As a general rule, individuals filing a bankruptcy in New Jersey, Pennsylvania and other states must complete and file a "Statement of Your Current Monthly Income," referred to as the means test. Under this test, if you make more than the average family your size in...
Month: April 2016
Bankruptcy the First Step in Rebuilding Credit
When people reach the point of contacting a bankruptcy attorney, often their circumstances include not only overwhelming debt, but low credit scores from multiple defaults and late payments. The bankruptcy will not only address the debt issue, but by eliminating the...
Chapter 11 filed by Sun Energy
Despite an industry such as the Solar industry being strong and growing, companies can still wind up in Chapter 11 bankruptcy. USA Today, at http://www.usatoday.com/story/money/2016/04/21/sunedison-chapter-11-bankruptcy/83329928/ reports that...
Options When Over Chapter 13 Debt Limit
Chapter 13 bankruptcy is a great way to save your home by paying arrearages on a mortgage over time or to pay back unpaid taxes. But Chapter 13 has debt limits. As of April 1, 2016 a debtor cannot file Chapter 13 bankruptcy if they have more than $394,725.00 in...
Bankruptcy Exemptions In New Jersey and Pennsylvania
Bankruptcy exemptions are used to protect assets when a bankruptcy is filed. For example, a Chapter 7 bankruptcy is also called a liquidation but the reality is assets are only liquidated if there is equity in the assets and the assets are not exempt. New Jersey and...