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COVID-19 New Jersey Bankruptcy Questions & Answers
3 Answers | Asked in Bankruptcy, Business Law and Real Estate Law for New Jersey on
Q: If you personally guarantee a business loan and file bankruptcy, can the bank go after your house/primary residence?

I opened the doors to my s-corp in 2020 and due to covid I may have to file for bankruptcy. I have a great opportunity to buy a house now and don't know if the bank will go after my house for collateral. Should I wait to see what the business does or is it safe to buy a house prior to a... Read more »

Leonard R. Boyer
Leonard R. Boyer
answered on Apr 1, 2021

I would never advise any client, ever to set up a Sub-Chapter S corporation. It offers no benefit to anyone other than the accountant who probably set it up for you. You need to have a strategy session with an experienced Bankruptcy attorney. You are not going to be able to purchase a new house at... Read more »

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4 Answers | Asked in Bankruptcy for New Jersey on
Q: My sister just lost her husband to COVID. Her husband left her with $100,000 in credit card debt.

They own a home with a mortgage of about $300,000. He owns another home with a mortgage of about 150,000. She’s not working, she’s a retired nurse. Can she claim bankruptcy?

Derek John Soltis
Derek John Soltis
answered on Mar 24, 2021

She would have to provide her documents to a bankruptcy attorney to get the best answer. She most likely could file a chapter 13 to protect the assets which is a repayment plan over 3 to 5 years based on her income. She may even be able to file a chapter 7 to wipe out the excessive debt and still... Read more »

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2 Answers | Asked in Bankruptcy for New Jersey on
Q: I was told My chapter 13 case was dismissed because my lender was not agreeable to resetting my timetable for payment

I know the trustee was asking for a consent order for adequate protection payments for months..i been in bankruptcy for about 5 months why would the timetable have to be reset

Leonard R. Boyer
Leonard R. Boyer
answered on Jan 11, 2021

I do not know whether or not you are represented by an experienced Bankruptcy attorney, or not, but if you are, then all your questions need to be directed to the attorney. Otherwise, you must retain counsel and have a document review and discussion of your present situation in order to provide... Read more »

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3 Answers | Asked in Bankruptcy, Estate Planning, Banking and International Law for New Jersey on
Q: If Im poa on my Dad's account, that can't be affected by my bankruptcy? Also can I open a new account with us both on?

My father is moving to a new country next week and I am newly appointed durable power of attorney over his financial accounts.... If I file bankruptcy that shouldn't effect his banks accounts correct? Also I was thinking of opening a new checking account with my father and myself as joint... Read more »

Leonard R. Boyer
Leonard R. Boyer
answered on Oct 10, 2020

Do not open any bank accounts until after your bankruptcy is discharged. Do not look for problems. You also need to be represented by an experienced Bankruptcy attorney. What you do not know can cause you all sorts of problems. You really need to leave things alone. Even with the Pandemic, if you... Read more »

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4 Answers | Asked in Bankruptcy and Social Security for New Jersey on
Q: In New Jersey, will I be able to keep stimulus check 2020? I'm disabled on SSI and SSD and will be filing chapter 7.

I'm in the process of starting Chapter 7 and will be receiving help from nonprofit organization that provides legal services to low income individuals. I was assigned a lawyer but because of COVID-19 was not able to meet and give the packet of information they sent me to him. Another... Read more »

Leonard R. Boyer
Leonard R. Boyer
answered on Apr 11, 2020

No one here can provide a precise answer to your questions, and despite the COVID-19 pandemic you can still send your bankruptcy information packet to the attorney. Your bankruptcy cannot start until your attorney files the petition with the Court, which can be done electronically. Since you have... Read more »

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