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Scura, Wigfield, Heyer, Stevens & Cammarota Blog

Chapter 7 or Chapter 13 Bankruptcy: Which Chapter is Right for You?

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Most people assume that if you file for bankruptcy, you must liquidate virtually everything you own to pay your creditors. While this is true under some circumstances, you actually have more than one option when you file for bankruptcy.

Dischargeability of Equitable Distribution in Chapter 7 and Chapter 13

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The chapter of bankruptcy that an individual files is extremely important.  There are several different chapters of bankruptcy and each has a set of rules and laws that govern them.  If the incorrect chapter of bankruptcy is filed, it may not be easy to change between chapters without yielding an objection from a creditor or the trustee.  In addition, there may be additional fees and/or  legal expense to get into the correct chapter. 

Chapter 7 Bankruptcy and Its Effect on Owning A Home

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When contemplating bankruptcy, one of the biggest trepidations that people often have is how it will affect their home.  Will the bankruptcy cause their home to be lost?  Will the mortgage lender commence foreclosure as a result of the bankruptcy filing?  What are the legal consequences of all those documents they signed when purchasing the home?  This blog will explore those topics and how a bankruptcy will affect their home ownership.

Helpful Bankruptcy Websites for New Jersey Residents

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You should always investigate and look to see whether bankruptcy is the best option for you. There are various helpful websites that provide information on bankruptcy and can be helpful in making a decision. You should always consult with an attorney before making that final decision, but along with our website's comprehensive bankruptcy information, these sites are helpful in educating yourself on the process.

Tax Returns Must Be Filed by Chapter 7 and Chapter 13 Bankruptcy Debtors

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A requirement of The Bankruptcy Abuse Prevention & Consumer Protection Act of 2005 (BAPCPA) requires that a Chapter 13 debtor must file all returns for tax periods ending within the 4 years prior to the filing of the bankruptcy case. The trustee, however, may extend this deadline. Section 1228(a) of BAPCPA provides that in Chapter 7 bankruptcy cases that a debtor is not entitled to a discharge in the case of an individual who is a debtor unless requested tax documents have been provided to the court. Under a Chapter 13 bankruptcy, a plan cannot be confirmed unless all tax returns have been filed. The tax return requirement is a strict one in bankruptcy and the court will not overlook it. Under prior bankruptcy law prior to the changes in 2005 under BAPCPA, tax returns did not have to be filed.

Should I File for Bankruptcy?

Exploring the Pros and Cons of Filing for Bankruptcy

Bankruptcy was established by the federal government as a safety net for honest debtors who would otherwise be burdened for years or a lifetime by debts they cannot repay. Bankruptcy offers true relief from creditor actions and crushing debts, but it is a big step. You must meet certain criteria, and there are downsides.

The New Jersey bankruptcy attorneys of Scura, Wigfield, Heyer & Stevens, LLP, can help you make this important decision. The vast majority of people we counsel find that the advantages outweigh any disadvantages, or realize that they are out of other options. However, there may be alternatives to bankruptcy for your particular situation. We will give you our analysis in a free, no-obligation consultation so you can make an informed choice.

Help from a Chapter 7 Means Test Lawyer

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If you are struggling against a wall of debt, an experienced bankruptcy attorney might be able to help you toward a fresh start and a more stable financial future. The most common type of bankruptcy filing for individuals is Chapter 7. In order to qualify, though, you need to pass a means test.

The New Jersey means test attorneys at Scura, Wigfield, Heyer & Stevens, LLP, have helped numerous clients eliminate debt and start rebuilding their financial life. To be eligible for Chapter 7 in the eyes of the government, an individual must pass a means test. This test basically examines your income and assets to determine eligibility. Even if you do not qualify for Chapter 7 bankruptcy by virtue of the means test, you still might qualify to receive debt relief through filing Chapter 13 bankruptcy.

Understanding the Chapter 7 Bankruptcy Means Test

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Filing for personal bankruptcy can be overwhelming. If you are in financial crisis and considering bankruptcy as an option for moving forward, you might be confused by the options for filing and what steps they need to take to file. This article will help you start thinking those things through.

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.

Considering Personal Bankruptcy to Address Debt In New Jersey

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Dealing with money issues is already a tough situation, but a debtor could go through more financial problems and deal with more complications when they are receiving calls from creditors. Our firm understands that addressing debt problems is difficult, but there are valid and rational options for debtors to eliminate debt for New Jersey residents. No matter what caused the individual's current financial issues, a debtor could initiate their debt relief through the bankruptcy process. By understanding the steps involved, debtors could avoid common pitfalls and better prepare themselves for the process and the possible future outcomes.

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