The Lottery Curse: Are Lottery Winners More Likely To Declare Bankruptcy?   Unless you were born into an incredibly wealthy family, you’ve probably daydreamed about winning the lottery at least once or twice. A large windfall of cash could get you out of debt, allow you to purchase a home, and maybe even enjoy an early retirement. But unfortunately, winning the lottery doesn’t necessarily mean freedom from financial difficulties for the rest of your life. Some sources go as far as to say that 70% of lottery winners end up declaring bankruptcy. More conservative estimates put that number at 30%– either way, a substantial amount of lottery winners end up in bankruptcy court. Read on to learn more about this interesting phenomenon, and if you’re considering filing for bankruptcy in Arizona (lottery winner or not), give our firm a call at 480-448-9800. The Odds Of Bankruptcy After Winning The Lottery The chances that someone wins the lottery- especially a Powerball-type, astronomical sum- are minuscule. In addition to about a third of lottery winners ending up in bankruptcy court, lottery winners are also more likely than the average person to declare bankruptcy within 3-5 years of their big win. There is general advice among financial experts for lottery winners. For those who have the option, they should choose installments rather than a lump-sum payment. Lottery winners should stay out of the public eye to avoid potential scammers, thieves, users, and opportunists. Additionally, experts suggest that those who win the lottery continue working. This can maintain a sense of normalcy, help with the low profile, and make sure the winner has less free time on their hands to blow through their money. Unless someone won several million dollars, winning the lottery likely isn’t enough to be “set for life.” So what are the reasons that lead so many lottery winners to file for bankruptcy? There are countless reasons that join together in any combination and lead to financial struggles. Some develop issues with or fall deeper into issues with drugs and alcohol. Someone who already had a problem with addiction would now have all the means to acquire their drugs and alcohol without regular concerns like a job and paying the bills. A lottery winner also becomes a prime target for financial exploitation by pretty much anyone. This includes family, friends, and random strangers. Someone who publicly comes forward about winning the lottery can expect all of their relatives, coworkers, and acquaintances to suddenly have great investment opportunities or need to borrow money for heart-wrenching causes. Some just believe that money is no longer an issue once they win the lottery and spend way beyond their means. Should a Lottery Winner File Chapter 7 Or Chapter 13? If someone wins the lottery and needs to declare bankruptcy less than a year later, it’s likely that Chapter 13 will be their only option. There are strict income limits for Chapter 7 bankruptcy, and your income will be calculated using your earnings from the 6 months prior. The primary way to qualify for Chapter 7 bankruptcy is by earning less than the state median income. Someone who has recently won the lottery likely does not qualify here. The next way someone can prove their income eligibility for Chapter 7 bankruptcy is by passing the means test. The means test is a balance of the debtor’s income and expenses. Only necessary and reasonable expenses can be used towards the means test, like student loans, child support, reasonable rent or mortgage, etc. If the number the debtor calculates using the means test is negative, they should qualify for Chapter 7 bankruptcy. There are also certain thresholds the debtor’s income can fall within based on the filing location and household size. Conducting the means test is not as simple as it sounds. If you are unsure about whether or not you qualify for Chapter 7 bankruptcy, let a professional check for you by calling 480-448-9800. Chapter 7 bankruptcy is many debtors’ preferred choice for several reasons. Taking into account all the types of legal matters one could potentially be in, chapter 7 bankruptcy is relatively one of the shortest and simplest. It should take about 3 to 6 months from start to finish. Chapter 13 bankruptcy, on the other hand, will last either 3 or 5 years, based on the debtor’s income