Bankruptcy and death can overlap, and in some situations bankruptcy may still provide real relief for a family even if someone is seriously ill or dies during the case. The answer depends on when the case is filed, whether it is Chapter 7 or Chapter 13, whether the debt is joint or individual, and what […]
Filing For Bankruptcy Often Has More to Do With Life Than Failure
One of the biggest misconceptions I see is the idea that bankruptcy only happens after one reckless decision. In real life, that is not how it usually looks. Most people do not get into financial trouble because of one moment. They get there because several pressure points build at once, and after enough time, the […]
How Bankruptcy Treats Transfers to Friends and Family — What Lee Perlman Wants You to Know
How Bankruptcy Treats Transfers to Friends and Family If you’re considering filing for bankruptcy, you might be tempted to transfer money, a car, or other valuable property to a friend or family member to protect it. While that might seem like a straightforward shortcut, bankruptcy law often views such transfers very differently. The trustee — […]
How Much Debt Do You Need to File for Bankruptcy?
Have you ever wondered if there is a specific amount of debt you need before you can file for bankruptcy? Is it ten thousand dollars? Fifty thousand? Does it have to reach six figures before the Court will consider your situation? The truth may surprise you, and understanding it could make all the difference in […]
Why Waiting to File Bankruptcy Could Cost You More Than You Think
If you are drowning in debt or struggling with relentless collection calls, waiting to file bankruptcy might feel like buying time, but in reality, it could be costing you thousands. The Cost of Waiting: Why Delay Makes Debt Worse Many people wait far too long before considering bankruptcy. And by the time they do, the […]
Millions of Americans are swimming in debt but can’t stop spending
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman A recent study from finance company Northwestern Mutual shows the average American now has $38,000 in debt, not including mortgages. Buzz60’s Sean Dowling has more. Buzz60 Originally published here by USAToday.com
The Automatic Stay and Passive Conduct
In a recent case a creditor was held liable for willfully violating the automatic stay of a debtor who had recently filed chapter 13 reorganization plan. The peculiar thing about this case is that the creditor violated the automatic stay through inaction rather than committing some type of act that would be a clear violation […]
Reaffirmation Agreements and how they Affect Your Property
In bankruptcy proceedings such as Chapter 7 liquidation, the debtor must often surrender certain property that is subject to a lien. However in such circumstances that property may be of paramount importance to the debtor and their continuing well-being. An example of such property would be the debtor’s automobile. Like most Americans today accomplishing your […]
Life Insurance Proceeds and Your Choice in Federal or State Exemptions
In a Chapter 7 Bankruptcy, what generally occurs is that a debtor’s assets are liquidated and the proceeds of the sale go to the repayment of their creditors. However under both Federal Law and State Law a debtor can claim a number of exemptions based on the type of assets that are being liquidated. Under […]
Prior Tax Debt Could Burden a Debtor Post-Discharge
A recent case has left a debtor who has received a discharge pursuant to a Chapter 13 plan saddled with a significant amount of old tax debt. The Bankruptcy Court recently dismissed a debtors complaint and held that their tax debt was unaffected by the bankruptcy because “the lien was not addressed and treated in […]
