<?xml version="1.0" encoding="UTF-8"?><rss version="2.0" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:wfw="http://wellformedweb.org/CommentAPI/" xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:atom="http://www.w3.org/2005/Atom" xmlns:sy="http://purl.org/rss/1.0/modules/syndication/" xmlns:slash="http://purl.org/rss/1.0/modules/slash/" > <channel> <title>New Jersey Bankruptcy Lawyer Blog - Bankruptcy Attorney NJ - Foreclosure Resolution</title> <atom:link href="https://www.bankruptcylawyer-nj.com/blog/feed/" rel="self" type="application/rss+xml" /> <link>https://www.bankruptcylawyer-nj.com/blog/</link> <description>New Jersey bankruptcy attorney Robert Manchel, Esq. with 4 offices can help you now with Chapter 7 or Chapter 13 bankruptcy protection. Our NJ bankruptcy law firm services the State of New Jersey.</description> <lastBuildDate>Mon, 07 Mar 2022 19:27:05 +0000</lastBuildDate> <language>en-US</language> <sy:updatePeriod> hourly </sy:updatePeriod> <sy:updateFrequency> 1 </sy:updateFrequency> <generator>https://wordpress.org/?v=6.7.2</generator> <image> <url>https://www.bankruptcylawyer-nj.com/wp-content/uploads/2021/07/cropped-Favicon-32x32.png</url> <title>New Jersey Bankruptcy Lawyer Blog - Bankruptcy Attorney NJ - Foreclosure Resolution</title> <link>https://www.bankruptcylawyer-nj.com/blog/</link> <width>32</width> <height>32</height> </image> <item> <title>How To Use This Section Of Our Website</title> <link>https://www.bankruptcylawyer-nj.com/2015/06/16/how-to-use-this-section-of-our-website/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-use-this-section-of-our-website</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Tue, 16 Jun 2015 16:27:05 +0000</pubDate> <category><![CDATA[General Bankruptcy Information]]></category> <guid isPermaLink="false">http://www.bankruptcylawyer-nj.com/?p=2281</guid> <description><![CDATA[<p>On this website, we’ve answered hundreds of the common, and not so common, questions that we’ve been asked over the years about debt, bankruptcy, home foreclosure and how to get your life back. To find the answer to a question you have, you can click on the category to the right that matches, or you […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2015/06/16/how-to-use-this-section-of-our-website/">How To Use This Section Of Our Website</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<p>On this website, we’ve answered hundreds of the common, and not so common, questions that we’ve been asked over the years about debt, bankruptcy, home foreclosure and how to get your life back.<br /> To find the answer to a question you have, you can click on the category to the right that matches, or you type your question into the search box, found further down the page on the right.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2015/06/16/how-to-use-this-section-of-our-website/">How To Use This Section Of Our Website</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>Robert Manchel Video</title> <link>https://www.bankruptcylawyer-nj.com/2022/02/13/robert-manchel-video/?utm_source=rss&utm_medium=rss&utm_campaign=robert-manchel-video</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Sun, 13 Feb 2022 17:53:56 +0000</pubDate> <category><![CDATA[Uncategorized]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=6839</guid> <description><![CDATA[<p>What Happens When You File for Bankruptcy in New Jersey What is Bankruptcy? Bankruptcy laws are federal laws. The bankruptcy laws are located in a federal law book that is called the bankruptcy code. Bankruptcy courts are part of the federal court system, which is separate from the state courts. In New Jersey, there is […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2022/02/13/robert-manchel-video/">Robert Manchel Video</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<p>What Happens When You File for Bankruptcy in New Jersey</p> <p>What is Bankruptcy?</p> <p>Bankruptcy laws are federal laws. The bankruptcy laws are located in a federal law book that is called the bankruptcy code. Bankruptcy courts are part of the federal court system, which is separate from the state courts. In New Jersey, there is one bankruptcy court in Trenton, Camden and Newark. The bankruptcy courts are located in the federal court buildings, where all federal cases are handled.</p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/EW8bgIVim6A" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></p> <p>Federal bankruptcy laws are granted power over all state courts. Therefore, if a debtor who files for bankruptcy protection in New Jersey owns real estate in three separate states, the bankruptcy court has control of the property in all states. Sometimes a bankruptcy court will temporarily send a dispute back to the state court for the resolution of an issue, such as child support payments.</p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/nE--FltQO_8" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> </p> <p>In general, bankruptcy deals with personal and business debt, in addition to controlling the actions of creditors regarding the debt. For example, bankruptcy may allow a debtor to avoid eviction because of the nonpayment of debt, but not as a result of playing load music.</p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/AkzT6Agh_VI" title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe></p> <p>How Can Bankruptcy Help Me? (Why File)</p> <p>Bankruptcy can help a person with the following: permanently eliminate debt; avoid utility shut off; save house from foreclosure; save an auto from repossession; stop residential eviction actions; eliminate all or partial tax debt; ease support or alimony payments; stop debt collection; possibly stop any action that is a result of having not paid a debt; stop a creditor from taking property; immediately stop a creditor from suing someone.</p> <p>Someone that files for bankruptcy protection is called a debtor. Typically, a debtor will file a chapter 7 case for the purpose of eliminating all unsecured debt, such as credit card debt or personal loans.</p> <p>Chapter 13 cases are typically filed for the following reasons: save a house from foreclosure; save a car from repossession; eliminate most unsecured debt because the debtor did not meet the chapter 7 criteria. The portion of the unsecured debt that is not paid, is eliminated in a chapter 13.</p> <p>Typically, a person will file for chapter 11 bankruptcy protection for the same reasons as a chapter 13. However, the person does not meet the chapter 13 criteria because the amount of debt is substantial. Also, a corporation or limited liability company must file a chapter 11 case to reorganize, as they are unable to file a chapter 13. Chapter 11 cases also help businesses with financial issues, continue to operate.</p> <p>All bankruptcy chapters deal with all of the debtor’s debts and creditors and not just the one debt or creditor that is their major concern. For example, someone may want to file for the sole purpose of avoiding auto repossession, due to payment arrears. However, the bankruptcy laws apply to all of the person’s debt and creditors and not only the auto finance issues.</p> <p>A person named a trustee is appointed to administer each case. The responsibilities of a chapter 7 trustee are different than chapter 13 and chapter 11 trustee.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2022/02/13/robert-manchel-video/">Robert Manchel Video</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>How to Avoid Bankruptcy During COVID-19</title> <link>https://www.bankruptcylawyer-nj.com/2021/05/09/how-to-avoid-bankruptcy-during-covid-19/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-avoid-bankruptcy-during-covid-19</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Sun, 09 May 2021 18:18:08 +0000</pubDate> <category><![CDATA[Uncategorized]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=5857</guid> <description><![CDATA[<p>COVID-19 caused millions of Americans to lose their jobs, reducing their working hours, skipping on needed insurance policies, and eventually filing for bankruptcy. People are worried about more than just their financial security. If you’re thinking about bankruptcy, you might want to think about alternatives or find other sources of assistance. With incomes getting slashed, […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2021/05/09/how-to-avoid-bankruptcy-during-covid-19/">How to Avoid Bankruptcy During COVID-19</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<p><span style="font-weight: 400;">COVID-19 caused millions of Americans to lose their jobs, reducing their working hours, skipping on </span><a href="https://www.quickquote.com/life-insurance-after-bankruptcy/" target="_blank" rel="noopener"><span style="font-weight: 400;">needed insurance policies</span></a><span style="font-weight: 400;">, and eventually filing for bankruptcy. People are worried about more than just their financial security. If you’re thinking about bankruptcy, you might want to think about alternatives or find other sources of assistance.