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Inherited assets which arise during bankruptcy can present issues because they are not exempt under New Jersey bankruptcy law and are subject to liquidation as part of the bankruptcy estate that is created when a bankruptcy is filed. However, there are estate-planning devices that can help to protect potential assets that may be inherited during […]

You owe thousands of dollars to various creditors, including credit card companies and healthcare providers.  However, you have a decent stash of cash that cannot be protected via an exemption and you are afraid that the court will take your cash and distribute it to your creditors.  Sound familiar? We all want to hold onto […]

The Great Recession has led to property foreclosures in numbers that were never expected by home owners. Expected or not, it is an issue that many homeowners are dealing with. Many homeowners hear about Loan modification on the news, through friends or through a potential scammer. In reality loan modifications are more myth than reality […]

A Gambler’s Bankruptcy: Knowing When to Fold ‘Em

Saturday , 21, September 2013 Comments Off on A Gambler’s Bankruptcy: Knowing When to Fold ‘Em

Have you taken cash advances or markers in order to obtain funds for gambling?  The odds are not in your favor that you actually were able to win with the money borrowed and repay the lines of credit.  In the past, bankruptcy courts regularly found gambling debts to be non-dischargeable.  In recent times, however, the […]

Chapter 7 Bankruptcy: It can happen to anyone!

Thursday , 19, September 2013 Comments Off on Chapter 7 Bankruptcy: It can happen to anyone!

A New Jersey resident, Dionne Warwick, is bankrupt. The singer and actress who was a regular at the top of the Billboard chart for four decades, has filed bankruptcy. She owes more than $10 million in back taxes and has only $10 left at the end of each month after paying expenses, according to her […]

What you can learn from a professional athlete’s Chapter 7 bankruptcy.

Thursday , 19, September 2013 Comments Off on What you can learn from a professional athlete’s Chapter 7 bankruptcy.

The average professional athlete in the U.S. will make more in one season than most of us earn in our entire lives, however despite those staggering salaries, 78% of NFL players, 60% of NBA players and a very large percentage of MLB players (4x that of the average U.S. citizen) file bankruptcy within just years […]