May 2016 Archives

Eliminating Judgement Liens After NJ Bankruptcy

Sometimes a bankruptcy is filed after a judgement has already been entered. If the debtor owns real estate then the judgement will be a lien on the real estate. If there is not excess equity and the equity is claimed as exempt, then the judgement can be voided during the bankruptcy. But what if no action is taken to void the lien during the bankruptcy. That is where NJSA 2A:16-49.1 comes into play.

Aeropostale Chapter 11 Bankruptcy Closes Pennsylvania Stores

The Wall Street Journal, at wsj.com/articles/aeropostale-files-for-bankruptcy-protection-1462339757 , reports that Aeropostale filed for Chapter 11 bankruptcy protection Weds 5/4/2016 against private-equity firm Sycamore Partner, which controls both its largest lender and one of its largest suppliers. In Wednesday's court filings, Aeropostale indicated they suspect Sycamore took actions intended  to force Aeropostale into bankruptcy. A Sycamore spokesman denied "engaging in any such conduct, as it would be counterproductive" to the firm's "significant financial investment" in Aeropostale. Sycamore also has attempted to block Aeropostale's bankruptcy loan with Crystal Financial, and has called Aeropostale a "financial disappointment of epic proportion."

Cherry Hill New Jersey Sports Authority Closed in Chapter 11

Sports Authority has filed for Chapter 11 bankruptcy. According to NPR.org, http://www.npr.org/sections/thetwo-way/2016/03/02/468869118/sports-authority-files-for-chapter-11-bankruptcy-protection  the sporting goods retailer was carrying a heavy debt load and needed to restructure. In its restructuring, Sports Authority plans to access nearly $600 million in debtor-in-possession financing and close or sell approximately 140 stores and two distribution centers. This includes stores in Cherry Hill, New Jersey, East Brunswick NJ and Piscataway NJ as well as Easton Pennsylvania and Whitehall PA. The company operates more than 460 locations. Chapter 11 is often used as a way for companies to get out of bad leases while retaining the good ones.

Bankruptcy filing statistics for Camden County NJ, Burlington County NJ and Philadelphia PA

Bankruptcy filings have dropped in the last year nationwide as well as locally in Camden County NJ, Burlington County NJ, and Philadelphia County PA. However, as can be seen from the statistics published by the US Courts, there are still a significant number of bankruptcies being filed. 25,763 were filed in NJ of which 2285 were filed in Camden County and 1686 were filed in Burlington County. Statewide that is an average of over 70 bankruptcies per day. In the Eastern District of Pennsylvania 9,533 were filed last year with 2,817 being filed in Philadelphia PA. Set forth below is the breakdown of the different types of bankruptcies filed, and whether they were personal bankruptcies or business bankruptcies.

Filing A Bankruptcy Should Be Considered When...

Deciding to file a bankruptcy is a difficult decision for people for several reasons. First, many people hope to never have to file a bankruptcy. But it is also a difficult decision because people are not sure if they have reached the stage where it makes sense. Are there warning signs? There are. Here are some of the warning signs for when a bankruptcy should be considered. You never pay more than the minimum on credit cards or even take cash advances just to be able to meet your monthly obligations. You have depleted savings and are now withdrawing from retirement accounts. You are borrowing money from friends and relatives or resorting to payday loans. You are missing some payments and getting collection calls. Your car is about to be repossessed. You claim extra dependents and as a result you owe taxes to the state you live in such as the State of New Jersey or the Commonwealth of Pennsylvania from your tax return and have to try and get a payment plan to pay the tax. Any one of these problems are grounds to at least consult with a bankruptcy attorney to see whether it makes sense in your particular circumstances. 

New Jersey and Pennsylvania Bankruptcy Credit Counseling Certificate

Whether you file a bankruptcy in Cherry Hill, NJ or Bensalem, PA or anywhere else you are required to take a Consumer Bankruptcy course not more than 180 days before filing. This can be done by telephone or online.

EMAIL US FOR A RESPONSE

Get Our Help Today

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Locations

Cherry Hill Office
1060 North Kings Highway,Suite 333
Cherry Hill, NJ 08034

Toll Free: 800-759-0767
Phone: 856-254-2196
Fax: 856-414-1230
Map & Directions

Philadelphia Office
Suite 1505
1515 Market Street
Philadelphia, PA 19102

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions

Willingboro Office
200 Campbell Drive
Suite 103F
Willingboro, NJ 08046.

Toll Free: 800-759-0767
Phone: 856-254-2196
Map & Directions

Philadelphia Office
7909 Bustleton Avenue
Philadelphia, PA 19152

Toll Free: 800-759-0767
Phone: 215-928-9199
Map & Directions