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Catching up on Your Mortgage Arrearage under Chapter 13

One of the major reasons that people file the Chapter 13 "adjustment of debts" type of bankruptcy is because of the many tools it provides for saving their homes. One of the most important of those tools is the option of taking three to five years to catch up on back mortgage payments. Compared to Chapter 7 "Straight Bankruptcy" First, you get much more protection under Chapter 13. In a Chapter 7 case, if you were behind on your mortgage your lender could start or resume a foreclosure right … [Read more...]

NATIONAL COLLEGIATE STUDENT LOAN TRUST (NCT): NOT IN NEW JERSEY!

Who is NCT? That’s complicated. Your student loan probably originated with a private bank. Over time, the bank transferred the promissory note to the National Collegiate Funding, LLC. National Collegiate Funding, LLC then creates and packages the loans into series of trusts pursuant to Delaware statutory law. They then sell the loans to investors as asset backed securities. NCT claims to own my loan, but I never did business with them. You may have never heard of NCT before. That’s typical. … [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...]

How to Save Your Home under Chapter 7 Bankruptcy

If You Are Current on Mortgage and Other Home-Related Debts A Chapter 7 “straight bankruptcy” is generally designed for more straightforward debt situations, including those on your home. If you are current on all obligations legally tied to your home, and you intend to keep your home and keep up on your mortgage payments, your home and your mortgage will very likely sail smoothly through a Chapter 7 case. This means being current not only on your mortgage (and any second or third … [Read more...]

Keeping a Vehicle by “Reaffirming” the Vehicle Loan

Chapter 7 Bankruptcy and Your Secured Debts A secured debt is one in which in which you essentially made two agreements with your creditor, the first involving the debt, the second involving the collateral. 1) You agreed to pay the amount you owe under certain terms, and 2) you agreed to surrender the collateral if you don’t pay the debt under those terms. A Chapter 7 “discharge” (legal write-off) of a debt erases the debt—the first of those two agreements—but does not affect your … [Read more...]

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