Steps To Keep In Mind When Thinking About Bankruptcy

Don't let bankruptcy plague your life. If you feel like you are going to get into a financial crisis and have to file for bankruptcy then you are going to want to read this article. The advice that you'll find in this article is going to help you get through the stress of bills and avoid filing for bankruptcy.

A huge mistake people make before filing for bankruptcy is maxing out their credit cards. This can lead to disaster when you file and the credit card companies might not discharge the debt. If you can, you need to stop using your credit cards at least six months before you file, and ideally for a year prior. Also, do your best to pay the minimum payments on these cards for at least six months before you file.

When you realize that you probably will file for bankruptcy, do not pay your creditors or try to avoid bankruptcy by spending all of your regular or retirement savings. Retirement accounts should never be accessed unless all other options have been exhausted. You may need to withdraw some funds from your savings account, but don't take everything that is there as you will be bereft of any financial backup if you do.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

Prior to filing for bankruptcy, research which assets will remain exempt from creditors. The Bankruptcy Code has lists of various asset types that are exempt during the process. It is important that you read this list before filing for bankruptcy, so that can find out whether or not your most prized possessions will be seized. Without reading the list, you may be shocked at which possessions can be taken from you.

Be aware that most bankruptcy lawyers will offer a free consultation. Take advantage of that and meet with several of them. If it's handled in 15 minutes or less, if you meet with the assistant instead of the lawyer, or if you're pressured to sign up immediately in person or by phone, go somewhere else.

If you choose to file Chapter 13 bankruptcy, be sure that the amount of your monthly payments is within your reach. If you set a payment that is more than you can afford, you may face a court order of liquidation of all of your assets. You will lose everything by falling behind on payments.

If you lose your job, or otherwise face a financial crisis after filing Chapter 13, contact your trustee immediately. If you don't pay your Chapter 13 payment on time, your trustee can request that your bankruptcy be dismissed. You may need to modify your Chapter 13 plan if, you are unable to pay the agreed-upon amount.

You do not need to be bankrupt to file for personal bankruptcy. In 1898 the term was changed from "bankrupt" to "debtor" so that people could more readily understand that an inability to pay bills is the main qualifying factor in filing for personal bankruptcy. Most people who file are not, in fact, completely bankrupt.

Think about all of what you learned today. Can you recall it at free will? If not, then there is no shame in rereading this article. You want to make sure that you don't have to file for bankruptcy, so go ahead and reread this article if you have to and you may just be able to avoid bankruptcy.

Simon Law Group is a Top New Jersey based law firm, providing a comprehensive range of legal services to businesses and individuals in New Jersey.

Simon Law Group is the place where businesses and individuals turn when they face complex legal issues. We are dedicated to provide high-quality legal services to our customers and clients at market competitive prices. Our mission is to improve the effectiveness of business operations and help our customers understand and comply with New Jersey rules and regulations.

Simon Law Group offers a comprehensive range of legal consultation services. Our expert attorneys provide practical, reliable, accessible, and cost-effective legal consultation services in a multitude of areas such as:

Bankruptcy, Criminal Offenses, Family Law, Landlord and Tenant Rights, Wills and Estates and Driving Under Influence (DUI) Defence

If you would like a free consultation with our expert attorneys in New Jersey, please fill out our online form and we will call you as soon as possible. You can also talk to our attorneys at 800-709-1131.

Steps To Keep In Mind When Thinking About Bankruptcy

Don't let bankruptcy plague your life. If you feel like you are going to get into a financial crisis and have to file for bankruptcy then you are going to want to read this article. The advice that you'll find in this article is going to help you get through the stress of bills and avoid filing for bankruptcy.

A huge mistake people make before filing for bankruptcy is maxing out their credit cards. This can lead to disaster when you file and the credit card companies might not discharge the debt. If you can, you need to stop using your credit cards at least six months before you file, and ideally for a year prior. Also, do your best to pay the minimum payments on these cards for at least six months before you file.

When you realize that you probably will file for bankruptcy, do not pay your creditors or try to avoid bankruptcy by spending all of your regular or retirement savings. Retirement accounts should never be accessed unless all other options have been exhausted. You may need to withdraw some funds from your savings account, but don't take everything that is there as you will be bereft of any financial backup if you do.

Do not get an attorney for your bankruptcy when you are feeling overwhelmed. You have got to be levelheaded when you hire a lawyer. After all, you will be expected to pay him/her for services. Find out upfront what you will have to pay any lawyer before you hire one.

Prior to filing for bankruptcy, research which assets will remain exempt from creditors. The Bankruptcy Code has lists of various asset types that are exempt during the process. It is important that you read this list before filing for bankruptcy, so that can find out whether or not your most prized possessions will be seized. Without reading the list, you may be shocked at which possessions can be taken from you.

Be aware that most bankruptcy lawyers will offer a free consultation. Take advantage of that and meet with several of them. If it's handled in 15 minutes or less, if you meet with the assistant instead of the lawyer, or if you're pressured to sign up immediately in person or by phone, go somewhere else.

If you choose to file Chapter 13 bankruptcy, be sure that the amount of your monthly payments is within your reach. If you set a payment that is more than you can afford, you may face a court order of liquidation of all of your assets. You will lose everything by falling behind on payments.