</span></p> <p><span style="font-weight: 400;">With incomes getting slashed, households are feeling the burn. Families in financial turmoil continue to have a lot of concern. Having to </span><a href="https://www.bankruptcylawyer-nj.com/difference-between-chapter-7-and-13/"><span style="font-weight: 400;">file bankruptcy</span></a><span style="font-weight: 400;"> might seem like a last resort in such a scenario, but those who are struggling financially from such situations still have the option to do so.</span></p> <p><span style="font-weight: 400;">Many people today are experiencing financial pressure due to the reduced income. This translates to a decreased amount of money to be spent on things essential to living, such as food, medicine, or housing. </span></p> <p><span style="font-weight: 400;">In addition to economic stress, some people may be bothered by paying off debt. Personal loans and credit cards are examples of debts a number of people are reluctant to settle.</span></p> <h2><span style="font-weight: 400;">What is bankruptcy?</span></h2> <p><span style="font-weight: 400;">Although bankruptcy doesn’t clear all debt, it gets rid of most things that happen during the COVID-19 pandemic, like missed rent, credit card debt, and medical debt. The most common types of bankruptcy are Chapter 7 and Chapter 13. </span><a href="https://www.bankruptcylawyer-nj.com/nj-chapter-7-bankruptcy-attorneys/"><span style="font-weight: 400;">Chapter 7</span></a><span style="font-weight: 400;"> is a liquidation bankruptcy, meaning all the non-exempt assets get sold and all the proceeds go to creditors. </span></p> <p><span style="font-weight: 400;">A means test is typically required for debtors filing under Chapter 7 unless they owe more on their business debt than their personal debt. When a person loses their job, they may not be able to file right away because their income is assessed after six months.</span></p> <p><span style="font-weight: 400;">A Chapter 13 bankruptcy, on the other hand, is for people who can pay off their debts over three to five years. No assets are given up, but instead, discretionary income is channeled into a repayment plan. </span></p> <p><span style="font-weight: 400;">Usually, people who are in a Chapter 13 bankruptcy will have more financial resources than those who are in a Chapter 7 bankruptcy. </span></p> <p><span style="font-weight: 400;">While the entire process is a lot more time-consuming than a Chapter 7 bankruptcy, it can prevent the loss of critical assets such as one’s home and car. However, people who have lost their jobs may struggle with finding a viable means to repay the loans.</span></p> <p><span style="font-weight: 400;">Debt accumulated after filing for bankruptcy is not dischargeable, and you can only file for bankruptcy under Chapter 7 once after eight years have passed. The time gap between filings under Chapter 13 and filing under another chapter is two years. This is why consumers may want to wait until they’ve accumulated all the debt they’re going to get before filing bankruptcy.</span></p> <h2><span style="font-weight: 400;">How to Avoid Bankruptcy During COVID-19</span></h2> <h2><span style="font-weight: 400;">Access Your Finances</span></h2> <p><span style="font-weight: 400;">An important first step people need to take to safeguard against bankruptcy is to make sure they have their accounts in good standing both now and in the future. It is important to maintain those accounts in good standing by letting everyone know about their monthly net income.</span></p> <p><span style="font-weight: 400;">You need to figure in money from unemployment insurance, current salaries, and anything else. Reported income should also include net income, which is your income after taxes and deductions.</span></p> <p><span style="font-weight: 400;">Keep your financial situation in check by staying on top of all your bills, staying in the black as long as possible so that your income picks up, and making ways to settle with your lenders.</span></p> <p><span style="font-weight: 400;">In addition to credit cards and other forms of loans, borrowers may also acquire debt via subordinate loans such as medical and auto loans. When you add up your debts, make sure to include the minimum payments due to each of these obligations. </span></p> <p><span style="font-weight: 400;">You can only get ahead if you cut unnecessary expenses out of your budget. At least for a temporary period, you need to live a little closer to home and try to eat out less frequently. Consider cutting expenses in other areas of your budget when further reducing your grocery expenditures isn’t practical.</span></p> <p><span style="font-weight: 400;">Earning an additional income is another way to improve your finances. A part-time job can add a lot to an individual’s income. A different possibility would be to contribute to the gig economy to make more money. Working more may not be possible, so one can sell possessions on online marketplaces.</span></p> <h2><span style="font-weight: 400;">COVID-19 Aid, Relief and Economic Security (CARES) Act</span></h2> <p><span style="font-weight: 400;">Under the CARES Act, credit card companies and lenders are required to make accommodations that allow you to pay less than the minimum amount due within a specified period of time without negatively impacting your credit score.</span></p> <p><span style="font-weight: 400;">The CARES Act sparked the Paycheck Protection Program. Your small business could qualify for a loan backed by the Small Business Administration. Getting help with payroll and debt repayment is just two perks of these special loans.</span></p> <p><span style="font-weight: 400;">The provisions of the new CARES law provide heightened protections for homeowners who have federally-insured mortgages. The CARES Act provides small business owners the opportunity to secure a special loan to assist with their cash flow. The loan will be forgiven provided that the proceeds are used to pay for payroll costs.</span></p> <h2><span style="font-weight: 400;">Create a Debt Management Plan</span></h2> <p><span style="font-weight: 400;">A </span><a href="https://www.bankruptcylawyer-nj.com/"><span style="font-weight: 400;">debt management plan</span></a><span style="font-weight: 400;"> can help you to avoid bankruptcy as well. Credit counselors help debtors lower their interest rates or reduce the payoff amount. If you wish to refrain from submitting for bankruptcy during these hectic times caused by the COVID-19 outbreak, developing a sound financial strategy is necessary.</span></p> <p><span style="font-weight: 400;">A federally-backed mortgage may allow you to reduce or suspend your monthly payments for up to 12 months if you are receiving a federal grant. To find out whether you qualify, contact your mortgage lender. </span></p> <p><span style="font-weight: 400;">Make sure you ask all your professional service providers about discounts if you are eligible for anything. They may be able to help you by replacing your electricity, gas, water, sewage, removal, and Internet bills with COVID-19 alternatives that may reduce your monthly bill substantially.</span></p> <p><span style="font-weight: 400;">Your friends and relatives might be able to lend you some money during this trying time. Make sure you keep a record of the amount owed to you and keep up with the repayment schedule to keep your relationship intact.