Chapter 7 Bankruptcy

Attorney Explains The New Jersey Chapter 7 Bankruptcy Case Hearing. There is one required hearing for a chapter 7 bankruptcy case that is filed in New Jersey. The hearing is called the "Meeting of Creditors" or a "341(a)" hearing, which is the bankruptcy code section that requires the hearing.  The … [Read more...] about Explain The New Jersey Chapter 7 Bankruptcy Case Hearing

New Jersey Lawyer Explains When A Person May Keep A Motorcycle In A Chapter 7 Over the many years of practicing bankruptcy law, I have noticed that peoples’ motorcycles are their most treasured property. When I counsel a person about their Harley Davidson, there is great concern on their faces. I … [Read more...] about Can I Keep A Motorcycle In A New Jersey Chapter 7 Bankruptcy Case?

New Jersey Lawyer Explains How A Second Property Is Handled In A Chapter 7 Case Keeping a second house in a New Jersey chapter 7 case is much different than keeping a second house in a chapter 13. In a chapter 7, no monthly payments are required. Therefore, the court and trustee are not concerned … [Read more...] about Can I Keep A Second House In A New Jersey Chapter 7 Case?

New Jersey Attorney Details How Chapter 7 Impacts Rental-Investment Properties Debtor owned rental and investment property is considered an asset and a source of income in a New Jersey bankruptcy case. As a result, I will explain how the courts and the bankruptcy code deal with both issues. I will … [Read more...] about How Is A Rental And Investment Property Handled In A New Jersey Bankruptcy Chapter 7 Case?

All of the debtor’s assets owned at the time of the chapter 7 bankruptcy filing in NJ are part of bankruptcy estate. However, the debtor is permitted to keep all of his bankruptcy estate assets that are exempt under the bankruptcy code. The details of exemptions and how they work are explained in a … [Read more...] about Attorney Addresses If Someone Can Keep An Inheritance In A New Jersey Chapter 7 Bankruptcy Case

A chapter 7 case allows a person a fresh start in New Jersey. The bankruptcy court allows a debtor to keep certain property to commence their fresh start. However if the amount of an asset is substantial, the trustee may require the debtor to sell that specific asset. The only assets that are … [Read more...] about Bankruptcy Lawyer Explains What Happens If You Are Entitled To An Asset After Filing Chapter 7 in New Jersey