If you lose your job, or otherwise face a financial crisis after filing Chapter 13, contact your trustee immediately. If you don't pay your Chapter 13 payment on time, your trustee can request that your bankruptcy be dismissed. You may need to modify your Chapter 13 plan if, you are unable to pay the agreed-upon amount.

You do not need to be bankrupt to file for personal bankruptcy. In 1898 the term was changed from "bankrupt" to "debtor" so that people could more readily understand that an inability to pay bills is the main qualifying factor in filing for personal bankruptcy. Most people who file are not, in fact, completely bankrupt.

Think about all of what you learned today. Can you recall it at free will? If not, then there is no shame in rereading this article. You want to make sure that you don't have to file for bankruptcy, so go ahead and reread this article if you have to and you may just be able to avoid bankruptcy.

Simon Law Group is a Top New Jersey based law firm, providing a comprehensive range of legal services to businesses and individuals in New Jersey.

Simon Law Group is the place where businesses and individuals turn when they face complex legal issues. We are dedicated to provide high-quality legal services to our customers and clients at market competitive prices. Our mission is to improve the effectiveness of business operations and help our customers understand and comply with New Jersey rules and regulations.

Simon Law Group offers a comprehensive range of legal consultation services. Our expert attorneys provide practical, reliable, accessible, and cost-effective legal consultation services in a multitude of areas such as:

Bankruptcy, Criminal Offenses, Family Law, Landlord and Tenant Rights, Wills and Estates and Driving Under Influence (DUI) Defence

If you would like a free consultation with our expert attorneys in New Jersey, please fill out our online form and we will call you as soon as possible. You can also talk to our attorneys at 800-709-1131.

Bankruptcy Tips That Will Help You

Filings of personal bankruptcy have risen over the past years due to the difficult economic times. As much as you may try to avoid it, sometimes it is the only answer in getting order back into your financial situation. If you need information on personal bankruptcy, read this article for some helpful advice.

Many people find that they must file for bankruptcy protection because they have more debt than they can afford to repay. If you're in this situation, learn about the laws where you live. Different states have different laws regarding bankruptcy. For instance, some states protect you from losing your home in a bankruptcy, but others do not. You should be aware of local bankruptcy laws before filing.

When you file for bankruptcy you limit your options for many future loan options. Many banks do not forgive bankruptcy and it shows on your credit report for 10 years. Think twice before making the decision to file for bankruptcy. You might want to defer your bills for a couple of months, instead of hurting your credit for 10 years.

If you are planning to file for bankruptcy in the near future, don't charge up your credit cards thinking that you won't have to pay back the debt. In many states, there are rules about how much credit card debt and what kind, may be discharged in a bankruptcy. For instance, if you make purchases for luxury items, such as an expensive new TV, within 6 months prior to filing, you may be obligated to pay that amount back. On the other hand, if you used your credit card to purchase groceries, or other necessities, the rules may be different. Be sure to ask your attorney for advice.

If you are trying to rebuild credit after filing for bankruptcy, you should apply for secured credit cards. These can help you establish credit, but you have to make sure that they are one of the companies that report to the major credit bureaus, since all of them do not.

Talk to other professionals before talking to a bankruptcy lawyer. Talk to financial advisers and credit counselors to see if bankruptcy is, in fact, your best option. A bankruptcy lawyer has a conflict of interest, so they are less likely to dissuade you from filing for bankruptcy. Finding an impartial, knowledgeable thirty party will give you the complete picture.

Personal bankruptcy can save you from spiraling down even further into debt. It can be the first step in reshaping your personal finances so that you can move on with life once again. Think about this carefully, and seek reliable help. If executed correctly, this can be your fresh start in a new beginning.

WRONGFUL TERMINATION - NEW JERSEY EMPLOYMENT LAWYER

 

The term “wrongful termination” is misleading because in NEW JERSEY and most other states, without a written Agreement for a specific term, employment is “at will.” This means that employers can fire or terminate you for any reason, or for no reason at all, unless:

A. Your rights are protected under employment discrimination laws. Employers cannot discriminate against you on the basis of age, race, gender, disability or perceived disability, religion and/or national origin, pregnancy status, marital status, or sexual orientation.

B.  You have an employment contract, either written or implied, with the employer, who agreed that you cannot be fired without just cause for a specific period of time. The terms of the contract will usually determine the reasons for which you can be fired.

If you believe you have been fired for questionable reasons that may constitute employment discrimination or a breach of contract , then you should discuss your concerns with an New Jersey Employment attorney and contact Simon Law Group,

800-709-1131

NJ BANKRUPTCY LAWYER ANSWERS QUESTIONS

New Jersey Bankruptcy Frequently Asked Questions

Is filing a bankruptcy right for me?

If you find yourself overwhelmed by debt; credit cards, medical bills, car payments, mortgages, or facing wage garnishments at work, and you are unsure what to do, bankruptcy may be the best option for you. An attorney experienced in bankruptcy law can help you determine if bankruptcy is right for you. It is important that you know what your options are, whether you are seeking a fresh start through a Chapter 7 or a structured repayment through a Chapter 13. You are not powerless to the ruthless collection efforts of your creditors. An experienced bankruptcy attorney can help you get back on track.

