New Jersey Bankruptcy Blog

Probably, the most common objection to discharge is that the debtor has intentionally transferred or concealed an asset from the bankruptcy estate and/or creditors. The objector must prove that the debtor acted with the intent to hinder, delay or defraud a creditor and/or the bankruptcy estate.  If the objector cannot prove this specific intent, the objection will be denied.
The following are considered assets: house; car; furniture; etc. The facts concerning whether the debtor intentionally concealed an asset is typically easier to prove, as compared to the intent to defraud a creditor by way of the transfer of an asset.
Every debtor must list any and all assets on his bankruptcy petition, no matter the value.  The  failure to disclose a very valuable asset on the petition and at the bankruptcy hearing, would certainly be considered an important fact, when considering the debtor’s intent to conceal an asset.
One can transfer an asset by various means, such as by sale, gift, etc.  Certain illegal transfers may be obvious, such as selling a $50,000 car for $200.00 the day before the bankruptcy filling. However, the fraudulent intent regarding other transfers may be less obvious, such as a depleted a bank account prior to a bankruptcy filing.
If you need assistance from a bankruptcy lawyer in NJ, Robert Manchel can be reached at 1 (866) 503-5655, to discuss any questions that you may have regarding your individual case.

This is one of a twelve blog series explaining how a chapter 7 debtor may be denied a discharge.
Under certain circumstances a debtor may be denied a discharge. The bankruptcy code states numerous reasons why a debtor may be denied a chapter 7 discharge.
A bankruptcy discharge, eliminates all types of debt that may be discharged in a bankruptcy case, such as credit card debt, medical bills, and other unsecured debt.
Any living person filing a bankruptcy case, that is entitled to a discharge, is able to obtain a discharge. However, if the entity filing the bankruptcy case is not a living individual, the entity is not entitled to a discharge.  In other words, a corporation, limited liability company, or partnership that files for chapter 7 bankruptcy protection is not entitled to a discharge. If such an entity files a bankruptcy case, the trustee will administer the case, which may include the sale of assets. After the case is fully administered, the case is closed, with no entry of a discharge order.
After completion of the case administration, there is nothing left of the entity. Even though a creditor may legally sue the entity after the completion of the case, the suit would be futile, as the entity is worthless.
New Jersey bankruptcy attorney Robert Manchel may be reached at 1 (866) 503-5655, to discuss your chapter 7 bankruptcy issues.

There is no specific debt requirement that must be met to file for chapter 7 bankruptcy protection. In a chapter 7, the debtor may have as little or as much debt, assuming that he meets all of the criteria for a discharge. The debtor must make the decision as to whether he has the financial ability to deal with his debt without the benefit of a bankruptcy.
A certain amount of credit card debt may seem substantial to one person and low to another. Furthermore, even though the amount of debt may seem low, if a person is unable to make minimum monthly payments on the debt, or otherwise have the ability to payoff the debt, bankruptcy may be a feasible option.
An individual should make an informed decision about how to handle their debt as soon as possible. In other words, at the time an individual is experiencing debt problems, he should prepare a detailed budget to establish a plan for curing all of their debt. If the budget reflects an inability to payoff their debt, it may be time to seek advice from a bankruptcy lawyer. If a non bankruptcy budget plan is not established, the person may not realize the severity of their financial situation, until $10,000.00 later, after paying mostly interest.
One should consider the following issues with regard to their debt situation. An individual may benefit from a chapter 7 filing instead of using pension, 401(k), or similar funds to pay their debt. Consequently, these similar types of retirement accounts are protected from creditors in a bankruptcy case. Also, a person may meet the chapter 7 criteria for only a certain window of time. Furthermore, if a person is unable to meet their monthly minimum payments, the debt will likely spiral out of control due to increased interest rates.
You may contact New Jersey Chapter 7 bankruptcy lawyer Robert Manchel at 1 (866) 503-5655 if you are interested in filing for bankruptcy protection.