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.
The Wall Street journal reports that Gymboree is on the verge of filing a bankruptcy with the likely closure of their stores. Locally there are several stores including at the Cherry Hill Mall in Cherry Hill New Jersey, The Promenade at Sagemore in Marlton NJ and the Deptford Mall in Deptford NJ. In Philadelphia Pennsylvania the store at the Philadelphia Mills Mall would be impacted. The bankruptcy will be just another reminder of the difficulties retail chains face today.
When you file a bankruptcy you are required to attend a meeting of creditors. If you file a bankruptcy in South Jersey that meeting will occur in either Cherry Hill New Jersey, Camden NJ or Northfield NJ. The meeting generally is held about 30 days after filing. Most of the time no creditors come and your meeting is with just you, your attorney and the trustee. The trustee's job is basically to confirm that the information contained in your petition and schedules is accurate and to sell any nonexempt assets. Prior to the meeting your attorney will send numerous documents to the trustee which support the information contained in your bankruptcy. Your attorney will also review with you your petition and schedules prior to the meeting. As long as you have been straightforward with your attorney and your attorney has done what he is supposed to do the meeting of creditors should be relatively simple
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.
The Law Office of Robert Braverman, LLC has recently opened a law office at 200 Campbell Drive, Willingboro New Jersey to better serve the individuals and businesses of Willingboro and nearby cities such as Westampton, Willingboro and Burlington City, NJ. Assisting clients with financial issues in bankruptcy, including Chapter 7, Chapter 13, Chapter 11 and Chapter 12 and debt negotiation will remain the primary focus of the law firm.
Gymboree appears to be on the verge of bankruptcy according to The Denver Post. http://www.denverpost.com/2017/05/05/gymboree-stores-closing/ A number of stores will likely close as part of the bankruptcy process. A number of brick and mortar retailers have struggled in recent years. According to the Gymboree website, southern New Jersey has stores in Cherry Hill, Deptford, Marlton and Blackwood NJ. There are also stores in Philadelphia Pennsylvania. It is not yet clear which stores will be closing.
Wednesday December 7th, 2016 the U.S. Supreme Court heard arguments in the case Czyzewski v. Jevic Holding Corporation (a Delanco, NJ based company). http://www.nytimes.com /2016/12/06/ business/dealbook/ supreme-court-case- has-bankruptcy- world-on-edge.html?_r=0 This case questions the need for 'absolute priority rules' in Chapter 11 bankruptcy cases, which protect intermediate creditors from losing claims on assets to senior and junior creditors. Intermediate creditors include Jevic Holding Corporation's 1,785 workers (drivers) and the $8MM in pay owed to these workers. Nineteen law professors signed a 'friend-of-the-court brief' urging the Supreme Court to side with Jevic's workers and maintain 'absolute priority rules'. Opponents of 'absolute priority rules' argue paying small creditors fractions of their claims could be in the best interests of a majority of the company's creditors. This argument persuaded a bankruptcy judge and a divided panel of the U.S. Court of Appeals for the Third Circuit.
Kuzina by Sofia has shut its doors after seeking Chapter 7 bankruptcy protection, according to the Courier Post, http://www.courierpostonline.com/story/news/local/south-jersey/2016/09/08/kuzina-restaurant-close-cherryhill/90094302/
Eliminating credit card debt is one reason many people file for chapter 7 personal bankruptcy. A drop in income, a divorce, or illness can cause credit card debt to accumulate. Bankruptcy is a good option in eliminating this credit card debt. A trustee compares your income to expenses and reviews the equity to your assets. A trustee will order the liquidation of your assets to repay your debt only if the equity in assets exceeds allowed exemptions. In most chapter 7 individuals keep all of their assets. Bankruptcy exemptions vary by state. If a married couple owns a home in Cherry Hill New Jersey or Voorhees New Jersey and the home is worth $300,000 and there is a mortgage of $260,000, because each can exempt approximately $24,000 worth of equity in their home for bankruptcy purposes they would be able to protect the equity in their home and they would be in a position to file a Chapter 7. They could eliminate their credit card debt. If there is disposable income this would be used to repay creditors. Chapter 7 is often a good option to help get a fresh start. If you are struggling financial, you should consult with an experienced attorney about your options.
Credit card debt can be eliminated in chapter 7 personal bankruptcy in many instances. Often credit card debt can become overwhelming because of a drop in income, because of a divorce, because of an illness or other reasons. Bankruptcy is often the best option in eliminating this credit card debt. In a bankruptcy, the court is going to consider your income compared to your expenses as well as the equity in your assets. However, even if you have some equity under bankruptcy law there are exemptions that are allowed. The exemptions in New Jersey and Pennsylvania may differ from states where various state exemptions are added to the Federal exemptions. By way of example, if a married couple owns a home in, say, Cherry Hill New Jersey or Voorhees New Jersey and the home is worth $300,000 and there is a mortgage of $260,000, because they can each exempt approximately $24,000 worth of equity in their home for bankruptcy purposes they would be able to protect the equity in their home and they would be in a position to file a Chapter 7 and eliminate their credit card debt. As indicated, income and expenses would also be taken into account to determine whether there is disposable income. An experienced bankruptcy attorney can assist in determining whether Chapter 7 is the best option.