Many of my clients ask me about their credit score and how they can properly manage their credit after bankruptcy. When trying to rebuild your credit it is important to regularly check your credit rating. I have put together a list of things to look for when checking your credit score. There are a number …
In my last blog post I talked about homestead bankruptcy exemptions in New Jersey. Today I am going to discuss motor vehicle exemptions in New Jersey. New Jersey state law provides a $1,000 exemption per vehicle. Federal exemptions are almost always more favorable. Under federal bankruptcy law, an individual may exempt $3,675 in one motor …
Many people ask me what a homestead exemption is and how it impacts them when filing for bankruptcy. A homestead exemption protects the equity in your home during bankruptcy. There is no homestead exemption under New Jersey law. Instead you can use the federal bankruptcy exemptions, which protect your home’s equity. If you are married, …
Many people who come to me are facing a foreclosure or repossession. They typically ask me to explain what a deficiency balance is and how it will affect them during this process. A deficiency balance is the difference between what the property was sold for and the outstanding debt due under the loan. This happens …
What is a Deficiency Balance and How it Impacts Bankruptcy Read More »
With the rising cost of education comes the increasing number of people with student loan debt. It is not uncommon with graduates to have hundreds of thousands of dollars in student loans to repay. Student loans can be a lifelong financial burden. People often come to find out that their expenses are higher and their …
Can Student Loans be Discharged during Bankruptcy? Read More »
The majority of bankruptcies filed in the United States are either Chapter 7 or Chapter 13. Which type you file depends on a few factors, including, your income, assets, debts, and your financial goals. I have put together a breakdown of the differences between Chapter 7 and Chapter 13 bankruptcies below. Chapter 7 Bankruptcy Chapter …
You may have a clean slate now that all of your debts have been discharged, but you have to rebuild your credit. In an earlier blog I shared a list of ways to rebuild your credit rating and avoid future debt problems. Below are five tools to help rebuild your credit after your debts have …
If you read our recent blog on why people declare bankruptcy you would know that people file for bankruptcy for a number of reasons. Whether it’s a result of a job loss, divorce or medical expense, there are a number of individuals who find that declaring bankruptcy is their best option. There are a number …
Bankruptcy can give you a fresh financial start. The first step upon deciding to file for bankruptcy is to find your lawyer. In a past blog post we told you what to look for in a bankruptcy lawyer. Now that you have found a lawyer, it is important to begin getting ready for your first …
Bankruptcy: Preparing For Your First Visit with Your Lawyer Read More »
To celebrate the launch of our new website, I have put together a bankruptcy checklist to help you prepare before embarking on the bankruptcy process. What you do before, during, and after the actual filing will affect your future, as well as the success of the bankruptcy itself. Download the checklist for all of the …
Hundreds of thousands of Americans, including consumers and business owners, file for bankruptcy each year. While many think this situation is the result of overspending, most cases are due to financial hardship such as job loss, costly medical bills, divorce, or a poor economy.
