Without a doubt, one of the most frequent questions I get is about credit scores. The question is always some version of: Will a bankruptcy ruin my credit score forever?
Americans have an unhealthy obsession with bad credit, as though a credit score were an indicator of self worth. This obsession is unnecessary. [...]
New Jersey bankruptcy lawyer Jennifer Weil represents Chapter 7 bankruptcy clients living in northern New Jersey counties, including Hudson County, Essex County, Bergen County, Passaic County, Union County, Morris County, and Sussex County.
Category Archives: Bankruptcy myths
Credit scores: Not all that and a bag of chips
How long does a bankruptcy stay on your credit report?
Bankruptcy filers who would like to rebuild their credit are justifiably concerned about how long a bankruptcy can appear on their credit report.
The answer is that bankruptcy information can stay on your report for 10 years. Most other types of negative information can be reported for 7 years.
Usually, a Chapter 7 stays on a [...]
How much do I need to owe to file for bankruptcy?
Many people who call are concerned about their eligibility for a Chapter 7 bankruptcy and wonder if their level of debt will allow them to file for bankruptcy.
The answer is that there is no minimum debt amount required to file a Chapter 7 bankruptcy. A more important issue is whether you earn enough income [...]
Do I have to go to court when I file for bankruptcy?
Most bankruptcy filers do not have to go to court.
Instead, every Chapter 7 case will be scheduled for a meeting of creditors, which does not take place in a courthouse. In Newark, New Jersey, the meetings of creditors take place in a downtown office building. Most large creditors (such as credit card companies) [...]
How to screw up your bankruptcy before it has begun
Image by S Migol via Flickr
Planning on transferring your largest asset to a relative just before filing for bankruptcy so that the bankruptcy court can’t get to it? As a bankruptcy lawyer, I must say – PLEASE DON’T. It’s a bad idea because it can really get you into trouble and it can [...]
How to choose which debts to list in your bankruptcy papers
Image by mollyjolly via Flickr
Which debts should you put in the bankruptcy and which ones should you leave out?
Answer: You are required to list all of your debts in your bankruptcy papers! It is a common notion that you are allowed to keep some debts out of your bankruptcy by not listing them [...]
Would you like to repay Aunt Sally before filing bankruptcy? Read this first.
Image via Wikipedia
The whole issue of whether you should repay someone to whom you owe money before you actually file for Chapter 7 bankruptcy is more complex than it looks at first glance. I introduced the issue in a previous post about repaying debts before bankruptcy, but there is a lot of detail here [...]
Debunking the myths put forth by “debt relief” companies
Don’t believe the negative myths about bankruptcy. Here’s why.
