Section 302 of the Bankruptcy Code permits married couples to file a single joint petition. The same $338 filing fee covers both spouses, saving time and money. When Joint Filing […]
Korean American clients hesitate to file bankruptcy primarily because they fear permanent credit damage. In reality, credit recovery begins right after discharge — many Song Law Firm clients have returned
Both New Jersey and New York are judicial-foreclosure states: a mortgage lender must sue in state court to foreclose. NJ takes roughly 9–12 months from the first missed payment to
U.S. student loans have long been considered nearly impossible to discharge under 11 U.S.C. § 523(a)(8)’s “undue hardship” standard. In 2022, the U.S. Department of Justice and Department of Education
The 2019 Small Business Reorganization Act created Subchapter V (11 U.S.C. § 1181) to allow smaller businesses to reorganize faster and cheaper. The current debt cap is roughly $3M (temporarily
U.S. medical debt has unique features. A single ER visit can produce a five-figure bill, and Korean American clients without insurance — self-employed individuals, newly arrived families — are particularly
Many Korean American clients consult Song Law Firm about credit card debt. Because bankruptcy stays on credit reports for 7–10 years, we always evaluate non-bankruptcy alternatives first. Alternative 1 —
4 Alternatives to Bankruptcy for Credit Card Debt (NJ & NY Statute of Limitations) Read More »
The 2005 BAPCPA introduced the Means Test (11 U.S.C. § 707(b)) to prevent abuse of Chapter 7. Above a certain income, filers must instead file Chapter 13. Two-Step Means Test
Means Test Strategy — Chapter 7 Eligibility (NJ & NY Median Income) Read More »
The biggest concern in any bankruptcy filing is “What assets do I keep?” U.S. Bankruptcy Code § 522 lets debtors exempt certain assets from the bankruptcy estate. NJ residents may
NJ & NY Bankruptcy Exemptions — Are Your Home, Car, and 401(k) Safe? Read More »
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