Although student loan debt is difficult to discharge in bankruptcy, most other forms of consumer debt can be eliminated or reduced. One of the biggest downsides to bankruptcy is the hit to your credit report, because it remains there for seven to 10 years. Consulting with a bankruptcy attorney — often for free — can […]
Bankruptcy timeline: Rebuilding credit
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman You’ve filed for bankruptcy. Now it’s time to start rebuilding your credit. It will be hard to get credit at the start, but it won’t be impossible. The bankruptcy on your record means you will have to pay more to borrow money, since you’ll probably be […]
Why Some Retired People Might Consider Filing for Bankruptcy
Chapter 13 bankruptcy can be beneficial if you have a second mortgage, as the lien can be stripped and the debt erased if you meet certain criteria. Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. NEW YORK (TheStreet) — Most retirees would balk at the idea of filing for bankruptcy. But under certain conditions, […]
5 Reasons People (Wrongly) Avoid seeing a Bankruptcy Attorney Like Me!
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman My credit is going to be destroyed False. Most of the time a client’s credit report has been impacted before they see me. There are late credit card payments, collection accounts or a foreclosure. While the bankruptcy will remain on your credit report for 7-10 years […]
Student loan debtors using Chapter 13 bankruptcy to buy time on payments
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. By Tim Grant / Pittsburgh Post-Gazette David King grew up on public welfare as a young man in Ambridge. Five years ago, he got married and moved his wife into a low-income housing project in Imperial. He was only earning $7.40 an hour at a part-time job. […]
Mortgages After Bankruptcy
A personal bankruptcy stands out as a conspicuous blemish on a consumer’s credit report for as long as 10 years. But the barrier it presents to obtaining a mortgage doesn’t have to last that long. Many individuals who sought bankruptcy protection during the recent recession, which officially ended in 2009, may now be eligible to […]
What Adversary Proceedings Mean to a Consumer
When filing for bankruptcy, whether it be Chapter 7 or Chapter 13, every client should be aware of the potential of being hauled to court to litigate issues surrounding the bankruptcy. At times the process of bankruptcy can be simple however more often the process can be complex when the opportunity to file an adversary […]
Post Petition Inheritance May be Property of the Bankruptcy Estate
In a recent Chapter 13 case, a Trustee’s motion to modify a debtors confirmed plan to include a debtors post petition inheritance was granted. The debtor with a monthly income of $2,096, who had unsecured debt amounting to more than $20,000, had notified the bankruptcy court that he would be receiving between $25,000 and $40,000 […]
