General Bankruptcy Information

What happens if someone is unable to attend the bankruptcy hearing? The bankruptcy code requires every debtor (person filing) to attend a Meeting of Creditors Hearing, which is also called a 341(a) hearing. The hearing is held in a room, other than a court room, before the trustee, who oversees the … [Read more...] about New Jersey Bankruptcy Attorney Discusses What Happens If Someone Is Unable to Attend Their Bankruptcy Hearing

Recently, payday loans are becoming very popular. Typically, a payday loan (creditor) requires the borrower to approve the creditor's right to withdraw funds directly from the borrower's bank account. At some point, after borrowing additional funds, the cost of the loan, including interest and fees, … [Read more...] about Payday Loans Are Explained by A NJ Bankruptcy Attorney

Many people are concerned that they must confront their creditors, who will ask them questions. It is extremely unusual that any creditor will ask a debtor questions. The first hearing of a chapter 13, which is the only mandatory hearing of a chapter 7, is called a Meeting of Creditors, or a 341(a) … [Read more...] about Will Creditors Ask Me Questions At My New Jersey Bankruptcy Hearing?

A chapter 7 process is about 4 months. After the 4 months, the debtor is completely out of the bankruptcy case and process. The debt that is dischargeable will be eliminated and the property that is exempt in the bankruptcy case may be kept by the debtor. Typically, people file for the purpose of … [Read more...] about New Jersey Bankruptcy Attorney Explains The Main Differences Between A Chapter 13 And A Chapter 7

Immediately upon the filing of a bankruptcy petition, the Automatic Stay provision of the bankruptcy code is effective immediately. This means that no creditor may commence or pursue any action against the debtor (person filing) for any action, regarding a monetary debt. All lawsuits must stop … [Read more...] about NJ Bankruptcy Attorney Explains What Filing Bankruptcy Can Prevent From Happening

If a homeowner or mortgage company does not pay the real estate taxes to the municipality, the municipality may obtain the payment for the balance due by selling a tax certificate. The municipality sells a tax certificate to an entity that pays the homeowners' taxes. In return, the entity receives a … [Read more...] about How Tax Foreclosure Cases Are Handled In NJ Bankruptcy