Gambling Debts and Bankruptcy: Are They Dischargeable?

Gambling Debts and Bankruptcy: Are They Dischargeable?

Discharge of Gambling Debts in Bankruptcy Maybe you like to bet on horse races. Maybe it’s sports. Maybe you like to play blackjack, craps, or poker. You place a couple of bets and you lose. Then you place a couple more so you can win back what you lost. You win some, you lose some,… Read more »

How Bankruptcy Can Help With Cars You Can No Longer Afford

How Bankruptcy Can Help With Cars You Can No Longer Afford

Car Loans Can Become Financial Burdens In a declining economy, or as a result of changing individual circumstances, a once prized ‘toy’ can turn quickly into a crushing financial burden. Unfortunately, lenders aren’t all that understanding when you try to simply give back a car or boat that you can no longer afford. The property… Read more »

How Do New Jersey Bankruptcy Laws Work? Can I Keep Property?

How Do New Jersey Bankruptcy Laws Work? Can I Keep Property?

Exemption Laws Protect Your Property From Creditors Inside and Outside of Bankruptcy When a bankruptcy case is filed, a bankruptcy estate is created which is comprised of all of the property of the debtor. Exemption laws provide the rules for determining whether that property will be distributed to creditors or whether you’ll be able to keep it…. Read more »

Does the Bible Permit Filing Bankruptcy?

Does the Bible Permit Filing Bankruptcy?

What Does the Bible Say About Bankruptcy? You could argue that the Bible incorporated the spirit of bankruptcy, well before the bankruptcy code was ever written. In fact, the Old Testament calls for periodic forgiveness of debt. Consider Deuteronomy 15: ‘At the end of every seven years you shall grant a remission of debts. And this… Read more »

Reasons a Court Will Deny Your Bankruptcy Discharge

Reasons a Court Will Deny Your Bankruptcy Discharge

Receiving a discharge is the goal of personal bankruptcy The primary goal of filing a Chapter 7 Bankruptcy is to obtain a Discharge of debts from the Bankruptcy Court giving the Debtor the “fresh start.” The bankruptcy discharge is a powerful tool that eliminates credit card debt, medical bills, personal guarantees, and personal liability for judgment debts. However, not every consumer… Read more »

Short Sales and Foreclosure in NJ: Which is Worse For My Credit?

Short Sales and Foreclosure in NJ: Which is Worse For My Credit?

Credit Impact of Home Foreclosure vs. Short Sale in New Jersey Everyone knows that a foreclosure on your home can have a lasting impact on your credit score. According to the three major credit scoring agencies Equifax, Transunion, and Experian, a foreclosure shows up on a credit report for 7 years. Due to the lingering down turn… Read more »

If I file for bankruptcy, will everyone find out?

If I file for bankruptcy, will everyone find out?

If I file for bankruptcy, who will know? Every couple of weeks, you see a new headline about bankrupt celebrities. Chances are, those people didn’t announce their financial struggles to the paparazzi or publish their finances on the internet. How did that information become public? If you’re considering bankruptcy, you might be worried about the… Read more »

New Jersey Does Not Have a Homestead Exemption; But Debtors Can Use Federal Exemptions

New Jersey Does Not Have a Homestead Exemption; But Debtors Can Use Federal Exemptions

New Jersey Homestead Exemption in Bankruptcy In certain places, like Texas for example, debtors can protect an unlimited amount of home equity from creditors, as well as the bankruptcy trustee. Unfortunately, for our clients, New Jersey law is at the opposite end of the spectrum. New Jersey bankruptcy exemption laws contain no specific exemption for the homestead,… Read more »

Chapter 7 Bankruptcy Information for New Jersey

Chapter 7 Bankruptcy Information for New Jersey

Chapter 7 Bankruptcy in New Jersey Whether they live in New Jersey, New York or California, when most people think of personal bankruptcy, they are usually thinking of Chapter 7 bankruptcy. Often referred to as “straight bankruptcy” Chapter 7 allows debtors to quickly discharge unsecured debts, such as credit cards and medical bills, while retaining their… Read more »