When you decide to hit the reset button on your finances, bankruptcy may help. In gathering insight into the process, you may find that a trustee plays a crucial part during the process from start to finish. A trustee acts as a neutral eye in the proceeding to get you...
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Personal Bankruptcy
Medical debt the leading cause of bankruptcy filings
There are many different reasons residents of New Jersey and the rest of the nation file for bankruptcy, but research shows that a particular type of debt is now the leading cause of consumer bankruptcy filings. Medical debt is now the most common reason American...
How bankruptcy’s automatic stay offers relief from creditors
Once your financial affairs start spiraling out of control in New Jersey, you may find yourself falling into a deeper and deeper hole. If you do not see a realistic way to dig yourself out of debt and get things back on track within the next several years, it may be...
4 ways to improve your credit after bankruptcy
If you recently filed for bankruptcy, or if you are considering doing so, you may have concerns about how it affects your credit score. Although bankruptcy does negatively affect your credit, it is not a permanent thing. Bankruptcy gives you a chance to start over and...
Are you facing debt collector misrepresentation?
When dealing with debt, you will also most likely deal with debt collectors. Though many follow the rules and do their jobs appropriately, some will attempt to misrepresent themselves in order to get you to comply with their wants. Debt collector misrepresentation...
How does the bankruptcy court exempt assets from liquidation?
The U.S. Bankruptcy Code allows New Jersey residents to exempt some of their assets from liquidation. If you file for Chapter 7, the court may require you to sell valuable property to repay outstanding debts. An exemption, however, could allow you to keep some of your...
Are you dealing with harassing debt collectors?
No one ever wants to deal with debt collectors, especially with their grim reputation and the nasty way they can sometimes conduct their business. Most debt collectors will remain relatively respectful and calm, but a few out there can press their boundaries so far...
What is the Fair Debt Collection Practices Act?
When dealing with a heap of debt, the last thing you need on top of that is even more external stress. Unfortunately, this is exactly what people dealing with debt collectors often get. Some debt collectors even cross the line, harassing or intimidating you in their...
What is a means test?
Individuals who find themselves over their heads with debt may find that Chapter 7 bankruptcy is one way to handle their money issues; however, before the process can begin, they must pass a means test. Credit Karma notes that this test measures whether someone...
Looking at the benefits and disadvantages of an automatic stay
Perhaps you are dealing with nonstop harassment from creditors seeking payments from you and you want this situation to end. If you have decided to declare bankruptcy, keep in mind that as soon as you file, you release the power of the automatic stay. However, along...
