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Dealing with a Debt Collector’s Threat to Fight Your Intended Discharge of the Debt

The goal of most bankruptcies is the “discharge:—the legal write-off of debts. If you are thinking about filing bankruptcy to get a fresh financial start through a discharge of your debts, and a debt collector tells you that you won’t be able to discharge that debt, is that true? Is it likely a valid threat? Idle Threats? Most of the time that a creditor or collector is telling you that a particular debt would not be discharged, they are wrong. They are likely lying to you to or trying to … [Read more...]

Dealing with Income Tax Debts under Chapter 13

A Chapter 13 “adjustment of debts” bankruptcy will allow you to pay off back income taxes over a three-to-five year period, frequently without incurring any additional interest or penalties, and even sometimes paying less of the tax itself. Power Against the IRS/New Jersey Division of Taxation Consumers file a Chapter 13 case instead of a “straight bankruptcy” Chapter 7 one for many reasons. Owing back income taxes is a major one. If you owe a lot of taxes, the significant advantages that it … [Read more...]

What a Straightforward Chapter 13 Bankruptcy Case Looks Like

The Steps of a Chapter 13 Case Under Chapter 13, you and your attorney propose a payment plan based on your ability to pay. Through this plan you usually pay back only part of your debts, and sometimes not much to many of your creditors. Your plan lays out how much you will pay each month in a single payment to all or most of your creditors. That amount is usually much less than you were paying before. You pay that amount for a period usually covering three to five years. At the end of that … [Read more...]

How to Surrender Your Home under Chapter 7 Bankruptcy

Including the Debts on Your Real Estate in Your Bankruptcy Case First, be aware that both Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” can help you keep your house. Talk to an attorney so that you are well informed about your options, including what it would take for you to keep your home. Believe it or not, under some circumstances you can significantly reduce your monthly payments, and even reduce the debt against your house by tens or even hundreds of thousands of … [Read more...]

What a Straightforward Chapter 7 Bankruptcy Case Looks Like

A straightforward Chapter 7 case does the following: immediately protects you and your possessions and property from your creditors; enables you to hold onto everything you own; lets you keep or surrender any collateral based on your choice; and discharges (legally writes off) all your debts that you want to discharge. 1) Protects You Right Away The moment your Chapter 7 case is filed, virtually all collection efforts by creditors against you are legally stopped. This … [Read more...]

New Jersey ranks high in foreclosures

Homes are more than mere shelter. It is where people not only sleep and eat, but also carry out their lives. However, some people are at risk of losing their homes due to economic conditions or employment issues. In New Jersey, new foreclosure filings were up by 115 percent in August compared to the same period last year. The state ranks in the top four in foreclosures nationwide. Statewide, one in every 553 housing units is in foreclosure. The rate is even higher in Atlantic County where one in … [Read more...]

Many mortgages ending up in the courtroom

Even though the real estate market meltdown has ended, a huge number of New Jersey homeowners are still facing foreclosures that some legal advisers say could be questionable. In addition to seeking out information on bankruptcy options, many of these homeowners are also filing lawsuits against debt collectors. Some homeowners are finding that the mortgage service companies they contracted with in order to help act as middle-men between themselves and their main mortgage companies actually did … [Read more...]

Bankruptcy concepts and concerns

Some New Jersey residents may view bankruptcy as an end to their financial lives. Others may view it as an easy way out of debt. It's important to recognize that while bankruptcy may help with debt relief, it does carry important requirements and consequences. Those who view it as an easy solution need to realize that it may impact future interests in financial and other matters. However, it may provide a fresh start to those in need of relief.There are two primary choices for personal … [Read more...]

New Jersey takes the national top spot in rate of foreclosures|

New Jersey residents can now claim, at least for a while, to lead the nation in something that homeowners everywhere know about. The question is whether this new distinction will be a source of pride, because the new top ranking is in home foreclosures. Specifically, measured as a percentage of homes subject to mortgages, in the past calendar quarter New Jersey has slightly more than eight percent in some stage of the foreclosure process. The good news is that percentage is actually about one … [Read more...]

Know your rights during debt collection

Even though there are many laws in place that protect consumers from harassment and other abusive behavior from debt collectors, there are still many collection agencies that allow this unlawful treatment to continue. For that reason, it's important for consumers to know their rights. If you are currently battling with debt collectors, here are a few important things to know: The Fair Debt Collection Practices Act makes harassment by debt collectors illegal. The U.S. Federal Trade Commission … [Read more...]

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