By the time someone files for bankruptcy, they may have fallen behind on many of their financial obligations. Some people wait until they receive legal service from a creditor or know that they are at risk of foreclosure proceedings before they act to take control of...
Chapter 13 Bankruptcy
How does bankruptcy stop foreclosure?
Filing for personal bankruptcy is often the last option that anyone wants to consider, but certain circumstances may understandably inspire people to file. One of the most common concerns that leads to personal bankruptcy involves a homeowner falling behind on their...
2 reasons Chapter 13 bankruptcy is the right type for you
Individuals with too much debt and not enough income to cover those debts may go to great lengths to try to regain control over their budgets. However, circumstances like job loss, health issues, divorce and even motor vehicle collisions are outside of someone's...
Will bankruptcy leave you unable to secure consumer credit?
Credit and debt play major roles in the modern United States economy. Most people can't go to college without student loans or buy a vehicle without a car loan. Many households require credit cards to pay monthly bills. When your debt levels reach a point where you...
Why is Chapter 13 called wage earner’s bankruptcy?
When people talk about Chapter 13 bankruptcy, they often refer to it as a plan for those with a regular income. In fact, the U.S. Courts call it a wage earner’s plan. This is starkly different from other types of bankruptcy. Why does it have this nickname? The reason...
Key differences between Chapter 7 and Chapter 13 bankruptcy
The events of the last year and a half have hit very differently depending on your job and lifestyle. Many people have struggled with making ends meet either because they have lost their job or their business is failing. When your debt becomes out of control,...
Chapter 13 bankruptcy and home loans
Even today, bankruptcy carries some stigma in New Jersey. However, debtors should understand that bankruptcy can actually be a great way of wiping their slate clean and starting to rebuild. That's what it's intended to do. And for most people, filing for bankruptcy...
As a sole proprietor, you can file for Chapter 13 bankruptcy
With your start-up business, you made a go of it as a sole proprietor. For the first 18 months, matters went well as you expanded your client list, added more employees and looked to the future. Then the COVID-19 pandemic struck. The work dried up because your...