level. Chapter 7 bankruptcy clears unsecured non-priority debts. Chapter 13 reorganizes all debts into a payment plan with only a possibility of unsecured non-priority debts being cleared without payment at the end. However, a debtor can only keep assets that are protected by bankruptcy exemptions if they file Chapter 7. Some of Arizona’s exemptions are strict and definitely don’t cover substantial lottery winnings. Chapter 13 may allow a debtor to hold onto more of their assets while paying off debts under court protection from creditors. Chapter 13 offers other benefits that are unique from Chapter 7 bankruptcy. Call 480-448-9800 to schedule your free consultation to learn more. Is It All Over After Bankruptcy? Just because someone has declared bankruptcy doesn’t necessarily mean that they’re destitute. When used preemptively, bankruptcy can help a debtor get their finances back on track before creditor collection methods like lawsuits, wage garnishments, and repossessions. Bankruptcy is also widely believed to destroy credit, but that is all relative. Someone who has bad credit might actually see their credit score improve after declaring bankruptcy. However, bankruptcy debtors will be disqualified from approval for most home mortgages for 2 years after filing. They can be approved for new lines of credit much sooner of that- many will receive offers just days after their case is discharged. Filing bankruptcy is always a serious matter, but it can be more serious when special factors are present, like being a business owner or working in the financial industry. Most types of businesses aren’t eligible to file for Chapter 13 bankruptcy. If a business owner declares Chapter 7 bankruptcy, they will lose the business. Chapter 11 bankruptcy provides provisions for small business owners but is filed by very few because of its cost and complexity. An experienced bankruptcy attorney can help a lottery winner, as well as any other person struggling with debt, determine if and which type of bankruptcy can help them. Reputable & Reliable Arizona Bankruptcy Representation You don’t have to win the lottery to benefit from the representation of a skilled Arizona bankruptcy attorney. Having knowledgeable legal counsel throughout the bankruptcy process can help you avoid pitfalls like asset seizures, delays and dismissals, adversary proceedings, and more. A bankruptcy attorney will make sure you get the most out of your case while incurring as few negative repercussions as possible. And you don’t have to win the lottery to be able to afford a bankruptcy attorney. My AZ Lawyers offers affordable payment plans that can start after your case has been filed. This allows you to pay for your bankruptcy after shaking off extra expenses like wage garnishments, credit card interest, and more. The best way to figure out all the advantages and disadvantages of declaring bankruptcy in your unique situation is to discuss it with an Arizona bankruptcy lawyer. To schedule your free consultation with an experienced member of our firm, call 480-448-9800.     Arizona Offices: Mesa Location: 1731 West Baseline Rd., Suite #100 Mesa, AZ 85202 Office: (480) 448-9800 Email: [email protected] Website: https://myazlawyers.com/ Phoenix Location: 343 West Roosevelt, Suite #100 Phoenix, AZ 85003 Office: (602) 609-7000 Glendale Location: 20325 N 51st Avenue Suite #134, Building 5 Glendale, AZ 85308 Office: (602) 509-0955 Tucson Location: 2 East Congress St., Suite #900-6A Tucson, AZ 85701 Office: (520) 441-1450 Avondale Location: 12725 W. Indian School Rd., Ste E, #101 Avondale, AZ 85392 Office: (623) 469-6603 The post The Lottery Curse: Are Lottery Winners More Likely To Declare Bankruptcy? appeared first on My AZ Lawyers.

 Yahoo Finance is reporting that Small businesses are filing for bankruptcy at a higher rate than at the peak of the pandemic - and a looming credit crunch could make things worseThe article can be found at https://uk.finance.yahoo.com/news/small-businesses-filing-bankruptcy-higher-180500570.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAA Wlcxq9eBw_EDH7SdbAwnf1p2vjy9R8T0I8s4z4TnAtWnfO5kbavPqyksi41EXY1qr-fv6bxeT LbWn3joC ZdgqwyT46sHywfwRVY XeMQ Gd3nC2Gv3-R4xjNgB5GyJlT46RjQ5vRtKcvEazFB SjLY9VD8sE92flvSydqJ2EmdHxvJim Shenwick, Esq.  917 363 3391  [email protected] We help individuals & businesses with too much debt!

