Chapter 7 Bankruptcy

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 … [Read more...] about Is There A Debt Requirement For A New Jersey Chapter 7 Bankruptcy?

A person cannot file a second chapter 7 case less than 8 years after the filing of a prior chapter 7. However, a person can file a chapter 13 case 4 years after the filing of a chapter 7 case. This means if a person incurred additional credit card debt after the filing of a chapter 7 case, a person … [Read more...] about What Happens If You Go Back Into Debt After Filing a NJ Chapter 7 Bankruptcy Case?

The chapter 7 process takes about 4 months until the discharge is entered and the case is completed. After the discharge, the debt that is dischargeable is eliminated and the debt that is not discharged is still due and owed by the debtor. Any debt A chapter 11 U.S.C., section 523 of the bankruptcy … [Read more...] about NJ Bankruptcy Lawyer Details The Types of Debt Not Eliminated In A Chapter 7

There are two issues that deal with the question of whether a debtor can keep luxury personal property in a chapter 7 case. The first deals with whether the debtor is able to fully exempt the equity of the property. The second relates to whether the property is financed and the payments are … [Read more...] about Can I Keep Luxury Property In A NJ Chapter 7 Bankruptcy Case?

Here we will discuss a Chapter 7 trustee’s questions and concerns that will come up during the Meeting of Creditors’ Hearing [341(a) hearing] Please note that it is unusual for a trustee to sell a debtor’s asset. Although there are number of issues that the trustee is concerned about, in general … [Read more...] about New Jersey Chapter 7 Bankruptcy Lawyer Explains The Questions And Concerns At The Creditors’ Hearing

What happens in a chapter 7 bankruptcy case if the trustee can sell the debtor's property? There may be circumstances when a person would rather file for chapter 7 and allow the trustee to sell an asset, instead of keeping the asset and filing a chapter 13. If a debtor files a chapter 7 he may still … [Read more...] about New Jersey Bankruptcy Lawyer Explains The Circumstances When A Trustee Sells An Asset