General Bankruptcy Information

The bankruptcy code indicates that every 3 years, commencing on the First of April, various exemption dollar amounts are adjusted for inflation. On April 1, 2013, the following federal exemptions were adjusted: The debtor's exemption in their residence was $21,625., which was adjusted to … [Read more...] about Federal Exemption Amounts Are Adjusted For Inflation

Blacks Law Dictionary provides the following definition of an asset, "Property of all kinds, real and personal, tangible and intangible, including, inter alia, for certain purposes, patents and causes of action, which belong to any person including a corporation and the estate of a decedent. The … [Read more...] about NJ Bankruptcy Attorney Explains What Is Considered An Asset

Who may Avoid the Bankruptcy Means Test(Current Monthly Income Test) The result of the Means Test determines if a person may file for chapter 7 protection and the amount that must be paid to unsecured creditors in a chapter 13. Please note that there are other criteria that determine whether a … [Read more...] about New Jersey Bankruptcy Attorney Explains Who May Avoid the Means Test

If an individual has decided to file for chapter 7 bankruptcy protection and meets the criteria, in most situations it is advisable to not continue to pay their credit card debt. First and foremost, if a person meets the criteria of a chapter 7, he cannot afford to pay the debt anyway. Furthermore, … [Read more...] about New Jersey Bankruptcy Lawyer Discusses If You Should Stop Paying Credit Cards Before Filing Bankruptcy

The "Means Test" or "Current Monthly Income Test" compares the debtors' household's income, for the six months prior to the bankruptcy filing, to the median median income of New Jersey residents of the same size household, to determine disposable income. Believe it or not, the U.S. Department of … [Read more...] about New Jersey Bankruptcy Means Test (highest median income)

We will name the spouse that is filing bankruptcy the "debtor". Only the debtor's assets are relevant and must be included on the bankruptcy petition and not the non filing spouse's assets. For example, if the non filing spouse owns 100% of a vehicle, the asset need not be included on the petition. … [Read more...] about Whose Assets Are Included If Only One Spouse Files For Bankruptcy In NJ?