</span></p> <p><span style="font-weight: 400;">Consider enlisting the assistance of debt management companies if you need more money to pay back creditors. As an alternative to bankruptcy, the program of credit counseling involves you paying your creditors through a credit council organization. </span></p> <p><span style="font-weight: 400;">It is also possible for you to qualify for a reduced interest rate and for any late fees to be waived, thereby making this option a worthwhile financial option. You may wish to check with your credit card provider for assistance.</span></p> <p><em><span style="font-weight: 400;">Vhanessa Hair is a finance expert who writes and researches for the insurance comparison site, </span><a href="https://www.quickquote.com" target="_blank" rel="noopener"><span style="font-weight: 400;">QuickQuote.com</span></a><span style="font-weight: 400;">. </span></em></p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2021/05/09/how-to-avoid-bankruptcy-during-covid-19/">How to Avoid Bankruptcy During COVID-19</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>What You Need to Know about Filing for Chapter 13 Bankruptcy</title> <link>https://www.bankruptcylawyer-nj.com/2021/02/17/what-you-need-to-know-about-filing-for-chapter-13-bankruptcy/?utm_source=rss&utm_medium=rss&utm_campaign=what-you-need-to-know-about-filing-for-chapter-13-bankruptcy</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Wed, 17 Feb 2021 04:33:45 +0000</pubDate> <category><![CDATA[Chapter 13 Bankruptcy]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=5825</guid> <description><![CDATA[<p>Most people see money as the thing that makes the world go round. We can’t seem to survive without it. Money offers us the ability to buy things we want and need in life. But sometimes our eyes seem to be bigger than our pockets, and we find ourselves in a position where our debts […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2021/02/17/what-you-need-to-know-about-filing-for-chapter-13-bankruptcy/">What You Need to Know about Filing for Chapter 13 Bankruptcy</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<p><span style="font-weight: 400;">Most people see money as the thing that makes the world go round. We can’t seem to survive without it. Money offers us the ability to buy things we want and need in life. But sometimes our eyes seem to be bigger than our pockets, and we find ourselves in a position where our debts are too large for our finances.</span></p> <p><span style="font-weight: 400;">It can be easy to get ahead of ourselves when we begin making money, and we see what it has to offer. Though you may not be concerned about things like </span><a href="https://www.carinsurancecomparison.com/car-insurance-and-bankruptcies/" target="_blank" rel="noopener"><span style="font-weight: 400;">car insurance and bankruptcies</span></a><span style="font-weight: 400;">, large purchases such as homes, expensive vehicles, and extracurricular activities can quickly place someone in more debt than they thought.</span></p> <p><span style="font-weight: 400;">On the other hand, there may sometimes be unforeseen circumstances, such as expensive and unexpected medical bills, which cause us to fall into a place where our payments become too much.</span></p> <p><span style="font-weight: 400;">So what should you do if you find yourself in a position where your bills have become overwhelming or too much to handle? Your answer may lie in filing for chapter 13 bankruptcy.</span></p> <h2><span style="font-weight: 400;">What is chapter 13 bankruptcy?</span></h2> <p><span style="font-weight: 400;">Chapter 13 bankruptcy is the answer for people who make a steady income but have gotten ahead of themselves in terms of bills. You have funds available, but the cost of your debts has gotten to a point where immediate payments are difficult to make.</span></p> <p><span style="font-weight: 400;">When you file for chapter 13 bankruptcy, you are essentially creating a payment plan to repay the debts you owe. You will not lose your major assets when choosing this option. For example, if you are in the process of a foreclosure on your home, chapter 13 will stop the foreclosure process rather than the liquidation of your assets to pay off debt which happens in the case of </span><a href="https://www.bankruptcylawyer-nj.com/nj-chapter-7-bankruptcy-attorneys/"><span style="font-weight: 400;">chapter 7 bankruptcy</span></a><span style="font-weight: 400;">.</span></p> <h2><span style="font-weight: 400;">How do I qualify for Chapter 13 bankruptcy?</span></h2> <p><span style="font-weight: 400;">There are a few requirements in order to be eligible for chapter 13 bankruptcy such as:</span></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Your tax filings must be up to date</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">You must have a steady and regular income</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Your unsecured debt cannot exceed $394,725</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Your secured debt cannot exceed $1,184,200</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">You cannot have filed for chapter 7 bankruptcy in the last four years</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">You cannot have filed for chapter 13 bankruptcy in the last two years</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">You cannot have filed a bankruptcy petition that was dismissed in the last 180 days</span></li> </ul> <h2><span style="font-weight: 400;">How do I apply for chapter 13 bankruptcy?</span></h2> <p><span style="font-weight: 400;">The first step you should take when considering bankruptcy is meeting with a bankruptcy attorney and credit counselor. A credit counselor will provide you with pre-bankruptcy counseling services as well as possible assistance when drafting your repayment plan. </span></p> <p><span style="font-weight: 400;">Making an appointment with a </span><a href="https://www.bankruptcylawyer-nj.com/nj-chapter-13-bankruptcy-attorneys/#"><span style="font-weight: 400;">bankruptcy attorney</span></a><span style="font-weight: 400;"> is a crucial step in the process. Filing for bankruptcy is no easy task. Without the assistance of an attorney, you may fill something out incorrectly or even miss a step in the process, which can cause your case to simply be thrown out.</span></p> <p><span style="font-weight: 400;">Both meetings will allow you to understand your situation and decide if bankruptcy is truly the best option for you.</span></p> <p><span style="font-weight: 400;">After you have determined bankruptcy is the right choice, you will file a petition with the bankruptcy court serving your area. You will need to provide information when filing such as:</span></p> <ul> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">The sources and amounts of your income</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A list of creditors and what they are owed</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A breakdown of your monthly living expenses</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">A list of property in your name</span></li> <li style="font-weight: 400;" aria-level="1"><span style="font-weight: 400;">Your most recent tax information</span></li> </ul> <p><span style="font-weight: 400;">After you have filed, you will need to propose a repayment plan. The plan must be submitted within 14 days of your filing. </span></p> <p><span style="font-weight: 400;">Once this happens, you will have a hearing with a bankruptcy judge or administrator who will determine if your repayment plan meets requirements and is fair. They will have the final say in your payment plan.</span></p> <h2><span style="font-weight: 400;">What happens after I file?</span></h2> <p><span style="font-weight: 400;">Typically, most payment plans made under </span><a href="https://www.bankruptcylawyer-nj.com/nj-chapter-13-bankruptcy-attorneys/how-does-a-chapter-13-bankruptcy-work/"><span style="font-weight: 400;">chapter 13 bankruptcy</span></a><span style="font-weight: 400;"> will extend over a period of 3 to 5 years. After you have filed your petition, you are expected to begin making your payments within 30 days. </span></p> <p><span style="font-weight: 400;">An important point to keep in mind for this part of the process </span><span style="font-weight: 400;">—</span><span style="font-weight: 400;"> your 30 days to begin making payments starts from your filing date, despite whether your petition has been approved or not.