Chapter 7 bankruptcies offer many lower-income people the opportunity for debt forgiveness when the financial burden becomes unbearable. Qualifying for this form of bankruptcy depends on a process called the means test which involves answering a few specific questions...
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Managing student loan debt after bankruptcy
When debt gets out of control, filing for bankruptcy is a way out for many people in New Jersey. While declaring bankruptcy can affect someone's credit, it may be better in the long term to discharge debts before they default. It is thus wise to stop focusing on any...
What are eligibility requirements to file Chapter 7 bankruptcy?
Not just anyone is entitled to file for Chapter 7 bankruptcy. Instead, it's necessary for you to meet established criteria to do so. If you happen to fall short in meeting those qualifications, a bankruptcy court trustee may allow you to convert your case to a Chapter...
Is medical debt sending you to the poorhouse?
It's tough dealing with chronic illnesses requiring frequent emergency room visits and/or prolonged hospital stays. But it's even tougher when the hospital and the debt collection agency it employs use heavy-handed tactics to shake sick patients down for money while...
Executives of bankrupt New Jersey company facing fraud charges
Three former executives at a New Jersey-based company that is now in bankruptcy are facing charges related to illegally obtaining a credit line for $400 million. The men worked for Transmar Commodity Group Ltd., which was a cocoa trading company headquartered in...
Can you continue to spend after deciding to file Chapter 7?
You've made the difficult decision to file for Chapter 7 bankruptcy. You know that your financial life will change after this and won't be the same for awhile.However, your credit cards haven't yet been cancelled. Should you make a few last purchases? Perhaps you...
Can bankruptcy relieve me from alimony payments?
If you find that your alimony payments are more than you can handle financially, it may be tempting to consider bankruptcy as a way to avoid them. However, that's probably not the best choice.It's essential first to understand the difference between Chapter 7 and...
Chapter 7, despite its reputation, doesn’t eliminate all debts
Chapter 7 is often thought of as a way to wipe the slate clean and erase all debts. While it can in some cases, it's important to know that every single debt isn't discharged in every case. Some debt can remain. That doesn't mean you should not use Chapter 7, but just...
Is Chapter 7 bankruptcy the right choice for your business?
To a small business owner who is facing a debt spiral that does not seem to have a solution, it can be difficult to know just what to do. Bankruptcy is always there as an option, but the way that it works can cause distress to many people, especially when they do not...
Don’t believe these bankruptcy myths
In one year during this decade, one tech provider estimated that as many as 1.25 million Americans filed bankruptcy petitions. That number was actually a decrease from the 1.38 million the prior year.Despite the popularity of the strategy to get out of the deepest...
