Nader & Berneman, Attorneys at Law

Are you facing financial stress because of your debts? Not sure what to do? Don't worry! We will try to clear all your doubts here. Bankruptcy is a life-changing procedure. It is crucial to know the complexities involved with the process. There are several reasons which may cause financial difficulties, and the ongoing pandemic has worsened the situation. If you are someone who is hounded by debt collectors then you may consider filing for bankruptcy. It is, however, subject to certain criteria that need to be met before you are eligible. Let’s know some crucial details regarding the bankruptcy process. Bankruptcy And Your Debts If you are experiencing severe financial problems because of debt and there is no way out, filing for bankruptcy can prove to be a good solution. First of all, it stops all the telephone calls from debt collectors, creditors and sometimes assists you against lawsuits. Filing for bankruptcy may also eliminate some debts such as credit card bills, medical exp...

The term 'bankruptcy' can bring a lot of questions, particularly when you have no prior knowledge. But don't worry, we are here to give you detailed answers and make you aware of the best practices.  Whether I can file for bankruptcy more than once or not! The quick and short answer to the question is, Yes, it is absolutely possible to file bankruptcy more than once. In fact, you can file bankruptcy as many times as the need arises because there are no particular limits whatsoever as to how many times you can file for bankruptcy. But having said that, there are some duration limits though before you discharge your debts. Let's have a closer look! How Often Can I Declare Bankruptcy?  We need to understand the limitations and exceptions clearly. For instance, under which section are you going to file your new bankruptcy, and after how much time! The time limit certainly depends on which type of bankruptcy you are going to file. So if you have previously filed for Chapter ...

Closing a business is complex but a necessary process. Reasons behind closing your business- If your business is no longer generating profit or you are facing problems running it, then closing it may be the right choice to make. But this isn’t so easy as it sounds. There are a lot of reasons of closing a business; some of them are listed below: -         There is a sudden decrease in demand and the owner is not able to find new clients or markets. -         Depending on the business's nature, lack of resources like land, labor, raw materials or financial support/investment, etc. has affected its smooth functioning. -         Competition has increased multiple folds, and the owner is not able to keep up. -         Uncertainty of the national Economic Growth rate -         Company is no more making prof...

  Life is very unpredictable; no one really knows what is stored in the future. Though bankruptcy is rather a fast process, sometimes debtors die during an ongoing case. Even if you are not directly related to a bankruptcy case, this is an intriguing question - what happens if a debtor dies during an ongoing bankruptcy case? So let us answer this question step-by-step. How does the death of a debtor affect debt? Does it vanish? When someone dies, the debt doesn't automatically go off or vanish. The creditors try to meet the debt amount by going after the deceased's property even if it was not kept mortgage. And if the debtor had an ongoing bankruptcy case, proceedings will depend on the type of bankruptcy - Chapter 7 or Chapter 13. How does death affect the family members of the deceased? If a family member co-signed on loan with the deceased, then s/he would be liable for the rest of that loan. This means debts are not passed on to the family members unless it was a joint debt...