Chapter 7 Bankruptcy

Any debt that is discharged in a chapter 7, means that the creditor can never attempt to collect the money owed from the debtor. If a secured debt such as a mortgage is discharged in bankruptcy, the mortgage company cannot attempt to collect the money from the debtor. However, if the debtor does not … [Read more...] about NJ Bankruptcy Attorney Explains Chapter 7 Debts Not Discharged

If a person meets the chapter 7 criteria, he can discharge all debt except the following type of debt: students loans, (unless undue hardship); debt incurred by fraud; certain taxes; condo fees due after the filing and before transfer of the property, etc. Also, after a discharge, a judgment lien … [Read more...] about NJ Bankruptcy Attorney Explains What Someone Can Accomplish With A Chapter 7 Filing

Discharge means that the money owed on a certain debt is eliminated- in that the creditor may never pursue the debtor for payment of the debt. In a chapter 7, the debt that is eliminated does not eliminate the lien that is associated with the debt. Liens may be created voluntarily or involuntarily. … [Read more...] about NJ Bankruptcy Attorney Explains The Difference Between A Debt and A Lien In A Chapter 7 Case

Many people enjoy motorcycles in their free time. Here we will discuss different scenarios for motorcycles in a Chapter 7 Bankruptcy Case. The following pertains to a single Chapter 7 debtor, who is the sole owner of a motorcycle, that is owned free and clear of liens and financing Assuming the … [Read more...] about NJ Bankruptcy Lawyer Discusses Keeping A Motorcycle In A Chapter 7 Filing

What does “Abandonment” mean? If a chapter 7 debtor owns real estate, the trustee must determine if he can sell or abandon his right to the property. The trustee will perform a liquidation analysis to determine if thee is sufficient equity in the real estate that will allow him to sell the … [Read more...] about Experienced Bankruptcy Lawyer Explains What Notice Of Proposed Abandonment Means In a NJ Bankruptcy Case?

What happens if my income changes after I file a chapter 7 bankruptcy case? The criteria of a chapter 7 must be met at the time of the filing. One of the criteria is that the debtor's projected household monthly income must be less than the household’s necessary and reasonable monthly expenses. The … [Read more...] about NJ Bankruptcy Lawyer Discusses What Happens If Income Changes After A Chapter 7 Case Filing