Blog for Law Offices of Seymour Wasserstrum

Seymour's Blog

When we file a chapter 13 for our clients, our chief objective is to make sure that the plan is successful. We want to set our clients up for success.

To have a successful chapter 13, you must do two important things on the issue of finances:

1.You must make your monthly payments to Isabel Balboa, the chapter 13 trustee.
2.You must make payments as required outside of the chapter 13 plan. This means you have to keep up with your regular payments like mortgage or rent payments, and other bills that are not beingwiped out in your bankruptcy.

Ms. Balboa closely monitors whether or not you are submitting your monthly payments. Would you like to pay Ms. Balboa the easy way or the hard way?

Read more: Do You Want To Have A Successful Chapter 13?

Seymour's Blog

What You Must Know When Your Are Paying Mortgage Arrears Through Your Chapter 13 Plan

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.  Chapter 13 gives you a very reasonable and realistic opportunity to save your property.  While you are inChapter 13 you are normally protected from your creditors coming after you and foreclosing against your property.  You also have certain responsibilities. You must do certain things as required by the bankruptcy law if you want your case to be successful. This way you will be protected from foreclosure.

Read more: What You Must Know When Your Are Paying Mortgage Arrears Through Your Chapter 13 Plan

Seymour's Blog

Reduce Your Mortgage Payments While In Bankruptcy

The Bankruptcy Court in New Jersey has a new procedure that can help thousands of homeowners reduce their mortgage payments. The bankruptcy court now permits negotiations between your attorney and a representative from your mortgage company for the express purpose of modifying your mortgage when it is a hardship to pay your regular mortgage payment.

This procedure is called loan modification, and there several ways that your mortgage payments can be reduced. One way is to reduce the interest rate that you pay on your mortgage. Sometimes mortgage interest rates can be reduced to as low as 2%. For example, if you are paying 6% or more on your mortgage, there is a good opportunity to reduce your monthly payment.

Read more: Reduce Your Mortgage Payments While In Bankruptcy

Seymour's Blog

It Takes a Long Time to Foreclose

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.

Read more: It Takes a Long Time to Foreclose

Seymour's Blog

Notice to Clients Concerning
Judgments that have been entered against you
BEFORE Bankruptcy

Read more: Notice to Clients Concerning Judgments that have been entered against you BEFORE Bankruptcy