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The American Bankruptcy Institute (ABI), along with several judges, scholars and politicians, has proposed a relaxation of bankruptcy restrictions to allow for discharge of student debts in limited circumstances. The ABI’s Commission on Consumer Bankruptcy urged a return to an earlier law that allowed student loan debt to be discharged as part of a consumer… Read More »

In the middle of an election year where healthcare is already a hotly debated issue, the COVID-19 pandemic has stirred further discussion about whether major changes are necessary. During the Democratic presidential primary, the concept of Medicare for All split the candidates. While the candidate who promoted that concept has since dropped out of the… Read More »

As the coronavirus (COVID-19) continues to impact all areas of our lives, many New Jersey consumers and business owners are experiencing serious financial difficulty or may encounter it soon. Temporary closures may become permanent for small businesses that can’t survive long without customers. And we’ve already seen employees across the country losing their jobs or… Read More »

When you file for bankruptcy, tax debt may be a top concern, especially if other expenses — such as medical bills — have taken priority. If you are worried about tax debt, you will be relieved to learn that once you file for bankruptcy, both the IRS and the state of New Jersey stop tax… Read More »

Chapter 7 bankruptcy allows eligible debtors to discharge their debt, making it an appealing option for many people living paycheck to paycheck with little hope of catching up on accrued debt. But while you may be able to eliminate all of your debt through Chapter 7, it isn’t a free ride. The bankruptcy trustee appointed… Read More »

Losing your home to foreclosure can happen quickly even when you’re earning a steady income. If you or a loved one suffers a serious illness and faces extensive medical bills not covered by insurance, you may not be able to keep up with mortgage payments. And depending on your lender, it may take only three… Read More »

Bankruptcy laws and procedures were designed to help people recover from overwhelming debt and start fresh. But even after your debt is discharged, your credit score still bears the mark of your former debt. Creditors still see you as a risk and want proof that you can make monthly payments on a loan or make… Read More »

If you are considering filing Chapter 7 bankruptcy, which discharges debt, you must prove that you don’t have the means to pay back your debt. And you prove that by taking a means test. To be eligible for Chapter 7, you must show that your income is too low (and in some cases your expenses… Read More »

If you are struggling to pay off debt or keep up with monthly bills, you may consider filing for Chapter 7 or Chapter 13 bankruptcy. Under Chapter 7, all of your eligible assets are sold off to pay down your debt, and the remainder may be eliminated. But if you have a home you want… Read More »

Cosigning a loan, lease or another financial obligation for a friend or a loved one is a kind gesture but it involves crucial legal responsibilities. Before you cosign any document, you should take time to understand your obligations to creditors in the event that the borrower is unable to make the payments owed. If the… Read More »