Other articles:
- Facing Vehicle Repossession? Bankruptcy Could Provide Protection
- The Role of the Trustee in Bankruptcy Proceedings
- State Enacts Foreclosure Rescue Prevention Act
- State and Federal Bankruptcy Exemptions
- What are “Exemptions” in a Bankruptcy?
- What do Preference Complaints, Claw Backs and Fishing Nets in Bankruptcy Have in Common?
- Student Loan Debt & Bankruptcy
- Understanding the Chapter 7 Bankruptcy Means Test
- How To Know Whether Median Income and Means Test Rules Apply In Bankruptcy Under BAPCPA
- Things Bankruptcy Can Do and Cannot Do
- Means Test and Median Income Level Under New Bankruptcy Laws Explained
- How to Discharge or Wipe Out Taxes in Bankruptcy
- Filing Bankruptcy Before Sheriff Sale
- Dealing With Secured Creditors in Chapter 13
- Basic Differences Between Chapter 7, Chapter 13 and Chapter 11 Bankruptcy
Facing Vehicle Repossession? Bankruptcy Could Provide Protection
Vehicle repossession is a significant hardship in a mobile society built on the automobile. When creditors repossess a car, it makes everyday activities difficult, if not impossible, for the car owner. However, it is possible to avoid having a vehicle repossessed by filing for bankruptcy.
Facing Vehicle Repossession? Bankruptcy Could Provide Protection
The Role of the Trustee in Bankruptcy Proceedings
After a person files a bankruptcy petition, they will be assigned a date for their "Meeting of Creditors," also dubbed the "341 hearing." Although bankruptcy debtors will not actually meet with their creditors face to face, they will certainly sit down with a bankruptcy trustee. This article will explain the trustee's role in the bankruptcy process and explain some of the questions debtors will be asked during their meeting.
The Role of the Trustee in Bankruptcy Proceedings
New Jersey Hospital Struggles to Settle with Creditors in Bankruptcy
It’s well known that lots of money is spent on healthcare in America. But all that spending does not necessarily insulate healthcare corporations from financial problems that may require debt relief. So a New Jersey hospital may sometimes need a New Jersey Chapter 11 bankruptcy attorney.
New Jersey Hospital Struggles to Settle with Creditors in Bankruptcy
Student Loan Debt & Bankruptcy
Recently the cost of college education has been in the news, as the costs for college tuition at both public and private colleges and universities has skyrocketed over the past several years. One of the most frequent questions our firm receives when consulting with clients is about the impact of filing a bankruptcy on an individual’s student loan debt.
Student Loan Debt & Bankruptcy
How Does a Chapter 13 Discharge Work?
A common misperception is that a Chapter 13 discharge is issued when a plan of reorganization is confirmed by the court. The discharge, however, is not issued until the debtor has completed payments and complied with all obligations under the chapter 13 bankruptcy plan. Sometimes this delay can cause problems because the discharge will not be issued until the very end of a case, which is typically five years in length. A plan may be shorter depending upon the particular case, but a 60 month or five year plan is the most common. The time between the filing of a Chapter 13 case and the confirmation is much shorter, typically about 4 to 6 months depending on the case.
How Does a Chapter 13 Discharge Work?
Debt Relief Options for Student Loan Payments
Since 1978, the average cost of college tuition in the U.S. has increased by a shocking 900 percent, according to the Project on Student Debt. The Project on Student Debt also revealed that college seniors in the U.S. graduated with an average of $24,000 in student loan debt in 2009. In August 2011, student loan debt surpassed credit cards as the country’s largest source of debt, nearing $1 trillion.
Debt Relief Options for Student Loan Payments
Understanding the Chapter 7 Bankruptcy Means Test
Filing for personal bankruptcy can be overwhelming. If you are in financial crisis and considering bankruptcy as an option for moving forward, you might be confused by the options for filing and what steps they need to take to file. This article will help you start thinking those things through.
Understanding the Chapter 7 Bankruptcy Means Test
The Benefits of a Chapter 11 Turnaround Plan
Just as individuals feel the pinch of a slow economy, businesses suffer during economic downturns. A recent high profile example of a business seeking bankruptcy protection is the L.A. Dodgers filing Chapter 11 bankruptcy in June 2011. The way that businesses file Chapter 11 is undergoing a transition, with more planning going on in the forefront of the process. This planning tends to make the process go more smoothly.
The Benefits of a Chapter 11 Turnaround Plan
Avoiding Common Mistakes When Filing for Bankruptcy
If you are facing foreclosure in New Jersey, you need to know what your options are. Where can you turn for assistance? It's good to have a private attorney on your side. A lawyer experienced with foreclosure and debt relief issues can play a key role in helping your get your arms around what you need to do to keep your house.
Avoiding Common Mistakes When Filing for Bankruptcy
New Jersey's Foreclosure Mediation Program
If you are facing foreclosure in New Jersey, you need to know what your options are. Where can you turn for assistance? It's good to have a private attorney on your side. A lawyer experienced with foreclosure and debt relief issues can play a key role in helping your get your arms around what you need to do to keep your house.
