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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Stripping of IRS or State of New Jersey Tax Debt in Bankruptcy

Liens can be a complicated problem for many individuals dealing with heavy debt issues. A lien is a claim or legal right against assets, most often property or real estate, which are utilized as collateral. Pay the lien, and you reclaim all rights to your possessions and settle your debts. However, if you fail to pay off your liens, the organization that filed said debt can then repossess your property, auction it off, and collect on the income to pay off the debt.

Navigating a Chapter 11 Bankruptcy in New Jersey


Dealing with any type of financial challenges could be overwhelming, emotional and in some cases, embarrassing. With regards to business debt, our firm understands that business owners in New Jersey might find it difficult to navigate complex financial matters regarding their business. For many, they seek to understand the best way to keep their business operating, but in some matters, business owners should note that some debt relief options might result in the sale or liquidation of their business.

Whether it is a small business or large corporation, dealing with financial challenges can sometimes be debilitating. The steps required and the debt relief options can be very complex, and those considering business bankruptcy should become knowledgeable about the process.

What You Need to Know About Chapter 11 Bankruptcy

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There are several types of bankruptcy, and each type varies depending on certain characteristics of the debt. For example, individuals can file Chapter 7, 11, and 13. Corporations must file either Chapter 11 bankruptcy or Chapter 7. Family farmers will generally file Chapter 12 bankruptcy. Knowing the benefits and drawbacks, as well as the requirements to qualify as a debtor, will be helpful in determining which type of bankruptcy will work for your particular situation.

The Debtor’s Personal Guarantee and Confirmation of a Chapter 11 Plan

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Any small business owner knows the importance and difficulty in obtaining credit. Whether the need for financing is to purchase real estate, inventory, or to obtain terms with vendor, the small business that has cash reserves sufficient to meet all day to day operations is few and far between. Typically, obtaining credit for a small business, particularly one that has not been operating for decades, will require an individual or individuals to personal guarantee the debt.

A Chapter 11 Bankruptcy Plan Can Help a Business With Heavy Debt

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Many business owners find themselves in a situation where they are saddled with debt and can see no way out. These businesses may even own real property facing foreclosure. An insolvency proceeding through the bankruptcy court or an assignment for the benefit of creditors through the State Court may be the answer to your problems. 

How an Unwary Debtor Caused the Dismissal of a Chapter 11 Bankruptcy Case


Bankruptcy is like being in a lobster trap. They are both easy to get into, difficult to move around in once inside, and difficult to get out of. This concept is particularly true when it concerns a chapter 11 bankruptcy. Filing for chapter 11 bankruptcy requires an experienced attorney at the helm to help steer the debtor around trouble.

Common Myths About Bankruptcy

Bankruptcy Fact and Fiction

Some people shy away from bankruptcy or wait too long to file because of misinformation. Sadly, they needlessly suffer through hardships or forfeit hard-earned assets. At Scura, Wigfield, Heyer, Stevens & Cammarota, LLP, we try to spare people from unnecessary suffering by giving them the facts to make informed decisions.

We realize that you may be embarrassed about your debt problems or intimidated about talking to a lawyer. We are not here to judge you. We are here to answer your questions. We are here to help you protect what you have and make the most of a bad situation.

Individual Chapter 11 Bankruptcy Cases In New Jersey


Many individuals believe that Chapter 11 bankruptcy is only for businesses and big corporations. This simply is not true. If you meet certain debt requirements, Chapter 11 may be the best option for your individual bankruptcy filing or you may have to file a Chapter 11 because your debt exceeds the limits under Chapter 13. At the New Jersey law firm of Scura, Wigfield, Heyer & Stevens, LLP, you can rely on our attorneys to guide you through every option available in order to help you get the fresh start you need.

If you are weighing all of your options for debt relief and are unsure if a personal Chapter 11 filing is right for you, contact a Chapter 11 bankruptcy attorney in New Jersey for a free initial consultation.

Determining if Chapter 11 Bankruptcy is Right for Your Business


Running a business, whether big or small, is often a dream for many New Jersey residents. When that dream comes true, business owners may face some challenges. While small financial difficulties are relatively common, when a business starts to take on too much debt and is operating at a loss, it might be time to consider options to address business debt.

The Basic Differences Between Chapter 7, Chapter 13 and Chapter 11 Bankruptcy

Confused on what the difference between Chapter 7 and 11 Bankruptcy is? How about the difference between Chapter 7 and 13? Scura is here to help.

Need Help? Contact Us Today!

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