Filing for bankruptcy is an aggressive debt solution ideal for those dealing with aggressive creditors. If a company wants to repossess your vehicle, foreclose on your house or take you to court over an unpaid debt, then filing for personal bankruptcy might be the...
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What does the bankruptcy trustee do in Chapter 7 and 13 filings?
In both kinds of bankruptcy, the courts will also appoint a trustee. How does the role of the trustee differ in these two forms of bankruptcy?
You have to choose your exemptions in a Chapter 7 bankruptcy
You have to provide information to the courts about your assets, and they have the authority to order you to use some of your property to repay your debts. However, that only happens in rare occasions when you cannot exempt all of your assets.
Getting a house after Chapter 13 bankruptcy
The good news is that most people who go through Chapter 13 bankruptcy have an opportunity to get a loan for a new home in as little as a year.
Can you stop bankruptcy once you start?
If you’re dealing with debt, one of the options you may have open to you is filing for bankruptcy. Sometimes individuals decide they do no want to go through with bankruptcy. Some people find themselves in a unique position where they begin a bankruptcy only to want...
Moratorium On Utility Disconnections is Ending
The pandemic led the Governor of New Jersey to place a moratorium on foreclosures and evictions during the pandemic. In addition, Governor Murphy signed into law Order 229 which prohibited public and private electric gas and water utilities from disconnecting because...
CAN I DISMISS MY BANKRUPTCY CASE?
Can I dismiss my bankruptcy case if I decide to not proceed with the bankruptcy. The answer is, “it depends”.
Foreclosure and Eviction Moratorium Extended
On January 20, 2021 President Biden signed an executive order extending moratorium on mortgage foreclosures and evictions until March 31, 2021. This means that if you are behind with your mortgage payments, the foreclosure cannot go forward until after March 31, 2021....
SHORT SALE, DEED-IN-LIEU, FORECLOSURE AND CHAPTER 13 BANKRUPTCY
When you fall behind with your mortgage, the lender can file a foreclosure for the purpose of selling your home and paying the proceeds towards what you owe them. If you can afford to make your mortgage payments and pay the missed payments over 5 years, you can file a...
Guitar Center files for Chapter 11 Bankruptcy
Guitar Center filed for Bankruptcy on November 22, 2020 in the Eastern District of Virginia. The Coronavirus has taken a financial toll on a number of large retail stores, including Guitar Center. In addition to selling guitars and other musical instruments, Guitar...