Benjamin J. Ginter runs the Law Offices of Benjamin J. Ginter in Cranford, New Jersey. He has worked in many fields of the law for over 7 years, particularly in the field of Consumer Bankruptcy. It has always been his mission to offer personal, friendly and professional legal services to all his clients at affordable prices. Here, he explains everything you need to know about bankruptcy.
1. What are the basics of bankruptcy? Filing for bankruptcy doesn’t have to be difficult. It’s a good idea to have an attorney guide you through the process and to make sure you do things correctly. You will get all the answers to your major questions from a lawyer.
2. What is a bankruptcy attorney? A bankruptcy attorney works with clients that are having financial difficulty and are looking to have their debt wiped out in bankruptcy. Bankruptcy attorneys help their clients get a fresh start without the worry of being sued.
3. Do you qualify to file for bankruptcy? Whether or not you qualify to file for bankruptcy depends on a variety of factors, including your debt. It is always best to speak to an attorney to make sure you file for the appropriate chapter of bankruptcy.
4. What are problems that prevent filing for a bankruptcy successfully? People should know the fact that certain instances may prevent them from filing for a bankruptcy successfully. Did you take an expensive vacation right before you filed? Are you due to get a lot of money from a personal injury lawsuit? These events may impact your filing.
5. What are Chapter 7 and Chapter 13 bankruptcy? Chapter 13 is basically a repayment plan, while Chapter 7 is known as a straight bankruptcy. It is up to you and your bankruptcy attorney to decide which chapter is more appropriate to your specific needs. Be aware that filing for the wrong chapter, however, can make you lose your house.
6. Can you still file for Chapter 7 bankruptcy? A lot of people are under the misconception that they no longer qualify for bankruptcy because the laws have changed. That is not true, although some of the main areas have changed. For example, you can now file for Chapter 7 bankruptcy once every eight years.
7. What happens after you file for bankruptcy? When you file for bankruptcy, an automatic stay goes into effect , which stops all threatening letters asking for debts to be repaid. It should come as a great relief to people unable to pay their bills.
8. How will you rebuild a credit report after bankruptcy? Many people despair at the thought that they may never get credit again after filing for bankruptcy. But the truth is far from that. Your bankruptcy can be erased from your record after 7 to 10 years’ time.
9. Can you keep your home if you file for bankruptcy? In most cases, you can keep your home when you file for bankruptcy. It all depends on different factors such as where you live, how much equity you have in the property, or how far you are behind in the mortgage payments.
10. How can you deal with mortgages when filing for bankruptcy? Lien stripping is one way in which people who file for bankruptcy are able to discharge their mortgages while still keeping their homes.
11. Does your spouse have to file for bankruptcy if you do? Usually spouses file for bankruptcy together. So in most cases, a spouse would still be responsible for debts if his other half files. However, your spouse only has to file if he or she is a co-debtor on the credit card.
12. What are secured creditors and unsecured creditors? You have to realize the difference between secured and unsecured creditors. A secured creditor has an interest on a piece of property you own, while an unsecured creditor does not. If you don’t continue paying for that piece of property, a secured creditor has the right to take that property back, but an unsecured creditor does not.
13. What is a reaffirmation agreement? Reaffirming your debt – and your intention to repay it – can be an important part of a bankruptcy procedure. A reaffirmation agreement is one made by the debtor and the creditor where the debtor agrees to continue paying for the debt even though he filed for bankruptcy and the debt could therefore be legally discharged.
14. What are debt counseling courses? The idea of debt counseling courses sounds time-consuming and onerous. But these types of courses are actually helpful, and they don’t take a lot of time. Anybody filing for bankruptcy has to complete both pre-filing and post-filing debt counseling courses.
15. How will you hire an attorney for a real estate transaction? Don’t consider buying property unless you consult a decent real estate lawyer. As a competent real estate lawyer can help you avoid all common pitfalls, and even save you money in the long run. It’s worth hiring an attorney for a real estate transaction.
16. How will you file for an uncontested divorce? Divorce is always a difficult issue, but it can be a lot easier for both parties if it is uncontested. An uncontested divorce is also called a simple divorce, for good reason. It happens when the two parties involved are able to agree on a variety of issues, and it can make the whole divorce process smoother and easier.
17. What is the importance of having a will? A will basically disposes of your property after you die. If you don’t have a will, then the laws of intestacy apply, whereby your property will be disposed of according to the laws of the state. That’s why it’s important to have a will, because you want the power to decide how your property is disposed of after you’re gone.
18. What is a living will? The idea of whether or not to pull the plug when you are lying in a vegetative state scares most of us. That’s why it’s important to have a living will to spare your relatives having to make these life-or-death decisions. Also called an advanced healthcare directive, a living will makes sure your wishes are carried out to the letter.
19. What are federal bankruptcy exemptions? Knowing what federal bankruptcy exemptions are available is important if you are considering filing for bankruptcy. Look online to see what federal exemptions are. But for the most up-to-date information, you should always check with your bankruptcy lawyer for a full federal and state exemptions list.
20. What are current New Jersey bankruptcy exemptions? It’s important to know what exemptions are available for people who are considering filing for bankruptcy. Keep in mind, however, that along with federal exemptions, there are also state ones, which vary from state to state.