Will Filing a Bankruptcy Ruin My Credit Permanently?

Absolutely Not! In fact, filing a bankruptcy may be just what you need to help get your credit back on track. Within months of filing for a bankruptcy you will likely receive multiple offers for new credit. If you currently have a secured debt, such as car payment or a mortgage, you will have the option to reaffirm that debt and have it survive the bankruptcy. Maintaining these secured debts gives you a head start in the process to rebuild your credit. The important thing to remember is, it is the decisions you make after filing a bankruptcy that ultimately determine your future credit. If you have any questions as to how filing a bankruptcy can help improve your credit score in the long run, contact an experienced bankruptcy attorney as soon as possible. In many situations not doing anything is the most devastating decision of all.

Is a Chapter 7 Right For Me?

A Chapter 7 is known as the Fresh Start Bankruptcy. In a chapter 7 all unsecured debt, credit cards, medical bills, etc., are discharged. You have the option to continue any secured debts, such as car payments and mortgages, and keep the property that is securing those debts. Yes, it is possible to keep your home and your car and still receive a fresh start. The important thing to remember is not everyone qualifies for a Chapter 7, you may be disqualified if you make to much money or have too many assets. If your creditors are calling your house non-stop or they are taking your money out of your pay check each week call a bankruptcy attorney as soon as possible. You can take back control of your life.

When does filing a Chapter 13 Make Sense?

If you make too much money to qualify for a Chapter 7 but still face the same unrelenting pressure from your creditors Chapter 13 may be right for you. If you have fallen behind on your mortgage, and the bank refuses to cooperate in a modification, a Chapter 13 can help you get back on track. Contact a bankruptcy attorney today to see of a Chapter 13 payment plan makes sense for you.

What do I need to do to begin the bankruptcy process?

The first step is to determine which debts are causing you the most problems. Perhaps it is the credit card companies or maybe it is the bank holding your mortgage. Either way, compile a list of all your debt. Next, you will need to list your current income and expenses. You will be required to show proof of income for the past 6 months so start putting together your pay stubs. Filing your tax returns are a must, get copies of your returns for the past 2 years.

Are all debts dischargeable in a Bankruptcy?

Bankruptcy cannot relieve you of all debts. The following are generally non-dischargeable:

Alimony and child support

Drunk driving judgments

Criminal fines

Criminal restitution

Debts incurred by fraud or intentional wrongdoing

Back taxes less than three years old

Student loans

Recent large purchases of more than $550 for luxury goods made within 90 days of filing

A bankruptcy lawyer familiar with your state’s law can review the list with you to give you a full understanding of the debts covered and not covered.

Will I have to Go to Court?

Generally, the only appearance you will ever have to make is at the 341 Meeting of Creditors. This non-adversarial meeting will put you face to face with the trustee who is assigned to review each and every bankruptcy filing. The purpose of the meeting is to allow the Trustee and any creditors to ask you questions about your filing to determine if you are eligible for a discharge. With the help of a bankruptcy attorney, this meeting will simple and painless.

What does a trustee do?

The trustee’s responsibility is to:

Administer the bankruptcy

Run the first meeting of creditors (called the section 341 meeting)

Collect and sell non-exempt property (Chapter 7) or collect and pay debt according to a repayment plan (Chapter 13)

Confirm that all of your information contained in your petition is accurate and complete

How long does bankruptcy stay on my record?

A bankruptcy can remain on credit reports from seven to 10 years. Declaring bankruptcy is a serious decision. That is why it is important to consult an experienced bankruptcy attorney so you fully understand the bankruptcy options and their consequences.

Will filing for bankruptcy end those calls from creditors and collection agencies?

During the time you are working out a plan or your trustee is gathering and preparing your assets to sell to satisfy your debt, bankruptcy code dictates that your creditors must stop all collections against you. Once the bankruptcy petition is filed, you are protected. If a creditor still tries to collect directly from you after that point, you should immediately notify the creditor in writing that you have filed bankruptcy and provide them with the case name, number and filing date or a copy of the filed petition. If the creditor still continues collection attempts, you may be entitled to take legal action.

I have previously filed a bankruptcy, can a file again?

You cannot file for Chapter 7 bankruptcy if you have filed for Chapter 7 or Chapter 11 bankruptcy within the previous eight years. You cannot file for Chapter 13 bankruptcy if you have been granted Chapter 7, Chapter 11 or Chapter 12 discharge within the past four years or Chapter 13 discharge within the past two years.

How can I file for bankruptcy?

We highly recommend you hire an attorney to file the required petitions. You must file a petition with the U.S. Bankruptcy Court in the district that has jurisdiction over you or your company. It must be signed under oath under penalties of perjury, and it must list all assets, the value of each and the amount of all debts.

Get the answers you need

To get the information you need to make important bankruptcy decisions, call Simon Law Group at 800-709-1131 or contact our firm online to set up a free and confidential consultation.NJ BANKRUPTCY LAWYER ANSWERS QUESTIONS