If you live in New Jersey, what do you do when a creditor is trying to proceed with a sheriff’s sale of your house?  This question will be addressed under the context of bankruptcy law – that is, if you file a petition for relief in bankruptcy court. A lawyer will help you to determine what sort of bankruptcy protection you should seek.  Many homeowners seek to save their home by filing for Chapter 13 relief.  Under this plan, the debtor may seek to have their debts reduced and to arrange a court-approved payment plan where outstanding debts may be repaid, including a past-due balance on a mortgage.  In this way, a pending sheriff’s sale may be suspended by a bankruptcy court, since creditors are not permitted to proceed with collection efforts without leave from the court once you file for bankruptcy. Call our New Jersey bankruptcy attorneys at Young, Marr, Mallis & Associates at (609) 755-3115 for a free case review. Chapter 7 vs. Chapter 13 Bankruptcy for Ending a Sheriff’s Sale in NJ Chapter 13 relief may be contrasted with a Chapter 7 petition, in which the debtor seeks to have their debts liquidated (or eliminated) by the court.  However, a Chapter 7 petition will likely not permit you to retain the house for which you are seeking to eliminate the debt. You are asking the court to liquidate as many of your debts as possible.  So, in exchange for cancellation of the mortgage debt, the borrower will likely have to give the house up to the lender to whom the mortgage debt is owed.  The mortgage company also usually takes a lien on the house superior to all others.  This is why Chapter 13 bankruptcy is often best for homeowners who wish to stay in their homes but who can no longer afford their mortgage payments or who fell behind on payments. Using Bankruptcy’s Automatic Stay to Stop Sheriff’s Sales in NJ If you file for bankruptcy, all collection efforts by creditors – including that sheriff’s sale – must halt unless the court rules otherwise.  A halt to all collection – called an automatic stay – goes into place when you file for bankruptcy.  To proceed with collections, a creditor must file a motion for relief from stay with the bankruptcy court. A motion for relief from stay essentially means that the creditor wants to proceed with collection attempts just as it had been doing before the debtor filed the bankruptcy action.  The court must consider whether it would be legally unfair to the borrower to continue collections, whether the creditor would receive an unfair advantage if collections are resumed, and how likely it is that the creditor can actually prove that the borrower owes the claimed amount.  If the court rules in favor of the creditor on these questions, the court will then grant the creditor relief from the automatic stay and let the creditor proceed with collections. Other Ways to Stop a Sheriff’s Sale in New Jersey If the bankruptcy court allows the creditor to proceed with a sheriff’s sale of the property, or if the sale happened prior to the bankruptcy petition being filed, there are still ways in which you may recover the property rights to your home by paying the past due balance, curing the default, objecting, and seeking injunctive relief, as described below. Redemption Under New Jersey law, a borrower has ten days following a foreclosure sale to “redeem” their property rights, and the Bankruptcy Code extends the redemption rights 60 days from the date the bankruptcy petition is filed. And in order for a borrower to redeem their property rights following a sheriff’s sale, they must pay the mortgage past due balance, the costs of the foreclosure action and costs of the sale. Curing Default If you have filed for Chapter 13 relief, New Jersey law states that you have the right to cure any default under the plan up until your home is purchased at a sheriff’s sale. Objections There is also a 10-day period following a sheriff’s sale in which a borrower is entitled to file objections to the sale and potentially reverse it.  However, a bankruptcy filing does not automatically serve as an objection that will be legally recognized in response to a sheriff’s sale. Injunctive Relief You can also seek an injunction, which is a court order to stop another party from taking certain actions or force them to perform certain actions.  The claimant typically asks that an injunction be entered at or near the beginning of a case, which often requires a hearing.  Before a claimant can receive injunctive relief in New Jersey, they must convince the court that they are likely to win your case in the end.  The claimant must also persuade the court that there is no other legal relief that can remedy the situation while the case is pending, and that an injunction would be eminently fair under the circumstances.  Additionally, the claimant must show that they will suffer “substantial and imminent hardship” if the court does not grant an injunction. The court considers the benefits and harm to both the claimant and defendant that would result if the injunction were granted.  Then the court determines whether there is any other solution to the problem besides granting an injunction.  Finally, the court decides whether the public at large would be harmed in any way if the injunction were granted.  If the court decides in the claimant’s favor on these questions, an injunction may be granted which will stop the sheriff from proceeding with a sale, either temporarily or permanently. Call Our New Jersey Bankruptcy Attorneys Today Call our New Brunswick, NJ bankruptcy attorneys at Young, Marr, Mallis & Associates at (609) 755-3115 for a free case review.

