Bastarrika, Soto, Gonzalez & Somohano, L.L.P.

bankruptcy Archives

How Chapter 7 bankruptcy works

The vast majority of people in New Jersey and across the country work hard to fulfill their financial obligations. Unfortunately, unforeseen circumstances can easily derail a person's best intentions. For example, a lost job or serious medical condition can result in debt that may be difficult -- if not impossible -- to overcome. For many of these people, seeking Chapter 7 bankruptcy may be their best option.

Football league chooses Chapter 7 bankruptcy

There are many organizations and businesses in New Jersey that are dedicated to achieving success. However, there are often a variety of different factors at play that could ultimately impact the ability to be successful -- often, these factors may be beyond the control of decision-makers. For example, there seems to be a variety of factors at play in the decision of the Arena Football League's decision to file for Chapter 7 bankruptcy.

What drives Chapter 7 bankruptcy filings?

The vast majority of people in New Jersey and across the country are hard workers, dedicated to providing for themselves and their families and meeting their financial responsibilities. Unfortunately, even these people can become overwhelmed with debt, potentially prompting them to seek information regarding their options. For some, the best choice is to seek Chapter 7 bankruptcy protection.

Situations in which bankruptcy is beneficial

Many people in New Jersey spend a great deal of time and energy planning for their financial future. Often, they will make sacrifices in the present to ensure a stable situation in the future. Unfortunately, these plans can come to a crashing halt, often due to situations beyond the person's control. In these situations, the best option to manage debt is to seek bankruptcy protection.

Seeking bankruptcy protection in New Jersey

Most people in New Jersey are hardworking individuals who are dedicated to ensuring that all of their obligations -- including their financial ones -- are met. Unfortunately, some people may experience unforeseen circumstances, such as the loss of a job or an illness or injury, that may impact their ability to meet these financial obligations. For these people, Chapter 7 bankruptcy may be a viable option.

Older Americans filing for bankruptcy at an increasing rate

When most people think of risk factors for financial trouble, age may not be the first thing that comes to mind. But recent figures show that older Americans may be seeking bankruptcy relief with increased frequency. New research from the Consumer Bankruptcy Project may have an impact on how New Jersey retirees look at their financial future.

What is the difference between Chapter 7 and 13 bankruptcy?

Many people looking for a fresh financial start can be confused by the different types of bankruptcy available and the laws associated with each. New Jersey individuals typically file for either Chapter 7 or Chapter 13 bankruptcy. It is important for individuals to look carefully at the qualifications, benefits and drawbacks of each to decide which is right for them.

How to improve your credit score after bankruptcy

Many people talk about debt management and the possibility of filing for bankruptcy, but what options await after the dust has settled for those who take this step. Many individuals who file for bankruptcy in New Jersey and across the United states worry that filing will result in a forever damaged credit score and an inability to ever take out loans again. While bankruptcy certainly hits a person's credit score hard, recovery and measured future debts like car loans are not as impossible as they may seem. 

Is there an ideal time for bankruptcy protection?

Constantly dealing with debt can be emotionally draining. Just when you think there is light at the end of the proverbial tunnel of debt, it is only an oncoming train loaded with more expenses that you are not ready to deal with. The continuous creditor phone calls, the warnings in the mail and the threat of further creditor action may make you wonder if bankruptcy is right for you.

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