Tag Archives: #Bankruptcy

5 Reasons You Need a Lawyer for Bankruptcy

Some people view bankruptcy as the end, but you should view it as a new beginning. When debt becomes unmanageable, contacting a lawyer for bankruptcy is important. A bankruptcy lawyer can help you compare your options and find out if you qualify for this type of relief. Many people who delve into the benefits of bankruptcy wonder if they actually need a lawyer. After all, if you are pursuing this option due to financial stress, the cost of hiring a lawyer could seem unnecessary. There are several reasons that hiring an attorney can actually minimize your stress, expenses, and time spent on this process. Reason #1: Proper Paperwork and Deadlines People who file bankruptcy for the first time may be shocked by how much legal paperwork bankruptcy requires. Be prepared to fill out the same information in different ways many times before your discharge is granted. Each of these documents…
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How to Rebuild Credit After Bankruptcy

Many people who file for bankruptcy are afraid of what could happen to their credit reports. You have a credit report on file with the three credit reporting agencies (CRAs). These CRAs are Equifax, TransUnion and Experian. The information on your credit report is compiled into a FICO credit score, which is used by most lenders. After a bankruptcy, it is likely that your credit score has taken a hit regardless of your filing status. However, the good news is that your credit score is not permanent. You can begin repairing your credit during or after your bankruptcy. Steps to Repair Your Credit After Bankruptcy Steps to repair your credit after bankruptcy may include: Pulling your credit report. To get an idea of what needs to be repaired, you will have to pull your three credit reports from Equifax, TransUnion and Experian. You can receive one free credit report from…
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Do I Qualify for Chapter 13 Bankruptcy?

While no one relishes the idea of filing for bankruptcy, it may be the best option to get out from suffocating debt. Chapter 13 bankruptcy is a type of bankruptcy that many debtors use. However, to file under Chapter 13, you will first need to find out if you meet standards to qualify for Chapter 13 bankruptcy. Difference Between Secured and Unsecured Debt Unlike secured debts, unsecured debts are not secured by property. This means that creditors cannot take property away from you to satisfy debts. Common examples of unsecured debts include: Medical fees Lawyer fees Credit card bills Utility fees Student loans Secured debts are tied by way of liens to property which creditors can seize as payment for debt. Who Qualifies for Chapter 13? According to United States Courts, if your unsecured debt totals less than $394,725 and your secured debt is no more than $1,184,200, you may…
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Can a Business Keep the Details of Its Bankruptcy Confidential?

Recently, the New Jersey Herald featured an article about Mountain Creek Resort making a request to court to keep their company’s bankruptcy confidential. Per the Herald article, in early July, the resort asked a federal bankruptcy court to approve its request for confidentiality and non-disclosure agreements that would prevent the public and Vernon Township from accessing certain documents related to their bankruptcy. Following the request, Vernon Township’s council and mayor held a closed-door meeting to discuss the matter. Included in Mountain Creek Resort’s bankruptcy is a $26 million debt they owe to the Vernon Township Municipal Utilities Authority. If the bankruptcy court approves Mountain Creek’s request, then public would not have access to any financial statements and other documents that Mountain Creek provided to Vernon Township as part of their Chapter 11 bankruptcy. In addition, under the confidentiality agreement, the resort would, at its discretion, be able to prevent the…
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