In a Chapter 13, you can normally cure mortgage arrears that you owe on your home. It is important that you fully understand your obligations when you are paying mortgage arrears through a Chapter 13 plan. In this section we will advise you exactly what you have to do when you owe arrears on your mortgage, so that you can be sure your Chapter 13 proceeds forward in a successful fashion.
If you are behind in your mortgage payments, we can usually help you save your property. Continue reading
We want to set you up for success so that your bankruptcy case runs smoothly from start to finish. Therefore, we want you to know that there are certain “no-no’s” that you must be aware of before you file for bankruptcy.
There are some common mistakes that people have made in the past before filing for bankruptcy. These mistakes have messed up their cases, and these people did not get the results that they had hoped to get. We most certainly don’t want this to happen to you. We want you to easily obtain your discharge without any unexpected problems. We want you to have a happy bankruptcy, so that you can wipe out your bills, keep your property, honorably obtain your legal discharge, and move forward on the road towards a much brighter financial future. Continue reading
We have had a number of clients in the past who have had their debts wiped out. Then, two or three years later, they come to us because they were buying a house or refinancing a home. They tell us that all of a sudden a judgment appeared on their record that they did not know about, and the creditor is claiming this judgment should be paid.
This is a short memo that I am doing for the benefit of my clients who are behind in their mortgage payments. I want people to be aware that they are not in jeopardy of immediately losing their home just because they fall two or three payments behind on their mortgage.
In fact, the way things are right now in New Jersey, they probably aren’t in jeopardy of losing their home to an immediate Sheriff Sale even if they are 11 or 12 months behind in their payments.
The most important thing for you to understand so that you don’t worry needlessly is that foreclosure is a process. In fact, foreclosure can be a very slow and long process. Continue reading
If you are presently making car payments, we may be able to save you a lot of money by filing a Chapter 13 instead of a Chapter 7. For example, if you owe $10,000 on your car and the retail value is $7,000, you may be able to reduce your car loan debt to $7,000 and substantially reduce your car payments. If your car has damage or needs repairs or has high mileage or other problems, this could reduce the value below $7,000 book value, and maybe the car is only worth $5,000. Therefore, in this example, you only have to pay $5,000 as the cram down value of the vehicle. The less your car is worth, the more money you will save. Continue reading