</span></p> <p><span style="font-weight: 400;">Your payments will be made to a chapter 13 trustee, who will then distribute them to the appropriate creditors to ensure your debts are being paid down. Some trustees may require your payments to be made through a payroll deduction, which means a form will be sent to your employer so the appropriate funds can be redirected for payments.</span></p> <p><span style="font-weight: 400;">You will have no contact with your creditors under chapter 13 protection. </span></p> <p><span style="font-weight: 400;">While you are making your payments through the course of your agreed upon period you will also be expected to take a debtor education course, which is typically provided by a non-profit counseling company. The counseling must begin within 180 days after the petition has been filed.</span></p> <p><span style="font-weight: 400;">If you fail to make your payments or do not have the funds, this will cause your case to fall back under review. If this happens, the result could be selling off your property in order to pay debts.</span></p> <h2><span style="font-weight: 400;">Bankruptcy is not a Life Sentence</span></h2> <p><span style="font-weight: 400;">Sometimes there is a lot of fear and embarrassment that surrounds the idea of filing for bankruptcy. Though it is understandable to have strong negative feelings about the process, sometimes it is the best choice to make depending on your circumstances.</span></p> <p><span style="font-weight: 400;">Once you have completed your agreed upon payment plan period and met your requirements, your remaining dischargeable debt will be wiped out, leaving you back in a place where you are comfortable financially.</span></p> <p><span style="font-weight: 400;">The bankruptcy will stay on your credit report for a total of seven years, after which it will be wiped clean and you are able to start over. </span></p> <p><span style="font-weight: 400;">Don’t look at bankruptcy as a life sentence. Sometimes it is a necessary process given our circumstances. Chapter 13 gives you an opportunity to keep your assets and pay down your debt, leaving you in a much better place after you have finished your payments.</span></p> <p><span style="font-weight: 400;">Alexandra Arcand writes and researches about the laws regarding insurance for the car insurance comparison site, </span><a href="https://www.carinsurancecomparison.com/" target="_blank" rel="noopener"><span style="font-weight: 400;">CarInsuranceComparison.com</span></a><span style="font-weight: 400;">. She enjoys guiding people to the financial help they need.</span></p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2021/02/17/what-you-need-to-know-about-filing-for-chapter-13-bankruptcy/">What You Need to Know about Filing for Chapter 13 Bankruptcy</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>Bankruptcy Advantage Even Though Paying All Debt</title> <link>https://www.bankruptcylawyer-nj.com/2019/06/05/bankruptcy-advantage-even-though-paying-all-debt/?utm_source=rss&utm_medium=rss&utm_campaign=bankruptcy-advantage-even-though-paying-all-debt</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Wed, 05 Jun 2019 11:54:51 +0000</pubDate> <category><![CDATA[General Bankruptcy Information]]></category> <guid isPermaLink="false">http://www.bankruptcylawyer-nj.com/blog/?p=1205</guid> <description><![CDATA[<p>In certain situations, a debtor may not be able to eliminate any debt. Typically, this is due to the debtor owning assets with a substantial value and/or having substantial household disposable income on a monthly basis. Assuming an individual has no other reason for filing a chapter 13 case other than dealing with their unsecured […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/06/05/bankruptcy-advantage-even-though-paying-all-debt/">Bankruptcy Advantage Even Though Paying All Debt</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<p>In certain situations, a debtor may not be able to eliminate any debt. Typically, this is due to the debtor owning assets with a substantial value and/or having substantial household disposable income on a monthly basis.<br /> Assuming an individual has no other reason for filing a chapter 13 case other than dealing with their unsecured debt (ie. credit card, medical bills, personal loans, etc), a person in this situation, may wish to settle the accounts without filing for bankruptcy protection or pursue some type of debt settlement plan. However, a chapter 13 filing may benefit an individual in such a circumstance, as no interest is required to be paid on any of the unsecured debt.<br /> The most a person must pay back to their creditors is the total amount due on their debt. The total amount due does not include interest on any of the unsecured debt. Therefore, it does not matter if the debtor has 50 houses with no mortgages and earns 10 million per year, the debtor will never be required to pay interest on the unsecured debt.<br /> As we know, the interest due on unsecured debt, such as credit cards, is extemely costly. As a result the amount that must be paid back on all credit card debt, without interest, through a chapter 13 case, may be less than the amount paid under a non bankruptcy payment plan.<br /> Robert Manchel, the <a href="https://www.bankruptcylawyer-nj.com/" rel="noopener noreferrer">bankruptcy attorney in NJ. </a>, will discuss your bankruptcy questions at 1(866) 503-5655.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/06/05/bankruptcy-advantage-even-though-paying-all-debt/">Bankruptcy Advantage Even Though Paying All Debt</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>How To File For Chapter 7 Bankruptcy In NJ?</title> <link>https://www.bankruptcylawyer-nj.com/2019/05/15/file-chapter-7-bankruptcy-nj/?utm_source=rss&utm_medium=rss&utm_campaign=file-chapter-7-bankruptcy-nj</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Wed, 15 May 2019 21:31:13 +0000</pubDate> <category><![CDATA[Chapter 7 Bankruptcy]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=3744</guid> <description><![CDATA[<p>NJ. Lawyer Explains The Chapter 7 Process The most prevalent type of bankruptcy filing in New Jersey are Chapter 7, Chapter 13 and Chapter 11. People refer each bankruptcy type as “chapters” because the bankruptcy code reflects the law of each chapter, in the actual chapter number of the code. In other words, chapter 13 […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/05/15/file-chapter-7-bankruptcy-nj/">How To File For Chapter 7 Bankruptcy In NJ?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2>NJ. Lawyer Explains The Chapter 7 Process</h2> <p>The most prevalent type of bankruptcy filing in New Jersey are Chapter 7, Chapter 13 and Chapter 11. People refer each bankruptcy type as “chapters” because the bankruptcy code reflects the law of each chapter, in the actual chapter number of the code. In other words, chapter 13 laws are located in chapter 13 of the bankruptcy code, which is after chapter 12 of the code.<br /> Chapter 7 is referred to as a liquidation bankruptcy, which is intended to discharge (eliminate) certain debt. An individual person and/or a partnership, or any other corporate type entity may file for chapter 7 bankruptcy protection. Typically, individuals file for chapter 7 protection to eliminate unsecured debt, such as credit card debt and personal loans. People can also discharge (eliminate) secured loans, such as auto loans. However, if you want to keep the collateral, such as an auto, one must continue making the monthly payments.<br /> The chapter 7process will be complete approximately four months after the filing. When considering whether to file for bankruptcy protection, one should seek the counseling of an experienced bankruptcy lawyer. A lawyer will determine if one meets the criteria. Also, an attorney will counsel a person about the consequences of any pre-filing transfers, earned income, receipts of money and asset values that are problematic. Maybe the debtor should wait to file, in order to save assets, or meet the criteria.<br /> Prior to filing the bankruptcy petition with the court, each debtor must complete pre-filing credit counseling, which consists of answering questions and discussing their financial situation with a court approved counseling agent. The counseling may be completed online. The counseling takes about one and one half hours. After the counseling, the agency emails the debtor a certificate reflecting that the credit counseling is complete.