Posts tagged "Chapter 7 bankruptcy"

Can Bankruptcy Eliminate DMV Surcharges in New Jersey

Bankruptcy can eliminate surcharges in New Jersey. Whether you are filing a Chapter 7 or a Chapter 13, surcharges can be eliminated in most cases as long as you can eliminate your other unsecured debts as well. The law on this issue has changed over time but the current position of the NJ DMV is to no longer pursue the surcharges. If you are currently suspended solely for the nonpayment of the surcharges than the bankruptcy will allow you to apply to reinstate your drivers license. If you are suspended for another reason, the bankruptcy will address the financial obligation, but you will not be able to get your license reinstated until the non financial related suspension has been served.

What are exempt vs non-exempt items when filing for Chapter 7?

Although it doesn't happen usually overnight, a person can wake up and realize that he or she is too far in debt to be able to financially recover without help. While many consumers rush to file for Chapter 7 bankruptcy after realizing the truth of their financial situations, some New Jersey residents try to avoid bankruptcy because they fear that they will lose all of their possessions by filing. However, that is not the case. There are certain assets that are considered exempt from the liquidation process.

When is filing for Chapter 7 bankruptcy a good choice?

During hard times, many people are faced with the decision as to what they should do when the bills are piling up and there is not enough money to pay them. The harassment from collectors may soon prove to be too much and may cause someone to begin to consider other options. Which type of bankruptcy protection is the right choice for people in New Jersey, and how will they know? There are some indicators as to whether filing for Chapter 7 may be the best option.

Personal bankruptcy statistics and the recession

In recent years, the recession in the United States has been particularly tough on consumers and businesses alike. In fact, times have been so difficult that 23 percent of American households thought about filing for personal bankruptcy in recent years. Further, 18 percent of households actually did file for bankruptcy. Those who are most likely to think about bankruptcy are those in the income bracket of less than $40,000 per year.

New Jersey personal bankruptcy is similar to celebrity case

Readers in New Jersey may be familiar with the music of the country group, Montgomery Gentry. The group has appeared at shows such as the 2013 Taste of country Music and has gained fame with their music. Now, one of its members has filed for a personal bankruptcy under Chapter 7.

Chapter 7 bankruptcy in New Jersey offers help to many

Among the reason that people in New Jersey seek a personal bankruptcy is the discovery that the business that they own is suffering financially. This may have been, at least in part, what also led one woman from another state to seek a Chapter 7 bankruptcy recently. That case is moving forward in her home state and, when completed, could leave the woman with little of the debts that once plagued her.

Chapter 7 bankruptcy in New Jersey similar to that of teen star

Aaron Carter was only 15 years old when he began to gain fame in the early 2000s. He was known for his pop music and dating of starlets such as Hillary Duff. Now, however, he says that he has little to show for that work and has sought a Chapter 7 bankruptcy in his home state. The process for Carter will be similar to those filed by people here in New Jersey.

New Jersey personal bankruptcy doesn't end political career

Readers in New Jersey likely are aware that there are few restrictions on who can run for political office. In another state recently, two convicted felons and two people who declared personal bankruptcy were elected to a city council. Each of those elected will proceed to serve their community once sworn in next month.

Chapter 7 bankruptcy can be an issue in election

Each fall, the election season comes for people in New Jersey and elsewhere across the country. As political candidates attempt to gain office, they often must endure media scrutiny of their personal finances. This can lead to discovery of financial difficulties, including the filing of a personal Chapter 7 bankruptcy that may have been necessitated due to financial difficulties in a challenging economy.

Chapter 7 bankruptcy comes to man running for political office

Of the many reasons that people in New Jersey decide to file for a personal bankruptcy, one of the best is to repair their finances. In fact, by seeking a Chapter 7 bankruptcy, many find that they are able to rebuild fallen credit ratings and restart businesses. This happens when debts are discharged after the successful completion of the bankruptcy process.

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