Newark Bankruptcy & Debt Lawyer, New Jersey, page 2

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Gary Schafkopf
About | Practice Areas
Schafkopf Law LLC
11 Bala Ave Bala Cynwyd, PA 19004» view map
Bankruptcy & Debt
We Are Here To Help You

Gary Schafkopf is a practicing lawyer in the states of Pennsylvania and New Jersey who focuses on cases in Bankruptcy & Debt, Employment, and Real Estate.

800-970-4781
1. Gary Schafkopf Bala Cynwyd, PA
  Attorney at Law- PA, 1999
  Schafkopf Law LLC
2. AboutSchafkopf Law LLC
  We Are Here To Help You
3. Practice AreasExpertise
  Bankruptcy & Debt
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2. Email
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Brett F George

Bankruptcy

Status: In Good Standing

CONTACT

416 36th Street, Union City, NJ 07087

Filipe Pedroso

Criminal, Divorce & Family Law, Immigration, Bankruptcy & Debt

Status: In Good Standing Licensed: 28 Years

FREE CONSULTATION

CONTACT

8 Wilson Avenue, Newark, NJ 07105

Derek D. Reed

Landlord-Tenant, Corporate, Credit & Debt, Collection

Status: In Good Standing Licensed: 21 Years

CONTACT

60 Park Pl, Newark, NJ 07102

Bruce E. Gudin

Commercial Leasing, Landlord-Tenant, Corporate, Collection

Status: In Good Standing Licensed: 35 Years

CONTACT

60 Park Pl, Newark, NJ 07102

Evelyn Onyeani

Foreclosure, Immigration, Divorce & Family Law, Bankruptcy & Debt

Status: In Good Standing

FREE CONSULTATION

CONTACT

76 South Orange Avenue, South Orange, NJ 07079

William J. Fiore

Real Estate, Litigation, Consumer Rights, Credit & Debt

Status: In Good Standing Licensed: 47 Years

CONTACT

One Gateway Center, Newark, NJ 07102

Linda Townley Snyder

Credit & Debt, Litigation

Status: In Good Standing Licensed: 40 Years

CONTACT

One Gateway Center, Newark, NJ 07102

Leah Capece

Credit & Debt, Collection, Bankruptcy, Bankruptcy & Debt

FREE CONSULTATION

CONTACT

1139 E Jersey St, Elizabeth, NJ 07201

Franz Cobos

Immigration, Criminal, Business, Bankruptcy

Status: In Good Standing Licensed: 20 Years

CONTACT

17 Academy Street, Newark, NJ 07102

Mary Lynn A. Seery

Deportation, Family Law, Victims' Rights, Consumer Bankruptcy

Status: In Good Standing

CONTACT

60 Park Place, Newark, NJ 07102

800-923-0641

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LEGAL TERMS

ACCORD AND SATISFACTION

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collectin... (more...)

An agreement to settle a contract dispute by accepting less than what's due. This procedure is often used by creditors who want to cut their losses by collecting as much money as they can from debtors who cannot pay the full amount.

BANKRUPTCY

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are ... (more...)

A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out (discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

PRESUMED ABUSE

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means te... (more...)

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state and he or she cannot pass the means test, the court will presume that the debtor has sufficient income to fund a Chapter 13 plan. In this situation, the debtor will not be allowed to proceed with a Chapter 7 bankruptcy unless the debtor can prove that he or she is not abusing the Chapter 7 bankruptcy remedy.

CHAPTER 13 BANKRUPTCY

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your inc... (more...)

The reorganization bankruptcy for consumers, in which you partially or fully repay your debts. In Chapter 13 bankruptcy, you keep your property and use your income to pay all or a portion of the debts over three to five years. The minimum amount you must pay is roughly equal to the value of your nonexempt property. In addition, you must pledge your disposable net income -- after subtracting reasonable expenses -- for the period during which you are making payments. At the end of the three-to five-year period, the balance of what you owe on most debts is erased.

CCCS

See Consumer Credit Counseling Service.

WORKOUT

A debtor's plan to take care of a debt, by paying it off or through loan forgiveness. Workouts are often created to avoid bankruptcy or foreclosure proceedings.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

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Newark Bankruptcy & Debt Lawyer, New Jersey, page 2

Sponsored Law Firm

Schafkopf Law LLC

SPONSORED LAWYERS

Brett F George

Filipe Pedroso

Derek D. Reed

Bruce E. Gudin

Evelyn Onyeani

William J. Fiore

Linda Townley Snyder

Leah Capece

Franz Cobos

Mary Lynn A. Seery

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LEGAL TERMS

ACCORD AND SATISFACTION

BANKRUPTCY

ADMINISTRATIVE EXPENSES

PRESUMED ABUSE

CHAPTER 13 BANKRUPTCY

CCCS

WORKOUT

SOLE PROPRIETORSHIP

SUBROGATION

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