During the COVID-19 pandemic, there was a significant downward trend in bankruptcy filings, but the numbers are on the rise in 2025.  There are many factors behind the shift, including higher interest rates, creeping inflation, and increased debt among consumers. If you’ve found yourself negatively affected by these or any other economic issues, filing for bankruptcy may be a necessary financial decision. Before you do so, it’s important to investigate the implications of bankruptcy on your spouse. If you’re married and live in Pennsylvania, the answer depends on several things, including the type of bankruptcy you file, how your debts …Read More ➡

One of the biggest concerns voiced by people considering bankruptcy is the fear that they’ll lose their most important assets. Most New Jersey residents filing for bankruptcy protection can hold onto their car and home: It just takes some strategic planning and a solid understanding of the exemptions that are available. Every state has its own rules about bankruptcy. In New Jersey, debtors can choose between the exemptions that the state offers and the ones offered by the federal government. The New Jersey homestead exemption protects up to $23,675 of equity in your primary residence, while the federal exemption offers …Read More ➡

There are some life events that represent major changes.  Getting married, having a baby, and relocating are great examples of milestones marked with great excitement, as well as significant changes in expenses and financial responsibilities. If you’ve found yourself approaching any of these changes while you’re struggling with debt, you may be tempted by the idea of cleaning your economic slate by filing for bankruptcy. Before you jump into this decision, let’s take the time to investigate whether it is actually a smart move. There’s no doubt that bankruptcy can offer relief from overwhelming debt. It puts an end to …Read More ➡

When your debt is growing and you’re living paycheck to paycheck, it can be overwhelming. Many people who’d like to file for bankruptcy protection hesitate out of fear that the legal process will cost money that they just don’t have, but there are several bankruptcy options and financial relief programs specifically designed to help low-income individuals. One of the most common bankruptcy options for low-income individuals is filing a Chapter 7 bankruptcy, also known as “liquidation bankruptcy.” A Chapter 7 bankruptcy filing lets qualified individuals eliminate most of their unsecured debts, including credit cards, medical bills, and personal loans. The …Read More ➡

If you’re overwhelmed by debt, filing for Chapter 7 bankruptcy holds the promise of a fresh financial start: Though you may need to liquidate some non-exempt assets to pay creditors, the action also allows you to discharge most of your debt. However, not everyone qualifies for Chapter 7 relief. The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 introduced a means test designed to determine whether debtors are eligible to file under Chapter 7 or if they instead must file under Chapter 13 bankruptcy, which mandates agreeing to a repayment plan rather than a discharge. The means test’s …Read More ➡

Choosing to file for bankruptcy is the first step in restoring your financial health, but it’s far from the only decision you’ll need to make.  Homeowners who want to sell their home need to analyze the right way and time to do so. This important decision will impact your legal options, your ability to protect your assets, and the course of your financial recovery. Below, we’ll provide guidance to help you through this complex situation. The first thing you need to know is what type of bankruptcy you’re going to pursue. The two options are Chapter 7 and Chapter 13. …Read More ➡

Debt restructuring and bankruptcy proceedings are different approaches to the same or similar problem: they are applied when businesses or individuals are facing acute financial distress. Each has its advantages, disadvantages, and appropriate contexts, and choosing the right option is dependent upon your specific situation.  To get a better understanding of both, let’s look at what each represents, as well as their pros and cons. Debt Restructuring Debt restructuring involves renegotiating the original terms agreed to with creditors to make debt repayment more manageable. Options include reducing the interest rate that the creditor charges, extending repayment periods, or reducing the …Read More ➡

The New Year is traditionally a time for a fresh start, and if you’ve just gone through a bankruptcy, it’s the perfect time to rebuild your financial health. As you turn to a new calendar year, think about establishing some new habits, setting financial goals, and adopting strategies that will help you achieve financial stability. Here are a few ideas to help you along the way. Start by creating a realistic, reasonable budget. Everybody talks about sticking to a budget, but few people actually sit down and write one up. Financial experts say that doing so can make a big …Read More ➡

It’s that time of year again. Holiday sales are ramping up and calling all of our names. While it’s tempting to take advantage of holiday bargains, if you’re experiencing financial difficulties – and especially if you’re considering bankruptcy — you’re much better off staying away from the stores and stepping away from the keyboard. As much money as you could save by taking advantage of deep discounts, you’re far better off taking a more conservative approach to shopping right now. Those prices — no matter how much you save — can get you into big trouble down the road. Maybe …Read More ➡

When you’re considering a bankruptcy filing, you may feel like you’re alone, but in truth, there are plenty of people in the same boat that you are: most years see about half a million people filing for personal bankruptcy, with years of economic stress leading to over a million filings.  Working with a bankruptcy attorney and knowing what to expect can alleviate a lot of the stress. Here’s a summary of the process from start to finish. Initial meeting – A bankruptcy attorney will assess your financial situation and explain all your options — including debt consolidation and negotiating with …Read More ➡