Bankruptcy is a crucial tool that allows people to seek freedom from certain debts. While bankruptcy can reduce many peoples’ financial burdens, it can also create negative consequences for declarants. One of these negative consequences involves a waiting period that filers must endure before applying for a mortgage loan. Depending on the type of mortgage you are seeking, you will typically have to wait between 2-4 years after the discharge of your Chapter 7 bankruptcy case to buy a house in New Jersey. If you filed for Chapter 13 bankruptcy, then the amount of time you will have to wait can vary depending on how the bankruptcy court decides to manage your case. Generally, it is easier to buy a house after filing Chapter 13 bankruptcy as opposed to Chapter 7. If you need help with your bankruptcy case, consult with our experienced New Jersey bankruptcy lawyers at Young, Marr, Mallis & Associates by calling (609) 755-3115. Applying for a Mortgage After Filing for Bankruptcy in New Jersey When applying for a mortgage in New Jersey, there are several different types of loans that you can seek. The amount of time you will have to wait before applying for these loans is dependent on the type of bankruptcy you declared. FHA Loans Federal Housing Administration (FHA) loans are popular with first-time homebuyers. They are insured by the FHA and issued by banks or other approved lenders. Applicants are only required to produce a 3.5% down payment and the credit score requirement is 580. If you filed for Chapter 7 bankruptcy, then you will have to wait two years before applying for an FHA loan. On the other hand, if you declared Chapter 13, then you may apply for an FHA loan before your case is even discharged. However, you will have to be up to date with your Chapter 13 repayment plan. USDA Loans United Stated Department of Agriculture (USDA) loans do not require down payments and can clear the paths to home ownership for suburban and rural homebuyers. These loans are guaranteed by the USDA Rural Development Guaranteed Housing Loan Program. Most loans are issued by partner lenders. However, the USDA has the power to directly grant loans to certain borrowers. This type of loan usually requires that applicants have a credit score of 640 or higher and must be used to buy homes in eligible, rural locations. If you filed for Chapter 7 bankruptcy, then you must wait three years before you may receive a USDA loan. A different deadline will apply for cases involving Chapter 13. If you filed for Chapter 13 bankruptcy, then you must wait one year after your case is discharged before applying for a USDA loan VA Loans The U.S. Department of Veterans Affairs (VA) grants VA loans to qualified borrowers as a part of their military benefits. These types of loans permit veterans, active-duty service members, and eligible surviving spouses to finance their homes without producing down payments. Further, successful applicants do not have to purchase mortgage insurance or abide by overly strict credit requirements. Still, those applying for VA loans will generally need to have a minimum credit score of 640. If you applied for Chapter 7 bankruptcy, then you must wait two years after your case is discharged before applying for a VA loan. Meanwhile, individuals who declared Chapter 13 bankruptcy may apply for a VA loan at any point, so long as they have not fallen behind on their repayment plans. Conventional Loans Conventional loans are loans that are not backed by government agencies. These loans can come in several shapes and sizes. While they do not offer the same benefits as FHA, USDA, or VA loans, they are still the most common type of mortgage loan that people apply for. Conventional loans can be harder to get after filing for bankruptcy. Typically, longer waiting periods will apply. For instance, if you filed for Chapter 7 bankruptcy, then the typical waiting period you must endure before receiving a conventional loan will be four years from the date of discharge. However, under extenuating circumstances, our Marlton, NJ bankruptcy lawyers may help acquire a conventional loan two years after your Chapter 7 case is discharged. If you filed for Chapter 13 bankruptcy, then you will have to wait two years after your case is discharged before applying for a conventional loan. If your case was dismissed rather than discharged, then you will have to wait 4 years before you can receive such a loan. Building Your Credit Back Up After Filing for Bankruptcy in New Jersey One of the most impactful consequences of a bankruptcy filing is the negative impact on declarants’ credit scores. Having good credit is a crucial aspect of successfully purchasing a new home. Typically, those who have higher credit scores will be able to acquire mortgage loans more easily. Accordingly, it is crucial that you work to build your credit back after filing for bankruptcy in New Jersey. There are multiple ways that you can rebuild your credit score. As an example, you can improve your credit by making payments towards debts that were not discharged in your bankruptcy case. Furthermore, you may rebuild your credit score by securing new forms of credit and making small purchases that are paid in full and on time. Submitting consistent payments on time over lengthy periods of time will serve to improve your credit score. Finally, you can also help your credit score by merely monitoring the score and checking it from month to month. Still, the length of time it takes to rebuild your credit can be very frustrating. The amount of time your score will remain impacted can depend on the type of bankruptcy you filed for. Those Who File for Bankruptcy in New Jersey Can Call Our Law Firm for Support Seek guidance from our experienced Cherry Hill, NJ bankruptcy attorneys at Young, Marr, Mallis & Associates by calling (609) 755-3115.

