Chapter 7 Bankruptcy

How Much Income Will Permit a Person to File for Chapter 7 Bankruptcy? The chapter 7 criteria does not only analyze income, but income, expenses, and monthly disposable household income. There are two criteria regarding income that must be met to file a chapter 7. The first criteria, called the … [Read more...] about Chapter 7 Income Guidelines Explained by NJ Bankruptcy Lawyer

Typically, a chapter 7 bankruptcy is designed for a person that wishes to discharge (eliminate) certain debt, such as unsecured debt (credit card debt). A person may also discharge secured debt. However, if a person wants to keep the property that is connected with the secured debt, such as a house … [Read more...] about NJ Bankruptcy Attorney Explains The Differences Between Chapter 7 and Chapter 13

The chapter 7 trustee’s preparation for the Meeting of Creditors Hearing 341(a) Hearing Please note that it is unusual for a chapter 7 trustee to sell a debtor’s asset. A chapter 7 trustee’s job is to review and investigate the debtor's total financial picture to determine if the debtor is entitled … [Read more...] about How A NJ Chapter 7 Bankruptcy Trustee Prepares For The Meeting of Creditors Hearing

A New Jersey chapter 7 bankruptcy case requires only one hearing, which is called the Meeting of Creditors (MOC) or the 341(a) hearing. The MOC is never held in a courtroom and the judge is never present. If your case is filed In Trenton, your MOC hearing is held in the courthouse, but not in a … [Read more...] about New Jersey Bankruptcy Lawyer Explains What Happens At A Chapter 7 Hearing

In a New Jersey chapter 7 bankruptcy case, the trustee may only sell the debtor’s property if the house has substantial equity in excess of the mortgage payoff. Therefore, if the debtor’s house has substantial equity, he would avoid this issue by not filing a chapter 7 bankruptcy case. Upon the … [Read more...] about Effects Of Filing Chapter 7 On Foreclosure Explained by NJ Bankruptcy Attorney

Filing for bankruptcy under Chapter 7 of the bankruptcy laws is a good option for some people, if their assets and debts fit the requirements for a Chapter 7 filing. One of the ways the bankruptcy courts determine whether a person is eligible for a Chapter 7 bankruptcy is through means testing. … [Read more...] about Means Testing and Qualifying for Chapter 7 Bankruptcy in New Jersey