When you are filing for bankruptcy you are normally required to list all of your outstanding bills and debts. There are many debts that can be wiped out in bankruptcy, including utilities such as gas, electric, and telephone. Many people are concerned that if they put their utility bills in bankruptcy the utility will shut off service. Do not worry about that because it is totally illegal for a utility to shut off service when a person files for bankruptcy.
In fact, the opposite is true. Continue reading
PRESIDENT OBAMA IS EXPECTED TO SIGN A NEW LAW THAT CAN SAVE HOMEOWNERS
$50,000 OR MORE ON THEIR MORTGAGES
We applaud President Obama for standing up for the rights of consumers and the rights of homeowners. We believe he is going to be a consumer friendly President, and he is starting things off in the right direction, because we expect he is going to sign a new law that will help homeowners reduce their mortgage payoff balance, their monthly mortgage payments, and their interest rates. Continue reading
There is a limitation on the amount of equity an individual can have in his/her home and still be able to totally wipe out his/her unsecured bills. Presently the bankruptcy law permits one person to have equity in his/her home in the amount of $20,200. If two people jointly own their home, the law permits net equity of $40,400 in that home.
What this means in simple terms is that if a married couple (or 2 other joint owners) wants to wipe out their credit card bills, in order to completely wipe them out, the net equity in their home cannot exceed $40,400. There is also something called a wild card exemption which in certain cases will permit an additional sum of approximately $2,100 to be added to the $40,400. The exact amount of the $2,100 wild card that can be applied to the house depends on other facts of the case. Continue reading
Please make regular payments to the trustee on the first day of the month by money order, writing your case number on the money order. Your first payment is due on the first day of the month after we file your plan with the Court.
Sometimes, unexpected things can happen in the future, and through no fault of your own, you might be faced with a situation where you cannot make a regular payment to the trustee. Hopefully this will never happen to you, but we have had clients who have experienced situations such as loss of a job, car accidents, health problems, family problems, or any of a number of other things that unexpectedly occur and make it extremely difficult or impossible for the client to make a payment to the trustee when that payment is due. Continue reading
Many clients who come to see us for the first time are scared, worried, and fearful. They don’t know what their future holds.
Will they lose their home? Will their car be repossessed?
Will bill collectors freeze their bank account or take their paychecks? Will bill collectors take their pension or retirement money?
They have heard about bankruptcy, but they don’t really know how it works. And many of the things they have heard simply aren’t the truth. Continue reading
The federal government has given New Jersey about $100 million to help homeowners save their home from foreclosure. If you are behind in your mortgage payments and you have a legitimate hardship that has occurred within the last 3 years, you could be an excellent candidate for this program.
The New Jersey HomeKeeper Program can pay up to $48,000 to catch up on mortgage arrears and can also pay future mortgage payments for you over the next 12 months.
The best way to illustrate this is by giving you a specific example. Continue reading
There is a Federal Law known as the Fair Debt Collection Practices Act. This law gives tremendous protection to people that are in debt. Many people think that they have to put up with phone calls, letters, and other harassing techniques from creditors. This is simply not true, especially if they have hired an attorney to represent them. Continue reading
Obviously Donald Trump must be highly in favor of bankruptcy, since he has filed at least 6 bankruptcies for his businesses. Whether you like or dislike Donald Trump, do you think he is a smart and astute business person?
President Trump’s business empire is apparently worth billions and billions. I wonder if he would be a multi billionaire if he had not taken full advantage of the fairly liberal United States Bankruptcy laws. Continue reading