New Jersey's Foreclosure Mediation Program
Confronting False Bankruptcy Myths
The decision to file for bankruptcy should not be taken lightly. But bankruptcy is not just a last resort for those who need a life preserver. Some people choose to drown in debt when they should actually file for bankruptcy, because they have been led to believe certain false myths about bankruptcy.
Confronting False Bankruptcy Myths
Shelter From the Storm - Using Chapter 13 Bankruptcy to Save Your Home
The collapse of the housing bubble in mid-2006 triggered a mortgage crisis that has severely impacted our nation's economy. Excessive subprime lending during the boom created a vulnerable banking industry.
Proposal to Cut Federal Foreclosure-Assistance Programs
The painful effort to cut the federal deficit is putting many programs at risk. One example is the introduction of two bills in the House that would end two foreclosure assistance programs.
Proposal to Cut Federal Foreclosure-Assistance Programs
Eliminate Credit Card Debt and Start Over With a Chapter 7 Bankruptcy
The economic downturn and related job loss has taken its toll on New Jersey consumers. Almost 40,000 non-business bankruptcies were filed in New Jersey in 2010. Of those, approximately 30,000 filed for Chapter 7 relief.
Eliminate Credit Card Debt and Start Over
Medical Debt May Be Discharged in Chapter 7 Bankruptcy
In New Jersey and across the country, Chapter 7 bankruptcy is a viable option for many Americans who face overwhelming debt. In particular, medical debt is a mounting concern for people who have experienced serious illness and have inadequate medical insurance.
Medical Bills and Credit Scores
For millions of Americans, these economic hard times have meant a growing debt load. In New Jersey and across the country, people are struggling to get a firm footing again.
Medical Bills and Credit Scores
Debt Piling Up? Explore Your Options — Including Bankruptcy
For millions of Americans, these economic hard times have meant a growing debt load. In New Jersey and across the country, people are struggling to get a firm footing again.
Learn more about Debt Piling Up?
More Retired, Elderly Americans Declaring Bankruptcy
The percentage of older Americans declaring bankruptcy is increasing faster than any other group. Debtors 65 and older are having a hard time bearing the burden of credit card debt and medical bills.
For Those Struggling To Pay a Mortgage, HAMP May Help
In its original form, the federal government's Home Affordable Mortgage Program (HAMP) met with considerable criticism. The program was designed to give incentives to banks and other lenders and servicers that hold mortgages, in return for lowering the mortgage rates of qualified homeowners.
Shortcuts and Forgeries Mar the Foreclosure Process And should there be a national blanket moratorium on foreclosures?
It was reported in the Washington Post on September 23, 2010, that the already overburdened foreclosure system is now buried in problems due to increased volume, leading to forged signatures, lenders who take shortcuts reviewing borrowers' files, and even judges signing off on foreclosure papers prematurely, deserting their role as final gate keeper. As an attorney, given the fact that we are talking about whether or not people's homes will be saved, I am appalled that such things are happening.
Businesses and Consumers Face Choices as New Jersey Bankruptcies Increase
In New Jersey, the total number of bankruptcy filings increased over 25 percent in the year that ended on June 30. This increase exceeded the national average of 20.4 percent. The national figures included 1.51 million consumer bankruptcy filings and 59,608 business filings.
Learn more about debt relief choices for businesses and consumers.
Involuntary Bankruptcy Proceedings Under Chapter 7 and 11
Recent financial struggles facing the Texas Rangers baseball team have brought attention to the issue of involuntary bankruptcy proceedings. Creditors have several reasons for bringing an involuntary bankruptcy claim against a debtor or group of debtors, such as forcing the addressing of all creditors’ claims at once.
Learn more about involuntary bankruptcy proceedings.
Deficiency Actions In New Jersey and Defenses
One of the major concerns that face homeowners that are delinquent on their mortgage is that in addition to losing their homes they may also face a deficiency judgment. A deficiency after a foreclosure is the difference between what is owed on the mortgage and what the bank recovered on the house after a sheriff sale.
Learn why New Jersey consumers are facing significant liabilities after a sheriff sale
5 Rules for Discharging Taxes in Bankruptcy
Contrary to popular belief, certain back due taxes owing to the Internal Revenue Service (IRS) or the State can be wiped out in bankruptcy. In order to be eligible to wipe out a tax debt, there are five criteria that must be satisfied.
What requirements must be met for discharging taxes through bankruptcy?
Banks Have to Make Real Effort On Loan Modifications
According to an article on Bloomberg.com, the Obama administration's foreclosure prevention program shed 24 percent of the almost 1.1 million borrowers who had obtained trial loan modifications through February, the Treasury Department reported.
The Home Affordable Modification Program's goal is place 3 to 4 million at-risk borrowers into permanent loan modifications. Bank of America Corp. and JPMorgan Chase & Co. have only converted 168,708 trial plans into permanent loan revisions. Wells Fargo has modified only 7,533 loans, which is a ridiculously low amount.
