Student Loan Debt is the New Black

As it stands right now, Bankruptcy filings across New York seemed to have dropped almost 20% from the same time last year.  The same holds true for the entire United States.  You can attempt to explain this in a variety of different way: Everyone has already filed. Unemployment numbers are getting better Banks are electing to workout foreclosure deficiencies (and sometimes forgive them) and people longer need to file Bankruptcy to get rid of that debt. People are saving more, which, ironically, may be hurting the overall economic recovery.   In as much as I can tell, the above are merely half … Read more

Daniel Gershburg Esq., P.C. version 2.0

For several weeks now, I thought about writing a Bankruptcy blog that dealt with holiday spending.  Specifically, the propensity of people to spend money they don’t have on their credit cards around this time of year and then be unable to pay for any of it in January.  But, realistically, been there done that.  Every Bankruptcy attorney in town does that and I think the advice isn’t necessarily earth shattering (stop spending money though, seriously). So, instead, before everyone goes off on vacation (like my associate), I wanted to take some time and discuss what I have planned for Daniel … Read more

Chapter 7 Bankruptcy Attorney Daniel Gershburg opens New Jersey practice

We’ve had some amazing news the past few weeks.  The first piece of news is our expansion into New Jersey.  I set out to start this firm with the sole objective of changing the way a conventional law firm operates.  I thought that maybe clients want to talk in a no pressure, informal fashion.  As a client, I wanted to be able to book my appointment online, so we added that feature.  I wanted to make sure the attorney was credible, and had handled cases like this before, so we asked our prior clients to leave use reviews (past performance … Read more

Can I Keep My Car After Filing for Bankruptcy in New Jersey?

One of the main concerns many people have when filing for bankruptcy is whether they can keep their automobiles.  Whether a debtor will be able to prevent auto repossession depends on a variety of factors (just like our previous discussion of whether a debtor will be able to keep their home). First, the fair market value of the automobile must be determined.  The permitted federal exemption for an automobile is $3,225.00. Second, we must look at whether you have any loans or financing on the vehicle.  If you do, we must look at the difference between the loan payoff amount … Read more

Can I Keep My Home if I File for Bankruptcy in New Jersey?

Many people who want to file for bankruptcy in New Jersey refrain from doing so because they are afraid of losing their home in the bankruptcy.  If you own a home and are overwhelmed with unsecured debts, bankruptcy is still an option for you! Keeping your home depends on a few factors/calculations.  First of all, you need to figure out how much equity you possess in the home.  In order to do this, you need to know the present market value of your home and the balance left on any loans on the home.  You then calculate the difference between … Read more

Filing Bankruptcy in New Jersey: Chapter 7 vs. Chapter 13

Many people who are seriously considering filing for bankruptcy do not realize that there is more than one type of bankruptcy.  In New Jersey, an individual can qualify for a chapter 7 and/or chapter 13 bankruptcy.  So, which one is right for you?  In a chapter 7 bankruptcy filing, a debtor must meet certain income requirements in order to qualify.  Further, if a debtor has assets exceeding certain permitted exemption amounts, they may be required to sell or hand over the property to the trustee.  However, a chapter 7 case is a relatively quick process (the entire process usually takes … Read more