Maintaining healthy finances is difficult and requires constant work. If your finances are not where they should be, you might be considering some type of debt relief program or filing for bankruptcy. Debt relief and bankruptcy might sound similar and are often discussed in similar situations, but they are very different. Debt relief might come from various sources, and you might not necessarily be maneuvering through legal channels like courts. Bankruptcy is a matter of federal law, and a court might help you discharge certain debts while you pay off others. There are pros and cons to either option. While debt relief helps people avoid the stigma of bankruptcy, outcomes are not guaranteed, and you might not see an improvement in your financial situation. Bankruptcy can help you discharge significant debts, but having it on your financial records might hinder future business or financial opportunities. Schedule a case evaluation for no cost with our Philadelphia bankruptcy attorneys by calling Young, Marr, Mallis & Associates at (215) 701-6519. Deciding Between Debt Relief and Bankruptcy in Pennsylvania Debt relief and bankruptcy can help you escape an unhealthy financial situation plagued by debt, but they take very different approaches and have different consequences. Our West Chester bankruptcy attorneys can discuss both options and help you determine which is best for your situation. Debt Relief Some more common forms of debt relief include debt consolidation, debt settlement, and credit counseling. It should be noted that debt relief is not bankruptcy, and you are not always legally bound by the results of a debt relief program or service. It is wise to speak to an attorney about debt relief before entering any kind of program. Debt consolidation involves taking out a new loan to pay down multiple debts all at once. Once those debts are taken care of, you only have to focus on paying back the one new loan instead of making multiple payments on multiple debts. This can be a helpful option for people struggling with multiple creditors. Debt settlement is a different debt relief option where you or a representative – an attorney – negotiates with creditors so that they accept a portion of your total debt as payment in full. How big this portion of your debt is will depend on your creditors and what they are willing to accept. Credit counseling might be provided by a credit counseling agency and is designed to provide you with the tools you need to improve your financial situation. Credit counseling does not necessarily involve any legal forms or filings. Instead, a counselor will review your credit reports, income, debts, and regular expenses to help you develop strategies and habits to help you escape debts. Bankruptcy Bankruptcy is often a more intimidating option for people in debt, but it can greatly help those with significant debts. Bankruptcy is governed by federal law and involves a formal legal process that our bankruptcy attorneys can assist you with. Chapter 7 bankruptcy works by helping people liquidate various assets (e.g., homes, vehicles, properties) and using the proceeds to pay off debts. Debts that are still left unpaid can be discharged by court order. When a debt is discharged, the debtor is no longer legally liable for paying for it. Chapter 13 works differently than Chapter 7 bankruptcy and focuses more on the reorganization of debts rather than liquidations. Instead of selling off assets, you and an attorney will develop a feasible payment plan, and, if your creditors agree, you may have certain debts discharged after adhering to the payment plan for a time, usually a few years. Advantages and Disadvantages of Bankruptcy and Debt Relief Debt relief programs and bankruptcy might both help you find relief from crippling debt, but there are some downsides you should know about before getting started. It is important to weigh the pros and cons of both options before deciding which path to take. Pros One benefit common across many debt relief options is avoiding the stigma of bankruptcy. Debt relief programs can help you manage your debts without having bankruptcy reflected on your records. You might also gain the skills you need to make better financial decisions and avoid debt in the future. Debt relief services like credit counseling can help you learn how to manage debts on your own and come up with financial strategies to generate wealth rather than hemorrhage money. Debt relief might also help you save money in the long run. For example, you might get a better interest rate by reconsolidating your debt using a debt consolidation loan. Also, making one payment per month instead of several might make it easier to save money. Bankruptcy might allow you to discharge significant debts, meaning you will no longer be liable for payments. In addition, other debts might be taken care of by liquidating assets or setting up a payment plan. Depending on the path you choose, bankruptcy may be completed in a few short months. Cons Some downsides to debt relief programs include a significant toll on your credit score, and some debt relief strategies are not guaranteed to work. For example, you might try to negotiate a debt settlement with your creditors to alleviate some of your debts. However, if your creditors do not budge on payment, you might be out of luck. On top of that, you might still pay fees to a debt relief service provider. Bankruptcy also causes your credit score to take a serious hit, and a massive stigma is associated with bankruptcy. After filing for bankruptcy, it will be reflected on credit reports and financial records. If you ever go to buy a home, take out a loan, or open a business in the future, creditors will see you previously filed for bankruptcy and might not want to work with you. Additionally, if you elect to file Chapter 7 bankruptcy, you risk losing important assets to liquidation. Your home, vehicle, and other properties or assets could be sold to pay your debts. Get in Touch with Our Bankruptcy Attorneys for Assistance To arrange a free case evaluation with our Pennsylvania bankruptcy lawyers, call Young, Marr, Mallis & Associates at (215) 701-6519.

