Readers in New Jersey may be interested to learn about the bankruptcy of a local man. The man is the owner of an oil company, Norton Oil Company, which recently had some difficulty making the oil deliveries that it contracted to make to people in our state. The...
Month: December 2013
New Jersey personal bankruptcy cases can result in discharge
There are several different types of bankruptcy options for people in New Jersey who find that they are unable to repay the debts that they owe. Most often, people choose a personal bankruptcy under Chapter 7 or 13. Each of these has requirements for the process,...
Pension Loan or Personal Bankruptcy to Address Credit Cards
Credit card debt can become overwhelming. Often in a desperate effort to avoid bankruptcy, individuals will borrow against or withdraw their pension or retirement savings to pay down at least some of the debt. In certain circumstances, that can help. But often, the...
New Jersey personal bankruptcy can slow foreclosure process
Many people in New Jersey and elsewhere took on home mortgage loans over the past few years that were unfavorable. Some of these same people found that they had difficulty making the required payments on their mortgage because of the high rates or the lowered value of...
Payday Loans Eliminated in Personal Bankruptcy
With many individuals struggling financially, some will try and get by with advances on credit cards or payday loans. Payday loans are typically used by borrowers in an effort to help cash flow in the short term. Typically payday loans...
Elderly Debtors Eliminate Student Loans In Personal Bankruptcy
A current trend in Case Law has increased the circumstances where personal bankruptcy can be used to eliminate student loans. Typically to eliminate a student loan a debtor must show that they have attempted to make payments in the past, though they cannot make...
New Jersey personal bankruptcy can offer some financial relief
There is good news for people in New Jersey in a recent report about credit card debt. The amount that the average person in our country owes for these types of financial obligations has fallen again. This has occurred throughout the past year. However, for the many...
In a Chapter 7 Bankruptcy, How Can I Redeem My Car?
When a Chapter 7 Bankruptcy is filed and you have a car loan, you are required to file a Notice of Intention to indicate what your intention is relating to that car loan. Generally, there are three options. You can reaffirm the debt, which is basically...
In Chapter 7 Should I Reaffirm a Car Loan?
When a Chapter 7 Bankruptcy is filed, you must list all creditors including secured debts such as car loans. Under the current rules, when you file the bankruptcy you must indicate your intent relating to the vehicle. The options include keeping the...
Eliminating Second Mortgages
Generally any mortgages secured by a home must be paid if the intent is to keep the property. However, when the amount owed on the first mortgage exceeds the value of the home, a chapter 13 bankruptcy can be used to "cram down" the second mortgage and treat the debt...