Strategy Available in Chapter 13 Where Home Value Less Than Mortgages
According to a report issued on February 23, 2010 by FirstAmerican CoreLogic, more than 11.3 million homeowners owe more on their home than their home is now worth. According to the report, this number represents approximately one-fourth of all Americans with a mortgage. Many of these homes are encumbered by second and third mortgages causing these homes to be totally underwater in terms of value.
Learn how Chapter 13 Bankruptcy can help prevent foreclosure
Facing Foreclosure? Bankruptcy May Help
Although the economy may be showing signs of possible improvement, the New Jersey housing market is still suffering. According to recent statistics, New Jerseys residential foreclosure rate increased nearly 30 percent in 2009, compared to the national average of 21 percent. Unfortunately, no one expects the foreclosure rate to drop any time soon. Homeowners who find themselves struggling to make mortgage payments do have options, however, and filing for bankruptcy may allow them to preserve some of their assets including their homes and get out of debt.
Mortgage Modifications Are Not Working As They Should
The banks are not stepping up and making a high enough percentage of mortgage modifications permanent. Our firm represents many individuals on loan modifications and it is becoming increasingly difficult to successfully obtain favorable and permanent loan modifications. The banks are giving these trial modifications, but then not making the loan modification permanent.
Many of our clients are working on them on their own and also having great difficulty.
Supposedly to try to stop the foreclosure problems, the Obama administration created the Home Affordable Modification Program (HAMP) last February.
What impact has HAMP made on the foreclosure problem?
Foreclosure and Bankruptcy Filings Increase Year over Year
RealtyTrac reported its January 2010 Foreclosure Market report on February 11, 2010, which showed a decrease of nearly 10 percent from the previous month of December 2009. However, the report highlighted that there was a 15 percent increase above the level of foreclosures reported in January 2009. The year over year increase is a more accurate predictor of the foreclosure market. The report also shows one in every 409 United States housing units received a foreclosure filing in January.
Where did New Jersey rank for foreclosure rates?
Bankruptcy Rule Changes to Protect Debtors Against Unauthorized Charges
The Bankruptcy Rules Advisory Committee is considering important rule changes to the Bankruptcy Rules.
Many creditors abuse the bankruptcy proof of claim filing process and file proofs of claims with added and unauthorized charges without adequate back up. This causes debtors to have to pay more in a bankruptcy case.
Learn what the new bankruptcy rules would require
The Credit Card Accountability Responsibility and Disclosure Act Will Lead to More Bankruptcy Cases
The new credit card act does not protect consumers as intended. The Credit Card Accountability, Responsibility and Disclosure Act, known as the CARD Act, are supposed to help and protect consumers from credit card companies taking advantage of people. Despite the changes in the credit card laws, the banks and credit card companies have found ways to charge more than ever. Our views remain that this will do nothing to help the consumer and will only make the banks more money. As a result of the continued abuse by the credit card issuers, debt problems and the increase bankruptcy filings will continue.
Learn how credit card companies are getting around these new laws
Assignment for the Benefit of Creditors - (ABC) viewed as an Effective and less costly Alternative to Bankruptcy for the Liquidation of a Business.
It was reported on February 12, 2007 in the National Post (Canada) by Columbia Professor Edward Morrison, that using state insolvency systems is faster and less expensive in most cases. Professor Morrison said, "It's a much less public event than a federal bankruptcy filing, and thought to be very quick and relatively cheap."
In a study of failed Dot Com Companies, Professor Ronald J. Mann argued that "states can improve the efficacy with which the assets of failed firms are redirected to profitable uses by adopting procedures that are more hospitable to ABCs.
Learn why ABCs are an effective and less costly alternative to bankruptcy
Bankruptcy May Be the Best Option in Troubled Times
2009 is the third consecutive year that bankruptcy filings rose across the country. More than 1.3 million people filed for bankruptcy during the 2009 fiscal year, marking a 35 percent increase in filings from 2008. While the majority of these filings were individuals seeking protection under the bankruptcy code, business filings also increased by 63 percent since last year.
Even as national commentators declare the worst of the economic downturn over, the number of bankruptcy filings will likely continue to rise: the national unemployment rate recently topped 10 percent for the first time since 1983 and another batch of adjustable rate mortgages are scheduled to reset in 2010.
People often view bankruptcy negatively, believing it to be a black mark on their record or a sign of financial irresponsibility. Far from a black mark, bankruptcy offers the opportunity to both get out of debt and start fresh.
Learn how filing for bankruptcy can help you get out of debt
"Structured Dismissals" in the Chapter 11 process are becoming an acceptable alternative to confirmation of a Chapter 11 plan.
Take the case of a business owner trying to "save the company" in this troublesome economy. The astronomical costs associated with a Chapter 11 bankruptcy petition are often a crucial problem for this business owner. If you pick up any Law Review or Bar Journal that has anything to do with bankruptcy, you will immediately find articles calling for Chapter 11 reform because of costs. In the final analysis, companies in financial difficulty are unable to pay for all the administrative expenses and to work within the slow procedural steps of a Chapter 11 filing as they are today. The failure rate of Chapter 11 filings is much too high.
Learn more about structured dismissals
