According to the Consumer Financial Protection Board, 2.1 million families owe a minimum of three months' worth of mortgage payments. They are at risk of foreclosure, among the 11 million households in peril of ending up homeless in 2021. There are options to combat...
Blog
oliverandlegg
The Small Business Reorganization Act makes Chapter 11 easier
Although filing Chapter 11 bankruptcy is a positive move that allows floundering companies to reorganize and get back on their feet, it is also a complex move that can be expensive to get through. Some struggling small businesses may not have the resources to get...
What should I know before filing for bankruptcy?
When debt becomes too much for you to reasonably handle, bankruptcy is a viable option. Filing allows you to establish a clean financial state, and in many cases it allows you to retain property, such as your primary home and vehicle. In the event it is the right...
How long may a payment plan last with a Chapter 13 bankruptcy?
The length of a payment plan established by a Chapter 13 bankruptcy typically lasts between three and five years. If you earn less than New Jersey's average income, you may enter a plan for as little as three years. A higher-than-average monthly income, however, may...
How the bankruptcy means test determines Chapter 7 eligibility
When you start accumulating debt and it becomes so sizable that you see no realistic way to pay it off, you may explore your options and consider whether you may be able to get your head above water by filing for bankruptcy. Chapter 7 and Chapter 13 bankruptcies are...
Timeline and strategies for home ownership following bankruptcy
If you recently filed for bankruptcy, it may feel good to start from scratch. However, you may also be wondering when, if ever, you will get your life back. One thing that may seem unattainable is to own a house in the future. With hard work and good decision-making,...
How much time borrowers may have to stop the foreclosure process
It may take months of missed mortgage payments before a lender begins the foreclosure process. As reported by Bankrate.com, the average foreclosure took about 24 to 28 months based on data compiled from the fourth quarter of 2020. Lenders do not usually begin the...
What are your options for business bankruptcy?
While you wish for another option, you have no choice but to file for business bankruptcy. Do you know which chapter fits your situation? Fundera breaks down three bankruptcy options for companies. Learn how to put yourself on the path to success after filing. Chapter...
Commercial bankruptcy and the automatic stay
One of the most comforting aspects of filing for bankruptcy is the reassurance that debtors can get some relief from incessant requests for payment from debt collectors. This newfound freedom can give them the space and flexibility to decide what they want for the...
Strategies to rebuild your financial reserve after bankruptcy
Bankruptcy provides you with the chance to start over and reduce your debt. Moving away from the stress of creditors asking you for money and into a newfound freedom can bring life-changing opportunities. Because you may have had to use a substantial amount of your...