<br /> A bankruptcy petition must be completed and filed with the court, together with the counseling certificate. The petition must include household income, expenses, list of creditors and assets. One must also provide various information about property transfers and finances. After the petition is completed , the debtor must review and sign the petition. Experienced bankruptcy lawyers file the petition from their bankruptcy software. However, the petition may be filed with the clerk of court, by submitting paper documents.<br /> A chapter 7 trustee and judge is assigned to each filed case. A trustee’s job is to determine if any property may be sold due to a substantial asset value that may not be fully exempt. Additionally, the trustee advises the judge of his recommendation as to whether a debtor should be granted a discharge of debt. The case is complete when the order of discharge is entered. However, due to atypical circumstances, the order of discharge may be delayed.<br /> The trustee reviews the bankruptcy petition and the documents hereinafter stated: last three years of income tax returns; any and all of the debtor and spouse’s pay stubs, covering the six months prior to the filing; statements of all investments; valuation of real estate; mortgage payoff statement; child support orders; all bank statements for the six months prior to the filing; and, possibly other related documents. Lawyers typically ask for such documents prior to preparing the petition.<br /> After the petition is filed, the court will automatically schedule a 341(a) Creditors’ Meeting before the trustee. The hearing is not in a courtroom and no judge may attend the hearing. The debtor and her attorney attend the hearing, which is located in a classroom setting. The appearance of any creditor is very unusual. Typically, the only creditors having personal issues with the debtor, such as an ex-spouse, appear at the hearing. The trustee will ask the debtor a series of questions about their finances, assets and the information contained on the petition and above referenced documents. Typically, the judge will enter an order discharging debt in about two and one half months after the hearing.<br /> Please note that a person may file a Reaffirmation Agreement with the court regarding their auto financing. This is explained in another part of this website. Also, although very unusual, if the there is an irresolvable issue regarding a creditor, the debtor may need to handle such matters in court. Additionally, if there are funds to distribute to creditors, which is also unusual, the trustee must provide the court with an accounting, that must obtain the court’s approval. However, under the ladder scenario, the order of discharge will not be delayed.<br /> Contact Attorney Robert Manchel at 866 503 5644.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/05/15/file-chapter-7-bankruptcy-nj/">How To File For Chapter 7 Bankruptcy In NJ?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>Exceptions To Discharging Debt In NJ. Chapter 7</title> <link>https://www.bankruptcylawyer-nj.com/2019/05/08/exceptions-discharging-debt-nj-chapter-7/?utm_source=rss&utm_medium=rss&utm_campaign=exceptions-discharging-debt-nj-chapter-7</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Wed, 08 May 2019 18:26:57 +0000</pubDate> <category><![CDATA[Chapter 7 Bankruptcy]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=3582</guid> <description><![CDATA[<p>New Jersey Bankruptcy Lawyer Explains which specific type of debt may not be discharged in Chapter 7. In a typical NJ. chapter 7 bankruptcy case, the debtor intends to discharge certain debt. A chapter 7 bankruptcy discharge means that the debtor is no longer personally liable and/or responsible to pay the debt. In other words, […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/05/08/exceptions-discharging-debt-nj-chapter-7/">Exceptions To Discharging Debt In NJ. Chapter 7</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2 class="wp-block-heading">New Jersey Bankruptcy Lawyer Explains which specific type of debt may not be discharged in Chapter 7.</h2> <p>In a typical NJ. chapter 7 bankruptcy case, the debtor intends to discharge certain debt. A chapter 7 bankruptcy discharge means that the debtor is no longer personally liable and/or responsible to pay the debt. In other words, after a discharge, the creditor may never attempt to collect the money from the debtor. An exception to discharge means that a specific type of debt is <a href="https://www.bankruptcylawyer-nj.com//?s=not+discharged">not discharged </a>and/or eliminated. If a debt is not discharged, the creditor may continue to pursue the debtor for the debt, after the completion of the bankruptcy case.</p> <p>There are bankruptcy code sections that relate to the ”nondischargeability” of the whole case, including all debt. Under those code sections, if the debtor meets the criteria, he will be unable to proceed with his case and obtain any no discharge of any debt. 11 U.S.C. § 727 is the code section that prohibits a discharge of any debt under a chapter 7 bankruptcy case. However, this blog deals with the exceptions to the discharge of one debt and one creditor. Consequently, the debtor may obtain a discharge of all other debts.</p> <p>If the creditor has a certain type of lien on property, the company, may possibly be permitted to pursue an action to take the collateral. Unsecured debt, such as credit card debt, does not involve any collateral and/or a lien on property. In a typical New Jersey chapter 7 bankruptcy case, the petition is filed to eliminate unsecured debt. The bankruptcy code provides a list of debts that are specifically “excepted” from a discharge</p> <p>11 U.S.C, section 523 lists the types of debt that are “excepted” from discharge. Some of the sections of 523 include debt that is automatically “excepted” from discharge if certain criteria are met. There are other portions of section 523 that are only “excepted” from discharge, if the creditor proves certain facts, in court. The ladder scenario requires the creditor to file the appropriate court documents, pursue the process and prevail in court.</p> <p>The following is a list of code sections that except debt from discharge without requiring the creditor to take any additional legal or court action.</p> <p>11 U.S.C, section 523, (a)(1)(A) and (B) indicates the specific taxes that are “excepted” from discharge, based on specific criteria;</p> <p>11 U.S.C, section 523, (a)(3)(A) and (B) excepts from discharge the debt owed to a creditor that was not properly listed on the petition and notified in sufficient time to file a proof of claim, in connection to an asset case;</p> <p>11 U.S.C, section 523, (a)(5) reflects domestic support obligations are not dischargeable. Domestic Support Obligations are typically child support, alimony payments and other maintenance payments;</p> <p>11 U.S.C, section 523, (a)(7)(A)(B) covers the types of fines, penalties and taxes that are due to a governmental unit. This subsection also includes the requirement to pay back certain funds to a governmental unit;</p> <p>11 U.S.C, section 523, (a)(8)(A)(B) includes the inability to discharge student loans;</p> <p>11 U.S.C, section 523, (a)(9) pertains to debt arising from the death or injury of a person caused by driving while unlawfully intoxicated;</p> <p><a href="https://www.bankruptcylawyer-nj.com//2014/01/08/type-debt-eliminated-chapter-7/">11 U.S.C, section 523</a>, (a)(10) is the debt from a creditor that was or should have been listed in a prior case, wherein the debtor was denied or waived his discharge.</p> <p>11 U.S.C, section 523, (a)(13) is a debt regarding payment of restitution under Title 18 of the U.S. Code</p> <p>11 U.S.C, section 523, (a)(14) is tax owed to the U.S. that is “nondischargeable”.</p> <p>11 U.S.C, section 523, (a)(14)(A) is a tax owed to a governmental unit other than the US;</p> <p>11 U.S.C, section 523, (a)(14)(B) is a debt that was incurred for fines or penalties in connection with a federal election law violation;</p> <p>11 U.S.C, section 523, (a)(15) reflects a debt that is due to a spouse, former spouse or child in certain circumstances that is not deemed a Domestic Support Obligation;</p> <p>11 U.S.C, section 523, (a)(16) is a debt that will be due to a membership association, condominium association, homeowners association and a cooperative corporation, under certain circumstances.