduce your debt and reorganize your finances. With a new lease on financial independence, you may want to look for ways to maintain freedom from debt. Rebuilding your financial reserve will take time. You will need to commit to establishing...
Your debt-to-income ratio and your future financial success
Owning a home is one of the more effective ways to achieve financial security. After all, you can probably expect your house to appreciate in value over time, allowing you to borrow against its equity. You may also be able to sell the house in the future for a large...
3 reasons a deed in lieu of foreclosure is not a good deal
According to the Consumer Financial Protection Board, 2.1 million families owe a minimum of three months' worth of mortgage payments. They are at risk of foreclosure, among the 11 million households in peril of ending up homeless in 2021. There are options to combat...
What should I know before filing for bankruptcy?
When debt becomes too much for you to reasonably handle, bankruptcy is a viable option. Filing allows you to establish a clean financial state, and in many cases it allows you to retain property, such as your primary home and vehicle. In the event it is the right...
How long may a payment plan last with a Chapter 13 bankruptcy?
The length of a payment plan established by a Chapter 13 bankruptcy typically lasts between three and five years. If you earn less than New Jersey's average income, you may enter a plan for as little as three years. A higher-than-average monthly income, however, may...
How the bankruptcy means test determines Chapter 7 eligibility
When you start accumulating debt and it becomes so sizable that you see no realistic way to pay it off, you may explore your options and consider whether you may be able to get your head above water by filing for bankruptcy. Chapter 7 and Chapter 13 bankruptcies are...
