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New Jersey Legal ArticlesSocial Security Income and BankruptcyIf you are receiving social security income, and if you need to file for bankruptcy, then contact the New Jersey Bankruptcy Center. We can answer all of your questions about bankruptcy and social security income at a free bankruptcy consultation. Moreover, many New Jersey-ites who receive social security income, and who need to file for bankruptcy are often scared that their creditors may be able to garnish their income. Social security income is considered exempt in bankruptcy. In simpler terms, your creditors cannot take your social security income benefits in a bankruptcy. Since social security benefits are exempt under 11 U.S.C. 522 (d)(10)(a) no creditor and even the bankruptcy trustee can take your benefits. Federal law provides that social security benefits are exempt from garnishment, levies, or assignments by most creditors, and it is likewise exempt from the trustee in a bankruptcy case .
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Bank Account Seizures
Are you worried that someone who has a judgment against you will go after your bank account? Many of my clients are petrified and live in constant fear that their hard earned savings will be zapped by a creditor if they leave it in their bank account. However, there are strict rules that must be followed for anyone trying to seize a bank account. Moreover, many distressed debtors have numerous asset protection strategies that they can use to protect their last remaining dollars. Read More »
Bankruptcy MisconceptionsMisconception #1: Bankruptcy is dishonest.
Not true. Most people honestly want to pay their bills. Sometimes things happen that make it impossible. Bankruptcy is a legal right that is provided for in the United States Constitution. Bankruptcy is a right that protects honest people who are unable to pay their bills from harassment, lawsuits, wage garnishment and other creditor actions. Read More »
Chapter 7 Getting A Fresh StartIf you are unable to pay your existing debts, then a Chapter 7 may be the answer for you. In a Chapter 7 bankruptcy a person wipes out all of their debt and they get a "Fresh Start." This is accomplished by liquidation. In other words, the court-appointed Chapter 7 Trustee collects all of your assets and sells those which are non-exempt under the Bankruptcy Code. The net proceeds of the liquidation are then distributed to your creditors, and the Trustee takes a commission taken for overseeing the distribution Read More »
Medical Bills and Bankruptcy1. Are medical bills dischargeable in a bankruptcy? Medical bills caused after a temporary illness, or medical debt that has skyrocketed because of a chronic medical problem(s) can force many New Jersey-ites to the brink of financial ruin. Many New Jersey-ites find themselves in massive debt because of a serious illness or from chronic health problems. If you or a loved one has suffered from a serious illness, which has left you with medical bills, doctor bills, hospital charges,
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Which Debts Are Wiped Out in a Bankruptcy
1. Which debts are dischargeable in a bankruptcy?Not all debts can be discharged in a chapter 7 case. Some debts simply can’t be wiped out in a bankruptcy. These debts will remain valid and collectible, just as they were before you filed for bankruptcy. To fully understand exactly what bankruptcy can do for you, it is imperative that you fully understand which of your debts you will still owe after your bankruptcy case is over. This info point can’t be over emphasized! To some debtors, it may not be worth it to file if a certain debt won’t be wiped out. Read More »
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