A Fox 13 Report states that  "A growing number of Americans, still reeling from the financial strain of the COVID-19 pandemic, are no longer benefiting from government relief efforts and are increasingly choosing bankruptcy to deal with unmanageable debt, according to a recent American Bankruptcy Institute (ABI)"The article can be found at  https://www.q13fox.com/news/more-americans-choose-bankruptcy-debt-reportAt Shenwick & Associates we held individuals & companies that have too much debt!To schedule a telephone call with Jim Shenwick, Esq Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min

Showing bankruptcy income eligibility got easier April 1, 2023 Showing income eligibility to file Chapter 7 bankruptcy in Virginia got easier April 1, 2023.  The median income–that’s the cutoff for automatic eligibility based on income–shot up six to ten thousand dollars. The median income for a family of four increased from $124,304 to $134,252.  For […] The post Inflation Adjustment on income–But not on Expenses by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Bankruptcy income eligibility got easier April 1, 2023 Income eligibility to file Chapter 7 bankruptcy in Virginia got easier April 1, 2023.  The median income–that’s the cutoff for automatic eligibility based on income–shot up six to ten thousand dollars. The median income for a family of four increased from $124,304 to $134,252.  For a family […] The post Inflation Adjustment on income–But not on Expenses by Robert Weed appeared first on Northern VA Bankruptcy Lawyer Robert Weed.

Bankruptcy is a legal process that can help you deal with insurmountable debt. There are multiple types of bankruptcy that may be declared in New Jersey. No type of bankruptcy is universally considered the best. The best form of bankruptcy for you will depend on your goals and your unique financial situation. For example, Chapter 7 bankruptcy may be a better option for someone who wants to wipe out their debts quickly and cheaply. Meanwhile, Chapter 13 bankruptcy may be preferred by someone who wants to retain certain assets and get caught up on a mortgage payment. If you need help with your bankruptcy case, contact our experienced New Jersey bankruptcy attorneys at Young, Marr, Mallis & Associates by dialing (609) 755-3115. Types of Bankruptcy You Can File for in New Jersey Choosing the right type of bankruptcy can be a complicated process. There is a wide array of factors that must be considered. While assessing your case with our Trenton, NJ bankruptcy lawyers, you may decide which of the following forms of bankruptcy you should declare: Chapter 7 Chapter 7 bankruptcy is sometimes called “liquidation bankruptcy.” Those who file for this form of bankruptcy will be able to eliminate most types of debt. Some examples of unsecured debt that can be discharged are credit card bills and medical bills. However, there are some types of debt that cannot be wiped out like family support payments, penalties for criminal actions and certain tax debts. In order to be eligible for Chapter 7 bankruptcy, you must past a means test which examines your income, expenses, and family size. You also cannot file for Chapter 7 bankruptcy if you have had a Chapter 7 discharge within the previous 8 years or a Chapter 13 discharge within the last 6 years. Finally, you cannot qualify for Chapter 7 bankruptcy if you have had a bankruptcy petition dismissed within the previous 180 days. This is generally the quickest form of bankruptcy, with many declarants having their debts discharged in under 6 months. Still, when you file for Chapter 7 bankruptcy, a negative mark will remain on your credit report for 10 years from the date you filed. Also, if you file for this form of bankruptcy, your creditors can immediately collect the payment you owe them by seizing property, garnishing your wages, and even taking funds from your bank account. Chapter 13 Chapter 13 bankruptcy is a type of bankruptcy that allows you to reorganize your debt and enter into an interest-free debt repayment plan. When filing for this type of bankruptcy, you will submit a repayment plan that must be approved by the court. The amount you pay and the duration of your plan will be determined by examining the property you own, your expenses, and your median income. To be eligible for Chapter 13 bankruptcy, the amount you owe must be within certain debt amount limitations, you