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Archives for September 2015

Potential Traps in Surrendering an Out-of-State Home

If you have moved recently to New Jersey and own or recently owned a house in the state you lived in before, and you are surrendering that home to the mortgage company, that house could possibly still be a source of significant problems. Those problems can continue after you thought that the house was foreclosed. Also, there are important issues to keep in mind even after you file a bankruptcy case to discharge (write off) any potential debts from that house. You Own the House Until … [Read more...]

Choosing Between Chapter 7 and 13 if You Have Student Loans

Discharging—legally writing off—student loans is quite difficult under either Chapter 7 “straight bankruptcy” or Chapter 13 “adjustment of debts.” The pertinent law, Section 523(a)(8) of the United States Bankruptcy Code, says is that a student loan is not discharged unless it “would impose an undue hardship on the debtor and the debtor’s dependents.” “Undue Hardship” Congress did not define what it meant by “hardship” in this language. Nor did it say what it would take to be an “undue” … [Read more...]

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