The conversation typically starts with something like “my friend filed chapter 7 bankruptcy and wiped out a ton of debt without paying anything!” Or, “I read online that a chapter 7 is better, so that’s what I want to file.” It’s true that filing a Chapter 7 bankruptcy case is a great way to get […]
What do Bankruptcy and Taxes have in common?
It’s tax season again and that leads us to the inevitable array of questions about what happens to your tax refund if you have, or are thinking about, filing for bankruptcy. Many people rely on their tax refund to cover large expenses. Someone who is in bankruptcy, or is thinking about it, doubtlessly wants to […]
For some consumers, bankruptcy is the solution to crushing debt
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 […]
The Connection Between Bankruptcy and Divorce
Bankruptcy generally takes precedence over divorce. Your bankruptcy filing is specific to your credit report and social security number, in other words your bankruptcy filing does not impact your spouse’s credit. You can file bankruptcy without your spouse’s consent. If you are living in the same household you should know that is likely required that […]
S. Jersey restaurant group files for Ch. 7 bankruptcy
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman A South Jersey restaurant owner has filed two voluntary petitions for relief under Chapter 7 of the U.S. Bankruptcy Code. Louis Faragasso, of Gloucester City, New Jersey, filed two petitions earlier this month in U.S. Bankruptcy Court for the District of New Jersey Camden — one […]
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 […]
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 […]
Tenancy by the Entireties and Judgment Liens in Bankruptcy
In a recent case to come out of the Third Circuit a Chapter 7 debtor was able to void several significant judgment liens in property he jointly owned with his wife as tenants by the entirety. At stake in this case were two properties: The debtor’s home worth over $150,000 A commercial property worth $55,000 […]
The Bankruptcy Estate
The potential filer for Chapter 7 bankruptcy should understand that in such a bankruptcy there is not plan of repayment on the part of the debtor, like there is in a Chapter 13 bankruptcy. What occurs in a Chapter 7 is the creation of what is known as the “bankruptcy estate.” Under 11 U.S.C. § […]
