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Filing Bankruptcy a Second Time

The Rules for Time Required between Bankruptcy Filings How long you must wait to file a bankruptcy case after you’ve filed a previous one depends on both which Chapter the earlier bankruptcy was filed under and the Chapter of the new case being filed: 2 years from an earlier Chapter 13 case to new Chapter 13 one 4 years from earlier Chapter 7, 11, or 12 case to new Chapter 13 one 6 years from earlier Chapter 13 case to new Chapter 7 one 8 years from earlier Chapter 7 case to new Chapter … [Read more...]

Potential Traps in Surrendering an Out-of-State Home

If you have moved recently to New Jersey and own or recently owned a house in the state you lived in before, and you are surrendering that home to the mortgage company, that house could possibly still be a source of significant problems. Those problems can continue after you thought that the house was foreclosed. Also, there are important issues to keep in mind even after you file a bankruptcy case to discharge (write off) any potential debts from that house. You Own the House Until … [Read more...]

Choosing Between Chapter 7 and 13 if You Have Student Loans

Discharging—legally writing off—student loans is quite difficult under either Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts.” The pertinent law, Section 523(a)(8) of the United States Bankruptcy Code, says is that a student loan is not discharged unless it “would impose an undue hardship on the debtor and the debtor’s dependents.” “Undue Hardship” Congress did not define what it meant by “hardship” in this language. Nor did it say what it would take to be an “undue” … [Read more...]

Choosing Between Chapter 7 and 13 if You Owe Money to Your Ex-Spouse

The Main Differences Here between Chapter 7 and 13 Child and spousal support CAN’T be discharged (written off) under EITHER Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts.” But other kinds of divorce obligations—sometimes called “property settlement” debts—CAN be discharged, but ONLY under Chapter 13. Also, if you are behind in your support payments, Chapter 7 CANNOT stop the collection of that arrearage by either your ex-spouse or the support enforcement agency. But … [Read more...]

Choosing Between Chapter 7 and 13 while Continuing to Operate Your Business

Chapter 7 and Chapter 13 Are Quite Different “Straight bankruptcy” Chapter 7 is a “liquidation” procedure. Your assets are reviewed, mostly by you listing them by categories in the bankruptcy “schedules,” with the help of your attorney, and being asked questions about them by the Chapter 7 trustee, both while you’re under oath. The trustee determines whether you have any assets that are not covered by property “exemptions.” If so, they are sold by the trustee and the proceeds divided among your … [Read more...]

How Chapter 13 Helps If You’re Behind on a Vehicle Loan

Falling behind on a vehicle loan is a scary experience, especially if you are rely on your vehicle to get to work (or to find work!), and to take care of life’s other necessities. It is all too easy to get your vehicle repossessed—vehicle lenders’ contracts usually let them to do as soon as you are late on your payment. Limitation under Chapter 7 “Straight Bankruptcy” Once you have fallen behind on your payments even regular Chapter 7 bankruptcy provides some help, but it’s limited. … [Read more...]

Choosing Between Chapter 7 and 13 after Closing Your Business

If you’ve already closed down your unsuccessful business, or are thinking of closing one you are now operating, you no doubt are wondering about the best way to deal with the debts that are now saddling you from that business. The answer depends on many factors, including the type of debts that you owe. Here are the main types of business debts, and how Chapter 7 and Chapter 13 would each deal with them. Income and Withholding Taxes Very often the closing of a business leaves the owner … [Read more...]

Stop Support Enforcement’s Actions against You through Chapter 13

Chapter 13 is an extraordinary legal tool for protecting you from the aggressive civil law collection methods of your ex-spouse and the local support enforcement agency, allowing you to catch up while under this protection. Child and Spousal Support (Alimony) Collections New Jersey state law allows ex-spouses and support enforcement agencies to be extremely aggressive in their methods for collecting support arrearage, especially for child support. This includes filing a lien on your property, … [Read more...]

Catching up on Your Mortgage Arrearage under Chapter 13

One of the major reasons that people file the Chapter 13 "adjustment of debts" type of bankruptcy is because of the many tools it provides for saving their homes. One of the most important of those tools is the option of taking three to five years to catch up on back mortgage payments. Compared to Chapter 7 "Straight Bankruptcy" First, you get much more protection under Chapter 13. In a Chapter 7 case, if you were behind on your mortgage your lender could start or resume a foreclosure right … [Read more...]


Who is NCT? That’s complicated. Your student loan probably originated with a private bank. Over time, the bank transferred the promissory note to the National Collegiate Funding, LLC. National Collegiate Funding, LLC then creates and packages the loans into series of trusts pursuant to Delaware statutory law. They then sell the loans to investors as asset backed securities. NCT claims to own my loan, but I never did business with them. You may have never heard of NCT before. That’s typical. … [Read more...]

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