</p> <p>11 U.S.C, section 523, (a)(17) is a fee, cost, and expense that is imposed on a prisoner under specific situations.</p> <p>11 U.S.C, section 523, (a)(18) (A) (B) pertains to a loan made against a specific retirement fund, such as a 401(k) and IRA, under the Employee Retirement Income Security Act of 1974. </p> <p>Although additional legal action, by a garden state, chapter 7 bankruptcy attorney, is typically not required, regarding the above list, one should obtain a court order, confirming that a certain debt is dischargeable. Such action should prevent future issues.</p> <p>Below is a list of debt that is “nondischareable”. However, typically, additional legal action must be pursued, in bankruptcy court, to prove certain required facts necessary to deem the debt “nondischargeable”:</p> <p>11 U.S.C, section 523, (a)(1)(C) indicates that a tax in connection with fraud regarding the filing of a return is not dischargeable;</p> <p>11 U.S.C, section 523, (a)(2)(A)(B) is a debt, property and/or service that was obtained or incurred by fraud;</p> <p>11 U.S.C, section 523, (a)(2)(C)(i)(ii) is a consumer debt, for luxury goods, in excess of $675.00, which is incurred to one creditor, within ninety (90) days, prior to the bankruptcy filing. Additionally, cash advances in excess of $950.00 incurred to one creditor, within seventy (70) days prior to the bankruptcy filing, is non dischargeable;</p> <p>11 U.S.C, section 523, (a)(4) is a debt incurred by committing fraud or misappropriation of funds, while in a fiduciary capacity regarding the handling of such funds;</p> <p>11 U.S.C, section 523, (a)(6) pertains to debt caused by willful and malicious injury to a person, property or entity;</p> <p>11 U.S.C, section 523, (a)(11) is debt incurred or caused by fraud or the misappropriation of funds, in certain circumstances, while in a fiduciary capacity, regarding a depository institution or insured credit union;</p> <p>11 U.S.C, section 523, (a)(12) is debt incurred by malicious or reckless failure to maintain the required capital of a federal depository institution.</p> <p>11 U.S.C, section 524, (c) pertains to a debt in which a debtor consents to exclude from discharge. Under these circumstances, the agreement must be filed with the court and the debtor must be provided with the correct disclosures;</p> <p>11 U.S.C, section 524, (k) pertains to a Reaffirmation Agreement which is an agreement between the debtor and creditor that “excepts” a debt from discharge and requires the debtor to make payments to the creditor. This type of agreement typically relates to a debt that is secured by collateral, such as an automobile. </p> <p>Contact the Garden State bankruptcy lawyer, Robert Manchel at 866 503 5644 to discuss your questions.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2019/05/08/exceptions-discharging-debt-nj-chapter-7/">Exceptions To Discharging Debt In NJ. Chapter 7</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>Can I Keep Property Or An Asset I Receive During A New Jersey Chapter 13?</title> <link>https://www.bankruptcylawyer-nj.com/2018/11/08/property-receive-during-new-jersey-chapter-13/?utm_source=rss&utm_medium=rss&utm_campaign=property-receive-during-new-jersey-chapter-13</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Thu, 08 Nov 2018 18:56:38 +0000</pubDate> <category><![CDATA[Chapter 13 Bankruptcy]]></category> <guid isPermaLink="false">http://www.bankruptcylawyer-nj.com/?p=2961</guid> <description><![CDATA[<p>NJ. Attorney Explains What Happens To An Asset That Is Received During A Chapter 13 Case. This issue deals with unexempt New Jersey bankruptcy assets. The determination as to whether an asset is exempt is always analyzed prior to a chapter 13 filing, with the assets the debtor owns at such time. A debtor must […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/08/property-receive-during-new-jersey-chapter-13/">Can I Keep Property Or An Asset I Receive During A New Jersey Chapter 13?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2>NJ. Attorney Explains What Happens To An Asset That Is Received During A Chapter 13 Case.</h2> <p>This issue deals with unexempt New Jersey bankruptcy assets. The determination as to whether an asset is exempt is always analyzed prior to a chapter 13 filing, with the assets the debtor owns at such time. A debtor must pay to the unsecured creditors (such as credit card debt), at least the amount of the unexempt equity of any and all of his assets. I have explained how to analyze asset exemptions in numerous blogs within this website.<br /> The bankruptcy code lists the federal exemptions in U.S.C. 11 section 522(d). If the amount of the allowable exemption, is more than the value of any such property, minus the secured interest, or lien, of the property, the debtor need not pay any funds toward the unsecured debt, as a result of owning such property. An example of a secured lien is a mortgage on a house, or financing on an auto. However, if the exemption amount that is applied to such property is less than the equity in a particular property, the debtor must pay the portion of the value of each asset that is unexempt, towards the total unsecured debt. This analysis must be performed for each and every asset and it’s relevant allowable <a href="https://www.bankruptcylawyer-nj.com//federal-bankruptcy-exemptions/">exemption</a> amount.<br /> The following is an example of a person filing for chapter 13 bankruptcy protection in New Jersey. Based on the equity in the house, alone, the debtor must pay at least the unexempt amount of $9,325.00 towards the total amount of unsecured debt. Please note that the debtor may be required to pay more, based on the value of other property and the amount of the monthly household disposable income.<br /> Value of House is $370,000.00<br /> minus mortgage payoff balance -$300,000.00<br /> equals $70,000<br /> minus allowable 10% cost of sale which may be deducted for real estate -$37,000.00<br /> balance $33,000.00<br /> minus allowable exemption for each person who owns a house -$23,675.00<br /> balance $9,325.00<br /> The following code section deals with property that the debtor acquires after the chapter 13 bankruptcy case is filed.<br /> <span class="coderules-content-title">“§ 1306. Property of the estate</span></p> <div id="13-1-1306-a" class="indent1"> <p><strong>(a)</strong> Property of the estate includes, in addition to the property specified in section <a href="http://law.abi.org/title11/541" target="_blank" rel="noopener noreferrer">541</a> of this title—</p> <div id="13-1-1306-a-1" class="indent2"><strong>(1)</strong> all property of the kind specified in such section that the debtor acquires after the commencement of the case but before the case is closed, dismissed, or converted to a case under chapter 7, 11, or 12 of this title, whichever occurs first; ….”</div> </div> <div></div> <div>This means that if a debtor receives the right to an asset during the case, which is deemed a bankruptcy estate asset, the debtor is required to turn over to the trustee, the equity of the asset, minus the allowable exemption, as explained above. In New Jersey, the chapter 13 trustees allow a debtor to amend their exemptions which are applied to the new asset. The funds that must be forwarded to the trustee, in most instances, an amount that is in addition to the funds that was required to be paid to the trustee, at the time of the initial <a href="https://www.bankruptcylawyer-nj.com//2017/04/14/what-happens-owe-a-debt-with-someone-filed-bankruptcy-new-jersey/">bankruptcy</a> filing. However, in New Jersey, a debtor is never required to pay to the trustee, more than the total amount due to all creditors, in full.</div> <div></div> <div>Call Robert Manchel, bankruptcy lawyer, at 866 503 5644, to discuss your bankruptcy options.</div><p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/08/property-receive-during-new-jersey-chapter-13/">Can I Keep Property Or An Asset I Receive During A New Jersey Chapter 13?