When individuals file for bankruptcy because they face aggressive collection activity or recognize that they will never be able to pay off the debts they have accrued, they typically choose between Chapter 13 bankruptcy and Chapter 7 bankruptcy. Chapter 7 bankruptcy...
Chapter 7 Bankruptcy
Why you’re probably not to blame for bankruptcy
One of the most prevalent bankruptcy myths is that people who file for bankruptcy are personally responsible and that they have made some sort of financial mistake. Often, you’ll hear people say that these individuals are just reckless spenders, for example. Maybe...
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...
Bankruptcy myths: Will your employer know you’re bankrupt?
There are plenty of reasons why people decide against going into bankruptcy. They may feel that they don’t want to face the stigma of having a bankruptcy on their record, or they may want to try to repay as much as they can on their own, even as doing so harms their...
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,...
You shouldn’t file for bankruptcy without telling your spouse
Although you can file for bankruptcy without notifying your spouse, it is generally not a good idea to do so. This is especially true if you're seeking to eliminate joint debts such as a second mortgage on your New Jersey home. In such a scenario, your spouse may...
Addressing common misconceptions about filing for bankruptcy
New Jersey residents who are facing financial challenges might consider bankruptcy but are dissuaded by misconceptions about it. Dismissing bankruptcy out of hand before gathering accurate information is often a mistake. Learning the facts is essential to knowing...