Over the last thirty-years student loan debt has nearly quadrupled. Your average American carries student loan debt ranging from $25,000.00 to $50,000.00. Many people carry substantially more than that. When one is struggling financially student loans can feel like the proverbial straw that broke the camel’s back. And while deferment or income driven repayment plans […]
Why Can’t I File a Chapter 7 Bankruptcy?
The conversation typically starts with something like “my friend filed chapter 7 bankruptcy and wiped out a ton of debt without paying anything!” Or, “I read online that a chapter 7 is better, so that’s what I want to file.” It’s true that filing a Chapter 7 bankruptcy case is a great way to get […]
BANKRUPTCY AND CREDIT
Not long after a bankruptcy is filed the debtor ends up inundated with credit card offers. A common question we receive is “should I get a credit card?” We thought it would be appropriate to address this question at large so you can understand the practical effect and consequences of obtaining a credit card, or […]
Debt Settlement vs. Bankruptcy
Inflation and the price of food and fuel all continue to rise. Salaries are increasing but are not expected to keep pace with inflation. Rent prices are rising 4x faster than income. That’s the bad news. But wait, there’s more bad news: financial distress can weigh heavy on the average consumer, and ongoing stress about […]
How Does Bankruptcy Affect Your Client’s Personal Injury Case?
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. You might be saying “that is all well and good, but what happens when the defendant in a personal injury action files for bankruptcy?” What do you do? The simple answer is STOP everything. When a debtor files for bankruptcy they gain the protection of the automatic […]
Bankruptcy Is a Big Risk for Unmarried Couples Who Split Up
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. An unfortunate truth is that when someone is injured in an accident, they are almost always going to be suffering a financial hardship on top of their injuries. For this reason, you confirm the bankruptcy status of your client. Are they in an active bankruptcy? Are […]
Lee Perlman in South Jersey Magazine’s “Ask the Experts”
What are some of the most common myths about the bankruptcy process? Myth One: Filing bankruptcy is a personal failure The Truth: Most bankruptcies are a result of financial distress beyond the individual’s control. With foreclosures, evictions, and financial distress directly related to the pandemic, more people need a financial fresh start. Myth Two: Both […]
What do Bankruptcy and Taxes have in common?
It’s tax season again and that leads us to the inevitable array of questions about what happens to your tax refund if you have, or are thinking about, filing for bankruptcy. Many people rely on their tax refund to cover large expenses. Someone who is in bankruptcy, or is thinking about it, doubtlessly wants to […]
Student Loan Dischargeability
Can Your Student Loan Debts be Discharged in Bankruptcy? As of March 2020, federal student loan payments were paused due to the COVID-19 pandemic. President Biden recently extended the pause for an additional 90 days– it is now set to expire on May 1, 2022. Many of us are taught that to secure a financially […]
What you need to know right now about the expiration of the national eviction ban
The eviction ban that was first put in place by the Centers for Disease Control and Prevention back in September 2020 is set to expire on June 30th. As of this writing it has not been extended. There are still so many people who are struggling with Covid infections and death. The financial catastrophe that many are facing […]