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>NJ. Bankruptcy Pacer</title> <link>https://www.bankruptcylawyer-nj.com/2018/11/05/nj-bankruptcy-pacer/?utm_source=rss&utm_medium=rss&utm_campaign=nj-bankruptcy-pacer</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Mon, 05 Nov 2018 19:38:51 +0000</pubDate> <category><![CDATA[General Bankruptcy Information]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=3554</guid> <description><![CDATA[<p>NJ. Bankruptcy Lawyer Explains How Pacer Works “PACER” is the Public Access to Court Electronic Records, that allows someone to access documents that were filed with the federal courts, which include the bankruptcy courts in NJ. Anyone can use the system and you need not be attorney to gain access to their website. The registration […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/05/nj-bankruptcy-pacer/">NJ. Bankruptcy Pacer</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2>NJ. Bankruptcy Lawyer Explains How Pacer Works</h2> <p>“PACER” is the Public Access to Court Electronic Records, that allows someone to access documents that were filed with the federal courts, which include the bankruptcy courts in NJ.<br /> Anyone can use the system and you need not be attorney to gain access to their website. The registration is free. However, there is a cost of .10 per page for each document that is downloaded and/or viewed. Therefore, if a document is 15 pages long, the total cost to review the document is $1.50. Typically, Pacer will not charge more than $3.00 to view any one document, event though the amount of pages is in excess of 30. Pacer will charge a quarterly fee of $15.00, unless the total amount of one’s quarterly charges are less than $15.00. Consequently, if a person’s charges are more than $15.00 for the quarter, that account will be charged an additional $15.00 for such usage.<br /> Documents filed with the court may not be retrieved from a general internet search. Any person seeking specific bankruptcy documents that have been filed with the court must obtain the documents through <a href="https://www.bankruptcylawyer-nj.com//2017/04/14/what-happens-owe-a-debt-with-someone-filed-bankruptcy-new-jersey/">PACER</a>. An example of the documents that may be found on PACER are as follows: entire bankruptcy petitions; motions filed with the court; documents filed by the trustee; discharge orders; any other orders entered in the case; and, proofs of claim filed by creditors.<br /> Attorneys that file a large number of cases, are required to maintain a pacer account and a CM/ECF account with the federal courts. The CM/ECF is the Case Management / Electronic Case Files, which is a system that allows attorney’s to electronically file documents with the court. Bankruptcy attorneys that file a substantial number of cases, typically file bankruptcy petitions directly through their bankruptcy software, that automatically accesses the bankruptcy court’s website and files the petition.<br /> The bankruptcy Pacer and CM/ECF systems automatically email any and all documents filed within an attorney’s case directly to the debtor’s attorney’s email, immediately after any document is filed within the case. There is no fee for the attorney to open the emailed document and save it on a computer. However, any time an attorney accesses PACER directly to open a file, he is charged the typical PACER fee. Also, any other attorney that is retained to represent any other entity or individual involved in a case, will be emailed all documents, the same as the debtors’ attorneys. However, the other attorneys must also maintain an account and <a href="https://www.bankruptcylawyer-nj.com//2017/12/13/information-nj-bankruptcy-court/">Enter Their Appearance</a> with the court, if they have not yet filed a document with the court.<br /> Contact bankruptcy lawyer Robert Manchel, at 866 503 5644, to discuss your bankruptcy questions.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/05/nj-bankruptcy-pacer/">NJ. Bankruptcy Pacer</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>What Does Abandonment of Property Mean for New Jersey Chapter 7 Bankruptcy</title> <link>https://www.bankruptcylawyer-nj.com/2018/11/02/abandonment-property-new-jersey-chapter-7-bankruptcy/?utm_source=rss&utm_medium=rss&utm_campaign=abandonment-property-new-jersey-chapter-7-bankruptcy</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Fri, 02 Nov 2018 18:51:54 +0000</pubDate> <category><![CDATA[Chapter 7 Bankruptcy]]></category> <guid isPermaLink="false">https://www.bankruptcylawyer-nj.com/?p=3538</guid> <description><![CDATA[<p>NJ Bankruptcy Lawyer Explains What “Abandonment” Means Regarding A Chapter 7 Bankruptcy Case. If a chapter 7 debtor owns real estate, the trustee must determine if he can sell or abandon his right to the property. The trustee will perform a liquidation analysis to determine if there is sufficient equity in the real estate that […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/02/abandonment-property-new-jersey-chapter-7-bankruptcy/">What Does Abandonment of Property Mean for New Jersey Chapter 7 Bankruptcy</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2>NJ Bankruptcy Lawyer Explains What “Abandonment” Means Regarding A Chapter 7 Bankruptcy Case.</h2> <p>If a chapter 7 debtor owns real estate, the trustee must determine if he can sell or abandon his right to the property. The trustee will perform a liquidation analysis to determine if there is sufficient equity in the real estate that will allow her to sell the property. If the trustee determines that the real estate has no value or inconsequential value to the bankruptcy estate, she must notify the court of same. The trustee’s notice to the court that she is abandoning her right to the real estate, is called a, <a href="https://www.bankruptcylawyer-nj.com//2017/04/28/common-reasons-why-new-jersey-chapter-7-case-denied/">Notice Of Proposed Abandonment</a>.<br /> The trustee abandoning real estate is good for the debtor, not bad. This means that the trustee does not want anything to do with the property and she is abandoning her right to the property. This does not mean that the debtor must abandon the property. When the trustee abandons her right to the property, the property comes out of the bankruptcy estate and vests with the home owner(s).<br /> What is the reason for such notice? The trustee is required to forward the proper notice to the court, with a copy to the debtor and all interested parties. Although extremely unusual, any party has a right to file an objection to the trustee’s right to abandon the real estate. If no objection is filed with the court upon a certain date, the abandonment takes effect, prior to the scheduled court date.<br /> The details of a liquidation analysis is explained within this website in another blog. If the debtors’ allowable exemptions exceed the fair market value of the house, minus 10% cost of sale, minus all non-avoidable secured liens, the trustee may not sell the debtors’ house. The following is an example of a liquidation analysis, in connection with a married couple filing a joint chapter 7 case, in which both spouses own the real estate, where they reside.<br /> fair market value of the house $310,000.00<br /> (minus) the only mortgage payoff amount $240,000.00<br /> balance <strong>$70,000.00</strong><br /> (minus allowable 10% cost of sale)(10% of $310,000.00) $31,000.00<br /> balance <strong>$39,000.00</strong><br /> (minus the allowable exemptions- up to $23,675.00 for each spouse) $39,000.00 ( could use up to $47,350.00 for both spouses)<br /> balance <strong>$0.00</strong><br /> In the example above, the spouses could have applied $23,675.00 each, or up to $47,350.00, for both of them. Therefore in the above example, the trustee would not be permitted to sell the house and must abandon her interest in the house. Please note that the debtors and their attorneys should be aware of the <a href="https://www.bankruptcylawyer-nj.com//2012/08/03/what-does-notice-of-proposed-abandonment-mean/">liquidation analysis</a> prior to the bankruptcy filing.<br /> Please do not rely on this blog. You must contact your attorney to discuss this very important matter.<br /> Contact Robert Manchel, at 866 503 5644, to discuss how bankruptcy works.