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...

Christmas is already at the doorstep, which directly means more credit card bills. The rise in your credit card bills depends solely on you, like how much do you spend during festivities? How much you're paying out for gifts and feasts for friends and family? And so on. Eventually, every celebration requires money. But for people who are already in debt, the Christmas holidays can be a stress. Now the question arises what is the solution to this problem? How to survive the Christmas holidays in Bankruptcy? We all know that it is tough to enjoy or even survive the holidays when your finances are not in a good state. But you need to focus on your family, not on your financial problems. So, we will be sharing with you what shall you do in these tough times and what can be the wisest option. Right away, let us read the full blog! When to File for Bankruptcy- before or after Christmas? First, you have to decide which bankruptcy is ideal for you, whether Chapter 13 or Chapter 7. With cha...

Before we move on to the duties of a debtor in great detail, let's know who debtors are. A  debtor   is an individual or legal entity who owes money to another individual or entity. The party to whom the debt is payable (owed) is called the  creditor . The money that the debtor owes is called the  debt   or  obligation . Sometimes he may also be referred to as  obligor  and the creditor as  obligee .  How s/he becomes a debtor? An obligation usually arises from circumstances such as loans, credit extension, taxes, leases, medical bills, and tort claims for damages. Debts are often secured by collateral, such as a house or car, unless they are unsecured forms of debts like credit card debts, personal loans, advances, taxes, etc. In some cases, unsecured can become secured through various actions of law. We have already covered a blog on  secured vs unsecured debts , just in case you want to go in detail. Particularly when enforce...

It is a common question that comes to everyone's mind before filing for bankruptcy, and why not? It is about your property that you have worked hard to buy, so it is always good to stay informed beforehand. If this is one of the questions coming to your mind too, you are in the right place. We strive to educate and empower all our readers through these informative articles. But first, it is important to know more about investment real estate.   What Is Investment Real Estate or Rental Property? Rental property refers to any property that is not personally used by the buyer. They are purchased by an investor and inhabited by the tenants usually on a lease or other form of the rental agreement. It is also known as investment real estate. This may be any type of real estate, residential or commercial, which can be leased out. Now that we know the basics, without any further ado, let's head directly to the answers to some of the most important questions related to the bankr...

  This is the very first question that comes to every individual's mind while filing for bankruptcy and why not! A house is where you get shelter and security. Finding an answer to this critical question is one of the foremost steps while filing for bankruptcy. Don't worry; we are here to help you through this detailed article.  Whether you can keep your house or not depends solely on the individual's financial arrangements. But the good news is that there are various options through which you can keep your house while filing for bankruptcy. You get to keep your home in bankruptcy depending on certain factors such as the value of the property, the amount of mortgage outstanding, and the household income & expenses.  The next thing that matters is whether you are filing for bankruptcy under Chapter 7 or Chapter 13. In Chapter 13, you will get to keep all of your properties, whereas, in Chapter 7, you may or may not lose property which isn't protected by an exempt...

Personal debt or business debt, if not managed well, can prove to be a nightmare, and we all agree to this, don't we? But are you personally liable for business debts? This question pops in every business owner's mind who is in debt or is about to take a loan. So, understanding the classification of the debt and its implications is extremely important, be it for individuals or business owners. Whether you are liable for business debts or not depends solely on the nature of the loan and the structure of the company. Let’s uncover all the information in this detailed article.   The nature of the Debt and the Business Formation You must be aware that there are various types of loans available for different purposes, for example, home loan, business loan, property loan, medical loan, etc. and how it will be recovered depends on the type. Even a credit card is a type of debt that you need to repay timely. The second important factor is the business formation and its structur...