Selecting an attorney for legal cases is a very important decision. Please enter your information below to receive a Free Consultation from an attorney in your area:
Bankruptcy News
Bankruptcy Filings Rose In March 2006 12-Month Period
The number of bankruptcy cases filed in federal courts rose 12.8 percent in the 12-month period ending March 31, 2006, according to statistics released today by the Administrative Office of the U.S. Courts. Bankruptcy cases totaled 1,794,795 for that period, compared to 1,590,975 bankruptcy cases filed in the 12-month period ending March 2005.
Prior to the March 2006 12-month reporting period, bankruptcy filings rose 30 percent in the 12-month period ending December 31, 2005. The increase in both the December and March 12-month reporting periods was the result of many debtors filing for bankruptcy before the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect on October 17, 2005. The March reporting period includes bankruptcy petitions filed during that period.
Non-business filings for the 12-month period ending March 31, 2006, totaled 1,759,503, up 12.9 percent from the 1,559,023 total non-business filings in the 12-month period ending March 31, 2005. Business filings in March 2006, totaled 35,292, up 10.5 percent from the 31,952 bankruptcy petitions filed in the 12-month period ending March 31, 2005.
Filing Chapter 11 is known as reorganization
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation.
Newsroom
News about Bankruptcy in New Jersey and nationwide:
Applicability Of Chapters
(a) Except as provided in section 1161 of this title, chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this tit... Read more >
Definition:
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
Repo Laws Repossess
Definition:
The repo laws: If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work.
Exclusivity (period of)
Definition:
A debtor in Chapter 11 has the exclusive right to file a plan of reorganization for the first 120 days of its bankruptcy. Thereafter, unless the period of exclusivity is extended by the court, other parties may file reorganization plans.
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Absecon
Asbury Park
Atlantic City
Bayonne
Blackwood
Bloomfield
Brick
Bridgeton
Bridgewater
Clementon
Clifton
East Brunswick
East Orange
Edison
Elizabeth
Englishtown
Fort Lee
Freehold
Hackensack
Hoboken
Howell
Jackson
Jersey City
Kearny
Lakewood
Linden
Marlton
Millville
Monroe Township
Morristown
Mount Holly
Mount Laurel
New Brunswick
Newark
North Bergen
North Brunswick
Old Bridge
Passaic
Paterson
Perth Amboy
Piscataway
Plainfield
Princeton
Sewell
Somerset
Teaneck
Toms River
Trenton
Union
Vineland
Wayne
Legal Disclaimers All attorney listings are a paid attorney advertisement, and do not in any way constitute a referral or endorsement by an approved or authorized lawyer referral service. The information provided on New Jersey Bankruptcy Lawyers.com is not intended to be legal advice, but merely conveys
general information related to legal issues commonly encountered. Your access
to and use of this website is subject to additional Terms
and Conditions.
Local Professional? Generate new business today
Call 866-227-9356 or contact a sales rep
Did You Know?