Resumption of Random Audits of Chapter 7, Chapter 11, and Chapter 13 Consumer Bankruptcy Cases. Random Audits of Under the Bankruptcy Code, beginning with the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), the Office of the United...
The Decline of NJ Home Prices Now Allows Many Homeowners to Use Bankruptcy to Wipe Out Credit Card Debt. The value of home prices in Middlesex County, New Jersey, almost doubled in less than ten years between 1997 and 2007....
Since 2007, homeowners who conducted short sales and other loss mitigation alternatives on their properties were able to exempt any income associated with their mortgage company's write-off of any debt under the federal mortgage forgiveness act. However, Congress allowed the...
New Study Demonstrates that Only 1 in 10 attempts by "Debt Settlement Companies" Prove Successful. http://nacba.org/News/ConsumerAlertDebtSettlement.aspx Frankly, this supports what experienced Bankruptcy Lawyers have been advising their clients for many years. In many cases, we often advise clients that even...
The U.S. Trustee Program has announced new Means Testing Data for Bankruptcy Cases. The median income for each family size for a Chapter 7 New Jersey Bankruptcy Case for cases filed on or after April 1, 2013 is as follows:...
People who are experiencing serious debt problems face many difficult decisions. If they feel that they are unable to pay their creditors and debt, they may face the difficult choice of whether to consider a Chapter 7 or Chapter...
The Bankruptcy Code requires that a Bankruptcy Petition, whether it be a Chapter 7 or Chapter 13 Bankruptcy (or any other Chapter), include a complete list of all debts owed at the time of the filing of the Bankruptcy Petition....
As with many aspects of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 ("BAPCPA"), practitioners and Courts have struggled with the question of determining the treatment of automobile expenses under the Code. To date, most cases have focused...
A main issue in any Chapter 7 or Chapter 13 Bankruptcy case is the calculation of what is known as "current monthly income". This issue is the often the most important one in determining whether a debtor qualifies for...
A continuing issue in consumer bankruptcy cases in Chapter 7, 11 and 13, is the manner in which automobile expenses are treated in the calculation of "current monthly income". As with many aspects of the Bankruptcy Abuse Prevention and Consumer...
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