New Jersey Bankruptcy Rules, Laws and Alternatives
Deciding to file for bankruptcy is a one of the most important financial decisions you can make and you are not alone in this process.
To help you to learn more about bankruptcy, the New Jersey bankruptcy attorneys at Scura, Mealey, Wigfield & Heyer, LLP, created the following articles that explain chapter 7 bankruptcy, as well the rules, process and options regarding bankruptcy. Note: This information is not meant to provide legal advice.
For a free consultation with a New Jersey bankruptcy attorney, contact Scura Mealey Wigfield & Heyer or call 866-930-2075 today.
Chapter 7 Bankruptcy Basics
- Chapter 7 Bankruptcy Process Explained In Lay Terms - If you are in a difficult financial situation, you might want to consider filing for bankruptcy. Most people are not familiar with bankruptcy laws unless they have gone to law school. If you are considering for bankruptcy, learn the basics of filing for bankruptcy.
- Common Bankruptcy Myths -There are many bankruptcy myths that still exist out there, especially regarding the new bankruptcy laws. Some of these myths are being put out there by the credit card industry to scare people away from bankruptcy. Learn what the law really says regarding the common bankruptcy myths.
- Best Time To File Bankruptcy - There are many issues to consider on the exact timing of the filing of your bankruptcy case.
- Tax Returns Must Be Filed by Chapter 7 and Chapter 13 Bankruptcy Debtors.-The new bankruptcy laws require that all debtors file their tax returns up to the date of the filing of the bankruptcy and produce them to the Chapter 7 or Chapter 13 trustee.
Chapter 7 Bankruptcy In-Depth
- Bankruptcy Means Test and Median Income Level Explained -The bankruptcy laws changed in 2005 with the requirement of the analysis under new "means test" requirement. The means test requirement is really a fancy term for saying if you make too much money you cannot simply wipe out your debt in a chapter 7 and may have to pay back a percentage in a chapter 13.
- Pre Filing Credit Counseling Requirement Prior to Bankruptcy - Prior to filing bankruptcy, a debtor is required to take a credit briefing before the petition is filed, and attend a financial management course before the debtor is entitled to receive a discharge. Learn this and other new credit counseling requirements.
- Federal Bankruptcy Exemptions - In chapter 7 bankruptcy, there are certain exemptions or things that you are protected from being taken or liquidated. There are other things that you'll have to give up in order to satisfy your debts.
- New Jersey Bankruptcy Laws and Life Insurance Proceeds - Many people filing bankruptcy are unaware that in addition to the federal bankruptcy exemptions, there are state specific exemptions. Under the New Jersey state exemption scheme, life Insurance is one such example.
- Waiting Time between Multiple Bankruptcy Filings - If you have ever filed a bankruptcy before, the prior bankruptcy filing may the ability to file a new bankruptcy, under what chapter the client can file under, and whether the client is eligible for a discharge.
- Wiping Out or Discharging IRS Tax Debts in Bankruptcy. Contrary to popular belief, you can wipe out certain types of IRS debt obligations.
- SBA (Small Business Administration) loans are dischargeable in bankruptcy.
- Things Bankruptcy Can and Cannot Do For You.
- Fair Debt Collection Practices Act Prevents Debt Collection Agencies from Taking Certain Actions
- Calculating the Three (3) Year Time Period for Discharging Taxes in Bankruptcy - You have to wait 3 years after the tax return was due before you can file bankruptcy in order to be eligible to wipe out the tax debt.
- How the Trustee Deals with Exemptions on a Practical Basis in Chapter 7 Bankruptcy Cases
- How to Improve Credit After Bankruptcy
- Bankruptcy or Insolvency Exception to IRS Rule that Debt Forgiveness or Cancellation is Taxable
Alternatives to Chapter 7 Bankruptcy
- Alternatives to Filing Bankruptcy - Many times there are alternatives to bankruptcy, including debt counseling and debt consolidation. You should educate yourself on bankruptcy and other debt elimination options to see what is a viable alternative for you.
- The Dangers of Debt Settlement and Debt Consolidation Companies - Many debt settlement companies advertise that they can get credit card companies and other creditors to settle for less than half of what you owe. Know the important tips before using a debt settlement company.
The New Jersey bankruptcy law firm of Scura, Mealey, Wigfield & Heyer, LLP, with offices in Wayne and Hoboken has been serving the legal needs of residents and businesses throughout the Hoboken metro region and eastern New Jersey since 1972. Contact us to schedule a free initial consultation about your Chapter 7 bankruptcy today.
