Frequently Asked Bankruptcy Questions NJ Bankruptcy Law Firm

There is no limit on income. The amount of income you earn determines your eligibility for different Bankruptcy Chapters.

Set up a free consultation to discuss your bankruptcy options so that the garnishments can be stopped immediately. A bankruptcy plan can be put into place with the correct Bankruptcy Chapter to help you with your debts.

The levy can be lifted and any money taken can be returned to you with the appropriate Bankruptcy Chapter filing.

Set up a free consultation to discuss your bankruptcy options and stop collections immediately. This may be the best time for you to file bankruptcy because the appropriate timing is important in filing bankruptcy.

Yes. Chapter 13 Bankruptcy allows you to reorganize your debts. When we meet for a Free Bankruptcy Consultation, I will advise you what debts and what portion of your Debts, if any, you will need to pay back over time.

Yes, I can Stop a Foreclosure Immediately. Even on the day of the Sheriff’s Sale, the sale can be stopped that day.

Yes. However, when we meet for a free bankruptcy consultation, it may be beneficial to File a Chapter 13 Bankruptcy Instead.

Yes. However, you should set up a Free Bankruptcy Consultation to see your options to keep your Home.

Yes, This is one of the many benefits of a Chapter 13 Bankruptcy. Your mortgage arrearages can be spread out over a 60-month period.

Yes. If you would like to keep your car, you must continue to make your lease or car payments as well as your mortgage payments.

Yes. You cannot pick what creditors you would like to include in your bankruptcy. All Creditors must be listed in your Bankruptcy Petition.

No. You cannot use your credit cards when you file bankruptcy. All your creditors will cancel your cards since they will be notified of your bankruptcy within 24-48 hours. However, you can reapply when your bankruptcy is completed. Many Debtors immediately qualify for new credit cards.

No. You cannot keep/use any credit cards while in Bankruptcy.

No. A spouse is not required to file bankruptcy. However, the household income is analyzed for bankruptcy planning. Sometimes it is beneficial for both spouses to file and sometimes no. Every case is different.

Yes. All Debtors who file Bankruptcy must attend the Meeting of Creditors which is referred to as a 341a Meeting of Creditors.

For a Chapter 7, it is normally around 90 days. A Chapter 13 Bankruptcy can take from 3-5 years. However, I can file an emergency/immediate bankruptcy the same day.

It depends. If you are listed on the bank account as an owner, then that asset must be listed. You can, however, indicate what portion or percentage of the funds are yours.

Yes. When your Co-Sign a debt for another Person, you are also responsible for that Debt. Therefore, it must be included in your Bankruptcy Petition.

The average of your last six month income is included when you file bankruptcy in consumer cases. For business cases, more information is gathered to determine your income.

Sometimes. However, there are very strict guidelines for discharging student loan debt. Each individual case must be evaluated.

Yes. You must have all your Income Tax Returns current when you file Chapter 13 bankruptcy and you must continue to file your Income Tax Returns while in Chapter 13 Bankruptcy. In a Chapter 7, if you are required to file tax returns, then your last filed tax return is required and/or your current tax return (depending on your particular case).

No. Child Support is not Dischargeable in Bankruptcy.

No. Alimony is not dischargeable in Bankruptcy. Your alimony obligations are listed and your partner is informed of your bankruptcy.

Disposable Income is the amount of money that you have left after paying all your normal and required living expenses and any retirement savings.

Any individual that lives or owns property in New Jersey.
Any business that is headquartered or has presence in New Jersey.

No. Creditors cannot contact you from the day you file your bankruptcy petition. There are strict regulations against creditors so they cannot contact you.

Yes. You can continue to add to your normal 401K deductions/savings.

Yes. Retirement Accounts have bankruptcy protection. Your retirement savings will not be touched at all when you file for any chapter in bankruptcy.

No. One spouse can file bankruptcy without the other.

No. You should immediately make a Free Bankruptcy Consultation with me It is not too late at all.

No. If you qualify for a Chapter 7 Bankruptcy, your unsecured creditors are not paid back at all.

Not necessarily. Depends on what you own and what your earn. During my free bankruptcy consultation, I will advise you. The amount you have to pay back is based upon what you can afford. It is not a set amount. You pay back only what you can afford.

Unless you owe your employer money, your employer generally will not find out about your bankruptcy. Your employer will not be notified of your bankruptcy.

Even if the Sheriff’s sale is scheduled for that day, I can help you. We can file an emergency filing to keep your home. I would not wait until the last day or after you have already been given adjournments to set up a consultation with me. We can Stop a Sheriff’s sale.

In most cases, you should be able to keep your car (should you choose). However, you must continue to make the monthly lease or financing payments. When we meet, I can explain to you how a Reaffirmation Agreement works.

A private employer cannot legally terminate employment or discriminate with respect to the employment of any individual solely on the basis of that individual’s bankruptcy filing. However, if you are applying for a job, an employer may review your credit record, which would indicate your bankruptcy filing.