Can You File for Bankruptcy Without Involving Your Spouse?
You can file for bankruptcy protection without your spouse also being named as a debtor. However, the bankruptcy will not protect your spouse against liability for debts for which you are jointly liable. New Jersey is a common law state, which means that each spouse owns a share (most likely one-half) of the jointly held… Read More »
Does Chapter 13 Protect Your Home from Foreclosure?
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 »
Can You Be Sued After You File For Bankruptcy?
One of the benefits of declaring bankruptcy is that an automatic stay is issued, prohibiting creditors from coming after you for debt collection. Under the terms of the stay, many creditors cannot initiate litigation against you. Foreclosures and any pending lawsuits from creditors are paused as are previous lawsuit judgments requiring you to resolve unpaid… Read More »
What Happens To Your Credit Score In Bankruptcy?
Active judgments, collections accounts, charge offs and delinquent debts are reported to the credit reporting agencies. These will have a devastating effect on your credit score. Your credit score will suffer greatly, often dropping hundreds of points. The problem is intensified over time as these derogatory reports linger and just sit on your report. A… Read More »
Will Bankruptcy Stop An Eviction?
A bankruptcy filing will stop or prevent an eviction. Upon filing, there is a “Stay” automatically/immediately imposed on all efforts to collect a debt or enforce a judgment. Since an eviction is an action to enforce a judgment of possession, an eviction can be stayed immediately. Depending on the type of bankruptcy you file, you… Read More »