Mariano & Coiro, P.C.
Over 30 years in Practice
Toll Free 800-800-9933
Local 732-249-7300

Bankruptcy Archives

Chapter 7 vs. Chapter 13 bankruptcy

When you are considering bankruptcy, the terminology alone can make your head spin. There are many different types, and each has its own requirements and restrictions. It is difficult for an individual to know which type will be right for them. Of course, it is always best to speak with an attorney. Bankruptcy is a particularly complicated area of law and affects your day-to-day life in many important ways. If done successfully, filing for bankruptcy means relief from creditor harassment, the threat of wage garnishment and never-ending bills and late fees.

Why debt relief should be at the top of your New Year's resolutions list

The holidays can be a difficult time for many reasons, not the least of which is financial. There are many costs associated with celebrating the holidays, and bills can pile up. After the holidays, many people already on financially precarious footing, can feel even more worried and overwhelmed knowing they are entering the new year with even greater financial burdens.

Bankruptcy can be an option when credit cards become unmanageable

Credit card delinquencies have risen to levels not seen in years. This trend reflects both the rising amount of household debt and the increasing tendency of banks to lend excessive amounts (e.g., through very high spending limits on cards), despite a borrower's apparent inability to repay same.

Can bankruptcy help with my tax debt?

Both Chapter 7 bankruptcy and Chapter 13 bankruptcy can offer relief from many types of unsecured and other debt, as well as help to reduce financial pressure from creditors that can reduce the quality of your life in a number of ways. However, bankruptcy's benefits are less certain for taxes than other types of debt. Just about everyone has heard of the saying about death and taxes being the only certain things in life; to a great extent, that saying is true. If you are behind on your taxes, it doesn't mean all hope is necessarily lost, but timing can make a big difference when it comes to how much of your tax debt can be eliminated with a bankruptcy.

In debt? Here's why you shouldn't raid your retirement accounts

Living under a heavy burden of debt can be incredibly stressful. Most people feel strongly about making good on their financial obligations, and will go to great lengths to climb out from under a mountain of debt. While attempting to repay outstanding debts makes sense in many cases, individuals should be mindful of how they approach debt repayment. When faced with large amounts of debt, many people are tempted to turn to their retirement accounts-whether IRA, 401(k), 403(b), 529 or pension--as a means of repaying their financial obligations. However, doing so can be financially devastating, both in the short and long term.

3 reasons to make debt relief part of your New Year's resolution list

Making ends meet is difficult enough. However, there are many people who struggle under an extremely heavy debt load, and getting out from under that financial burden is or should be a top priority. If you or someone you know is in this situation, then perhaps debt relief should be at the top of your New Year's resolutions list. If you are considering debt relief options, the following information may help you make 2017 the year you are finally liberated from an unmanageable debt burden by filing for personal bankruptcy.

3 things to avoid doing when you're preparing to file bankruptcy

Living under a heavy burden of debt is difficult. Many people feel stuck in their financial circumstances, and are unsure of how to dig themselves out of a dire situation. This sentiment is especially common around the holidays. For many in these straits, filing for bankruptcy and getting a "fresh start" may be the best possible course of action. Once the decision is made to seek bankruptcy protection, a huge sense of relief often follows. However, in order to insure your bankruptcy yields the desired results-the elimination of your debts--it is prudent to avoid certain actions before you file. The following tips are offered to assist individuals and families as they prepare to file for bankruptcy.