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/11/02/abandonment-property-new-jersey-chapter-7-bankruptcy/">What Does Abandonment of Property Mean for New Jersey Chapter 7 Bankruptcy</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> <item> <title>Can You Eliminate E-ZPass Debt, Such As Tolls, Fines & Penalties In A New Jersey Bankruptcy ?</title> <link>https://www.bankruptcylawyer-nj.com/2018/10/11/eliminate-ez-pass-debt-new-jersey-bankruptcy-case/?utm_source=rss&utm_medium=rss&utm_campaign=eliminate-ez-pass-debt-new-jersey-bankruptcy-case</link> <dc:creator><![CDATA[Robert Manchel]]></dc:creator> <pubDate>Thu, 11 Oct 2018 19:34:25 +0000</pubDate> <category><![CDATA[General Bankruptcy Information]]></category> <guid isPermaLink="false">http://www.bankruptcylawyer-nj.com/?p=2967</guid> <description><![CDATA[<p>How New Jersey EZ Pass Violations For Unpaid Tolls, Fines & Penalties And The Threat Of Registration Suspension and Auto Impoundment Is Handled In Bankruptcy I have handled bankruptcy cases involving clients that have incurred a surprisingly substantial amount of EZ Pass debt. Peculiarly, most bankruptcy lawyers do not know how to handle EZ Pass […]</p> <p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/10/11/eliminate-ez-pass-debt-new-jersey-bankruptcy-case/">Can You Eliminate E-ZPass Debt, Such As Tolls, Fines & Penalties In A New Jersey Bankruptcy ?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></description> <content:encoded><![CDATA[<h2>How New Jersey EZ Pass Violations For Unpaid Tolls, Fines & Penalties And The Threat Of Registration Suspension and Auto Impoundment Is Handled In Bankruptcy</h2> <p>I have handled bankruptcy cases involving clients that have incurred a surprisingly substantial amount of EZ Pass debt. Peculiarly, most bankruptcy lawyers do not know how to handle EZ Pass Debt in a New Jersey Bankruptcy.<br /> Also, good luck finding a state employee that understands how such debt is administered in bankruptcy.<br /> New Jersey residents may not realize that relatively minor EZ Pass violations may result in an enormous debt after the New Jersey Turnpike Authority adds their collection fees and costs.<br /> <strong>I have handled bankruptcy cases, wherein about 92% of the EZ Pass debt represents collection costs and fees.</strong> For example, a client’s total debt of $15,500, represents violation fines of $1,240.00 and collection costs of $14,260.00. Unfortunately, the Turnpike Authority does not treat the actual fines differently from the collection fees and costs.<br /> The Turnpike Authority may send unnerving letters advising that if the debt is not paid, they will suspend your registration and impound all of your vehicles. The letters may provide payment options that are financially unfeasible<br /> In general, debt that is owed to NJ E-ZPass is considered and treated as unsecured debt in bankruptcy. Unsecured debt is debt that is owed to a creditor that is not holding a lien on any property, such as credit card or personal loan debt.<br /> This means that a person who is entitled to a chapter 7 discharge, could discharge (eliminate) this debt.<br /> E-ZPass debt is treated as unsecured debt in a chapter 13, which means that any unsecured debt that is not required to be paid under the bankruptcy code, is eliminated and discharged.<br /> Immediately upon the filing of any bankruptcy case, the New Jersey Turnpike Authority must immediately cease any and all collection efforts. This means that if a bankruptcy case is filed, there is an automatic stay that prevents the debtor’s registration suspension and vehicle impoundment.<br /> If the registration was suspended prior to the bankruptcy filing, the turnpike authority must reinstate the registration, after the filing. However, the turnpike authority may charge reasonable fees and costs associated with the reinstatement.<br /> I have never experienced any difficulty in discharging E-ZPass debt. However, debt that is obtained through fraud may not be discharged.<br /> Therefore, theoretically, if E-ZPass successfully contested a discharge as a result of fraud, the debt would not be discharged and would continue to be due and owing at the completion of the case.<br /> In other words, if E-ZPass proves, in court, that the debtor incurred the toll charge with no intention of ever paying the toll, the charge would not be discharged.<br /> Please note that I have never heard of E-ZPass contesting a discharge. Also, the cost of pursuing such an action, would likely deter the action altogether.<br /> If you have questions about your debts, give me a call at (866) 503-5655 and we can discuss privately and for free.</p> <h2>Rare Circumstances with Bankruptcy & NJ EZ Pass</h2> <p>As I said, although unlikely, the State of <a href="https://www.bankruptcylawyer-nj.com/2015/06/28/trustee-avoidance-power-fraudulent-transfer-new-jersey-bankruptcy-case/">New Jersey</a> may take the following actions in connection with EZ Pass debt;<br /> The state may commence a lawsuit against the debtor and obtain a judgment lien. The state may also suspend the debtor’s license and/or suspend or restrict the registration of a vehicle.<br /> The following explanation in this and following paragraph, is based on the state not having entered a <a href="https://www.bankruptcylawyer-nj.com/2010/08/13/how-is-filing-for-bankruptcy-different-in-new-jersey/">judgment lien</a>, against the debtor, by way of a lawsuit. In general EZ Pass debt is considered unsecured debt, in a chapter 13 and/or a chapter 7 bankruptcy case. Typically, all unsecured debt is treated the same. The most common type of unsecured debt is credit card debt and a personal loan. If a bankruptcy debtor meets the criteria of a chapter 7 discharge, all of the EZ Pass debt is eliminated and discharged in the chapter 7.<br /> This paragraph deals with EZ Pass debt, in a chapter 13, when no judgment lien was entered. I have <a href="https://www.bankruptcylawyer-nj.com//bankruptcy-unsecured-debt/">written numerous blogs on how unsecured debt is treated in a chapter 13</a>. All types of unsecured debt must be paid equally, if at all, in a chapter 13 bankruptcy case. Depending on the debtor’s financial circumstances, he may not be required to pay any money, whatsoever, towards the EZ Pass debt. However, if the debtor is required to pay any funds toward the EZ Pass debt, he must pay all his other unsecured debt, the same pro rata amount. You may review my other blogs that explain how unsecured debt is paid in a chapter 13.<br /> If the state entered a judgment lien against the debtor, typically, the debt is still discharged in a chapter 7. However, all or a portion of the lien may not be eliminated, depending on the debtor’s circumstances. In other words, the discharge of a debt means that the creditor is not permitted to collect money for the debt. However, if the lien may not be eliminated, the lien must be paid when the debtor’s real estate is sold.<br /> A lien may attach to the debtor’s real estate, under certain circumstances. Also, the lien may, possibly, be eliminated based on the value of the house, the mortgage payoff and any other judgment lien payoffs. In order to eliminate the lien in a chapter 7, an additional document must be filed with the court, requesting same. In a chapter 13, all or a portion of the lien may, possibly, be eliminated based on the debtor’s house value, mortgage payoff and the value of other liens. Any portion of the lien that may not be eliminated in a chapter 13, may be paid through the chapter 13 bankruptcy plan<br /> Based on the debtor’s circumstances, the filing of a chapter 13 and/or chapter 7 case may permit the reinstatement of their driver’s license and the release of the vehicle’s registration suspension/restriction, after payment of the required costs. I would be interested in explaining how bankruptcy may benefit you with your EZ Pass debt.<br /> Contact Robert Manchel at 866 503 5644 to discuss your EZ Pass debt and bankruptcy.</p><p>The post <a href="https://www.bankruptcylawyer-nj.com/2018/10/11/eliminate-ez-pass-debt-new-jersey-bankruptcy-case/">Can You Eliminate E-ZPass Debt, Such As Tolls, Fines & Penalties In A New Jersey Bankruptcy ?</a> appeared first on <a href="https://www.bankruptcylawyer-nj.com">New Jersey Bankruptcy Attorney - Robert Manchel, Esq.-Manchel New Jersey Bankruptcy Law</a>.</p> ]]></content:encoded> </item> </channel> </rss>