must be up-to-date on your tax filings, and you must have enough income to cover your debts. Furthermore, businesses are not allowed to file for Chapter 13 bankruptcy, only individuals may qualify. While your Chapter 13 bankruptcy case is active, your creditors will be unable to initiate any lawsuits or collection activities against you. There are certain benefits that are available under this type of bankruptcy that are not available under Chapter 7. For example, you may be able to save certain property from repossession and keep your home from being foreclosed on by choosing Chapter 13 bankruptcy. Furthermore, if you need time to repay a debt that you cannot discharge through Chapter 7, you can declare Chapter 13 bankruptcy to force your creditor into a repayment plan. Still, the length and cost of the repayment plans established under Chapter 13 bankruptcy can be difficult for many filers. Many people find that they cannot afford the monthly payments. If you do not earn regular income, this type bankruptcy will not be the correct choice for you. Chapter 11 Chapter 11 bankruptcy is seen as a commercial bankruptcy option for businesses who are seeking to reorganize their debts while having the option to keep their doors open at the same time. Under this type of bankruptcy, declarants must put together repayment plans which are voted on by their creditors and company stockholders. There are certain debts that cannot be discharged through Chapter 11 bankruptcy like unpaid taxes and student loan debt. However, debts that are not excluded may be paid back partially or in full over the course of several years. Some debts may even be completely discharged. Repayment plans for this type of bankruptcy often last five years, but in some cases can take up to 10. Businesses who file for Chapter 11 bankruptcy will generally be able to keep all of their assets. However, filers can propose to sell certain assets to satisfy their repayment plans. There are several circumstances where filing for Chapter 11 bankruptcy may be appropriate. For instance, small businesses may elect to file for this type of bankruptcy in order to help with their debts while keeping their business running. Furthermore, large businesses may elect to declare this type of bankruptcy to avoid the selling or liquidating the companies. Still, the process for filing Chapter 11 bankruptcy can be lengthy and tiresome. Additionally, the timeline for repayment may be unpredictable. Chapter 12 Chapter 12 bankruptcy is a type of bankruptcy designed for family farmers and fisherman. IT allows them to reorganize their debts and submit a repayment plan. It is a better fit for these parties because it uses a more straightforward process than Chapter 11 bankruptcy and allows files to have more debt than is allowed in a Chapter 13 case. Chapter 15 Chapter 15 bankruptcy is designed to address international bankruptcy issues. It allows foreign debtors to file for bankruptcy in the United States court system. This form of bankruptcy is usually used in insolvency cases that involve businesses or people with assets in multiple countries. Chapter 9 Finally, Chapter 9 bankruptcy allows cities and other types of municipalities who are in financial trouble to seek protection from creditors by establishing a repayment plan. However, this type of bankruptcy is rare and outcomes for various cases can be unpredictable. Call Our Attorneys for Help with Your Bankruptcy Case in New Jersey Get help from our experienced New Brunswick bankruptcy attorneys at Young, Marr, Mallis & Associates by calling (609) 755-3115.

 Bankruptcy Fraud: Former Attorney From Westchester Lied To Keep Home, Sports Car, Officials Say and was Arrestedhttps://dailyvoice.com/new-york/scarsdale/news/bankruptcy-fraud-former-attorney-from-westchester-lied-to-keep-home-sports-car-officials-say/860005/?emh5=07d29e82d0d168c807e94007ee2a9bb2&emh256=455e752c66fb0d80f8fdcfa65fb0e36b493bf4cfb8a38c283b91f42bb186af86&emsid=22110&lctg=eOjmpoXsZr8tCTDK SplgXx2UI88U KyCe&utm_source=daily-email&utm_medium=email&utm_campaign=daily-scarsdale-260059&group=0&test_id=NoneLying in Bankruptcy Court is a crime and people who commit that crime can be arrested and imprisoned. Jim Shenwick, Esq  917 363 3391  [email protected] help people & companies who have too much debt!Please click the link to schedule a telephone call with me.https://calendly.com/james-shenwick/15min