Lets say you are having financial difficulties but are not sure if Bankruptcy is right for you. Where do you begin. The library is a good place to start. I checked out the Willingboro Library at 220 Willingboro Parkway near my Willingboro office. A review of some of the books available in the Willingboro Library such as Chapter 13: Keep your Property and Repay your Debts Over Time, by Stephen Elias and Robin Leonard or Bankruptcy Law for the Individual Debtor by Margaret Jasper are good places to start. Consulting with an attorney should also be considered since bankruptcy law can be complicated. Once you have the knowlege as to how bankruptcy works, it will allow you to make an informed decision as to whether it is right for you.
Speak with bankruptcy attorney first. Most people are unfamiliar with the bankruptcy process. They know it can help eliminate debts but are not sure of the impact of owning assets. As a result, sometimes before going to see the bankruptcy lawyer the individual will transfer a vehicle into a relatives name or repay the relative with money received from a tax refund before seeing the lawyer. It is a mistake. First, any such transfers or payments must be reflected on the bankruptcy schedules. In addition in most instances the individuals could have filed bankruptcy and used exemptions to protect the assets. However, if they transfer the item or make the payment the trustee can overturn the transfer or payment and use it to pay your creditors. And even if you have exemptions available, since you voluntarily gave away an asset when the asset is brought back you cannot exempt it. So talk with bankruptcy attorney first if you are thinking about filing bankruptcy.
Toys R Us, which has locations in Cherry Hill New Jersey and Deptford NJ filed a Chapter 11 bankruptcy to reorganize its debts. Even though they have not yet obtained a court approved plan, the executives of the company have now asked the bankruptcy court to approve millions of dollars in bonuses for those executives. Not surprisingly, the US Trustee's office opposes the payment of such bonuses and filed an objection. The bankruptcy judge will now consider the documents submitted and the arguments of the lawyers and then render a decision. It is also possible that the attorneys will reach an agreement, for example, agreeing to a lower bonus, and then they would ask the court to approve the compromised amount.
There are many reasons that people in New Jersey decide that they need to file for a bankruptcy. These include the high debts that some have accumulated over the past few years during the recession. When the amount that is owed is more than a person can repay, they often find that a personal bankruptcy can help.
A large church with a successful television show that may be familiar to many in New Jersey is embroiled in a lawsuit that has slowed the progress of the church's bankruptcy. The Crystal Cathedral, which once was the filming location for the 'Hour of Power' television series, filed for a commercial bankruptcy in 2010. Since that time, the church has been the subject of claims by its founder, Robert Schuller, and his family members.