Bankruptcy and Back Taxes: Are You Still on the Hook?
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 »
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 »
Who Can File for Chapter 13 Bankruptcy?
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 »
How Does Bankruptcy Affect a Cosigner?
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 »
Can You Erase Your Bankruptcy Record Early?
Filing for bankruptcy comes with the understanding that notice of the bankruptcy will appear on your credit report for years to come — specifically, seven years after filing a Chapter 13 and 10 years after filing a Chapter 7. A lot can happen in the time between declaring bankruptcy and being discharged with a clear… Read More »
Can You File Bankruptcy If You Owe Taxes?
Yes, you can still file bankruptcy if you owe taxes. You will need to get your tax returns filed, but paying the taxes is not required before you can file bankruptcy. Certain income taxes can be discharged. A chapter 13 plan can allow you up to five years to repay the taxes you owe. Taxes… Read More »
Can You File For Bankruptcy If You Are Unemployed?
You are not required to be employed to file a Chapter 7 Bankruptcy. In fact, depending upon your prior or future income, your period of unemployment may be the only time that you will qualify. Regular income is not required unless your seeking a Chapter 13 Plan of Reorganization. Chapter 7 cases do not require… Read More »
How Long Does Consumer Bankruptcy Take in New Jersey?
When you’re living under the weight of crushing debt, time seems to stand still and a future without harassment by creditors seems like a distant fantasy. Fortunately, reality is much more positive. If you file for Chapter 7 bankruptcy, you can discharge your debt and have a clean slate within three to four months. The… Read More »
Can I Declare Bankruptcy and Still Keep My House?
If you are behind on your mortgage and are worried about foreclosure, you have to consider all your options. Depending on your circumstances, either Chapter 7 or Chapter 13 bankruptcy might allow you to shed crushing debt and still hold onto your home. If you have piles of dischargeable debt preventing you from meeting your… Read More »