Many people are under the assumption that bankruptcy can’t eliminate taxes. But, that is a common misconception. Under Chapter 7, Chapter 13, and Chapter 11, you can discharge federal and state income tax debts. In order to do so, your case must meet the 3-2-240 rule requirements. The 3-Year Rule The debt must be at…
If you are considering the serious financial option of bankruptcy, you may be plagued with outdated stereotypes about what it means to go bankrupt. While there can sometimes be a serious stigma attached, this is foolish: quite a few wildly successful businessmen and even Presidents have gone bankrupt in their time. While it’s not the…
According to statistics published by the AARP, employers in New Jersey fail to supply about 1.7 million workers with access to a retirement plan. Acknowledging the importance of retirement savings for individuals and society as a whole, NJ legislators passed the Secure Choice Savings Plan Act. This bill requires private sector employers with 25 or…
In the difficult situation of needing to file for bankruptcy, it may be hard to decide which chapter of filing is best for you, especially if you qualify for both Chapter 7 and Chapter 13. Often, filing for Chapter 7, the liquidation option, can be more practical than Chapter 13, the reorganization option. Read on…
It’s hard to consider the possibility of a serious illness or the struggle of recovering from an injury, let alone contemplate the financial responsibility that comes with such issues. Its bad enough being hurt or in pain, but to top it off with a huge medical bill or a zeroed bank account from missed work…
Are you confused about the dissimilarities between Chapter 7 and Chapter 13 bankruptcy? Read this comprehensive guide that outlines the disparities between the two and provides valuable insights for your decision-making process.
Companies can use bankruptcy as a last resort, after spending years working to regain their original financial status after a failed investment or an economic downturn. However, businesses also use bankruptcy as a way to avoid financial or legal obligations. Those in this situation can file for Chapter 11, which will reorganize funds and help…
In one episode of hit show The Office, the company manager was falling deeply in debt and in an attempt to quickly rectify the situation, shouted across the room: “I declare bankruptcy!” As the rest of the characters knew, and most of us do too, that’s not quite how it works. There are a few…
Tuition for colleges and universities has reached an all-time high, and parents and students have long been struggling to figure out the best way to afford their higher education goals while still remaining afloat in the day to day. Many are unsuccessful in this, and when parents file for bankruptcy after paying student college tuition…
You may think you have a good financial grasp on your money until you start having more expenses and less income. Having less money coming in but more coming out can take its toll on your finances, especially if you start using credit cards to cover the discrepancies. Credit cards have limits and as soon…
