The goal of every bankruptcy is to balance the rights and interests of the debtor (the person or company that files bankruptcy) against those of the debtor’s creditors (the people or companies owed money by the debtor). A bankruptcy judge is the final say when there are disputes on how to balance these competing rights [...]
Medical debt is a big problem in America. It’s been reported by CNBC that approximately 30% of working Americans have some kind of medical debt. A majority of Americans with medical debt report that they’ve defaulted on that debt. Further, it was reported that in 2016, more than 1 in 4 American families experienced issues [...]
For those struggling with debt, worn out by litigation, threatened by foreclosure, or facing other financial issues, bankruptcy may offer a lot of relief. In some cases, bankruptcy is the best option to address many of these issues all at once. Getting rid of debt is the most obvious benefit of filing for bankruptcy. But [...]
There are many benefits of filing bankruptcy, for both businesses and individuals. The benefits of filing bankruptcy include but are not limited to, the discharge of overwhelming debt. However, filing for bankruptcy is not without its drawbacks and potential pitfalls. Considering the complexity of bankruptcy, it’s very important that people consult with experienced bankruptcy counsel [...]
Filing bankruptcy is an important step for many businesses and individuals struggling with debt, law suits, foreclosures, and other issues that “trigger” their need for financial relief. For the majority of businesses and people that file bankruptcy, the debt relief they obtain in bankruptcy vastly outweighs the cost of filing bankruptcy. This is especially true [...]
Despite its stigma, a business struggling with legal or financial issues can reap the benefits of bankruptcy. Business bankruptcy can give a company the time and space it needs to regroup and create a plan of reorganization. Alternatively, a business can use that time and space to orderly liquidate its assets. In either instance, the [...]
When most people think about the word “bankruptcy,” they’re thinking about filing Chapter 7 bankruptcy. It’s the simplest kind of bankruptcy. It is also the most common kind of bankruptcy. But Chapter 7 can also be the most risky kind of bankruptcy. Most people file Chapter 7 bankruptcy with the expectation that, because they don’t [...]
Bankruptcy is a big deal. It’s a powerful, complex and, for most people, a very confusing concept. Bankruptcy in New Jersey is especially complex in 2021 due to new laws and regulations related to the pandemic. We’ve created this guide to make it easier for you to understand the most important bankruptcy concepts, from a [...]
